AP Capital Targeted with Class Action Lawsuit

January 13, 2004

The law offices of Brodsky & Smith, LLC announced that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of American Physicians Capital, Inc. (“AP Capital” or the “Company”), between Feb. 13, 2003 and Nov. 6, 2003, inclusive (the “Class Period”).

The class action lawsuit was filed in the United States District Court for the Western District of Michigan.

The complaint alleges that defendants AP Capital, William B. Cheeseman and Frank H. Freund violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of AP Capital securities.

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