American Physicians Service Group Sees Growth in Q2

Austin, Texas-based medical liability insurance provider American Physicians Service Group Inc. reported revenues of $20.7 million for the three months ended June 30, 2010, compared to $20.1 million for the same period last year.

For the six months ended June 30, 2010, revenues were $40.8 million compared to $39.3 million in the same period last year.

Second quarter net earnings for the company were $6.2 million compared to $4.9 million in the same period last year. Net earnings for the first six months were $10.7 compared to $9.7 million in the same period last year.

The company has seen policyholder growth of 8 percent since June 2009 with a strong retention rate of 92 percent in the second quarter.

Tim LaFrey, president of APS, said the company’s “reserves remain at the upper end of the estimated range of loss exposure and we continue to accrue our current accident year at the high end of the loss estimate.”

APS is an insurance services firm with subsidiaries and affiliates that provide medical malpractice insurance and related services for physicians and other healthcare providers.

In addition to Texas, the group began offering coverages in Oklahoma in 2007. It also provides medical liability insurance in Arkansas.

It acquired long-time client, American Physicians Insurance Exchange, in 2006.

Source: APS