American Physicians Capital (ACAP) Receives Approval for Extraordinary Dividend from Regulator
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American Physicians Capital, Inc. (NASDAQ: ACAP) has received approval from the Michigan Office of Financial and Insurance Regulation to pay an extraordinary dividend totaling $30 million from its primary subsidiary, American Physicians Assurance Corporation to its holding company, APCapital.
The extraordinary dividend to APCapital will increase the holding company's cash balance to approximately $38.5 million, thus allowing the Company to have adequate cash resources available to continue executing its prudent capital management strategy. APCapital maintains an active but flexible capital management plan, which includes share repurchases, a quarterly cash dividend to its shareholders and reducing its trust preferred debt.
Depending on market conditions, the Company may conduct additional discretionary repurchases in the open market or in privately negotiated transactions during its normal trading windows. [SM]
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