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	<title>Stock Blog Hub &#187; American Physicians Capital In</title>
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		<title>(ACAP) American Physicians Improves &#8211; Analyst Blog</title>
		<link>http://www.stockbloghub.com/2009/08/02/acap-american-physicians-improves-analyst-blog/11808</link>
		<comments>http://www.stockbloghub.com/2009/08/02/acap-american-physicians-improves-analyst-blog/11808#comments</comments>
		<pubDate>Mon, 03 Aug 2009 05:35:06 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Financial]]></category>
		<category><![CDATA[Property & Casualty Insurance]]></category>
		<category><![CDATA[ACAP]]></category>
		<category><![CDATA[American Physicians Capital In]]></category>

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		<description><![CDATA[American Physicians Capital, Inc. (ACAP) announced a net income of $11.0 million or $1.30 per diluted common share for the second quarter of 2009. Earnings surpassed both Zacks’ as well as the Street’s consensus of $1.09 per share. This compares to net income of $11.0 million, or $1.11 per share last year. Direct written premiums were $24.2 million, down 7.6% from the prior-year period, reflecting rate reductions and the loss of accounts to competitors. Insured physician count was 8,693, down 4.1% since the year-end 2008. Net premiums earned were down $3.0 million or 9.7% from the second quarter of 2008. The decline was due to narrowed net premiums written and an increase in ceded reinsurance premiums. The underwriting expense ratio increased to 25.8% from 21.1% last year due to the ]]></description>
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