A.M. Best Comments on the Ratings of American Physicians Capital, Inc. and Its Subsidiaries
July 12 2010 - 2:32PM
Business Wire
A.M. Best Co. has commented that the financial strength
rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of
“a-” of American Physicians Group and its primary member,
American Physicians Assurance Corporation (American
Physicians), are unchanged following the recent announcement that
American Physicians Capital, Inc. (APCapital) (East Lansing,
MI) (NASDAQ: ACAP) has entered into a definitive agreement to be
acquired by The Doctors Company, an Interinsurance
Exchange. The FSR of B+ (Good) and ICR of “bbb-” of
APSpecialty Insurance Corporation (APSpecialty) also are
unchanged. The transaction is expected to close during the fourth
quarter of 2010, subject to shareholder and regulatory
approval.
Under the terms announced, The Doctors Company will pay $41.50
per share, representing a 31% premium over APCapital’s closing
price on July 7, 2010, the last trading day prior to the
announcement of the acquisition. The terms of the merger agreement
also prohibit APCapital from paying dividends or repurchasing its
shares without the prior consent of The Doctors Company.
For Best’s Credit Ratings, an overview of the rating process and
rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors that may have
been considered, can be found at
www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service
credit rating organization dedicated to serving the financial and
health care service industries, including insurance companies,
banks, hospitals and health care system providers. For more
information, visit www.ambest.com.
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