East Lansing, Mich.-based regional medical liability insurer American Physicians Capital Inc. announced that Joseph Stilwell has joined the company’s board of directors.
Stilwell is a New York based-private investor and his Stilwell Group is one of the company’s largest shareholders. Spencer Schneider, who was appointed to the board in 2002 as a nominee of the Stilwell Group and later elected by shareholders for a three-year term, will continue as a director.
In connection with Stilwell’s appointment, the Stilwell Group has agreed to a new three-year standstill agreement which replaces the 2002 agreement which was set to expire in February 2005. The new agreement provides that the Stilwell Group will support the company’s slate of directors at the 2005 annual meeting and during the term of the standstill agreement. The company will nominate Stilwell and Schneider at the 2005 annual meeting for three-year terms.
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