American Physicians Capital Appoints New President, CEO

December 24, 2003

American Physicians Capital Inc., headquartered in East Lansing, Mich., announced that its board of directors has appointed R. Kevin Clinton as president and CEO, effective Jan. 1, 2004.

Clinton is currently president and CEO of American Physicians Assurance Corporation, APCapital’s largest insurance subsidiary. Clinton succeeds William B. Cheeseman, who recently announced his retirement as president and CEO effective Dec. 31, 2003. Cheeseman will remain a board member until APCapital’s next annual shareholders meeting on May 5, 2004.

“Kevin brings to the table a broad and unique set of skills,” commented Dr. Thomas Berglund, chairman of the Board of Directors. “Kevin has 20 years of management experience in the insurance industry. He has been the CEO of a successful publicly traded insurance holding company and he is an experienced actuary. Over the past two years, Kevin has implemented significant actions to turn around our medical professional liability line of business. I am very pleased to have a person of this caliber leading us into the future.”

Clinton joined APCapital in September 2001 as chief operating officer, and has served as president and CEO of American Physicians Assurance Corporation since June 2002. Prior to joining APCapital, he held the position of president and chief executive officer of MEEMIC Holdings Inc. Clinton has also served as chief financial officer of ProNational Insurance Company, president of Clinton Actuarial Services Inc. and chief actuary for the State of Michigan Insurance Bureau.

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