(Source: Business Wire)
American Physicians Capital, Inc. (NASDAQ:ACAP) today announced that it 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.
As of June 2, 2009, APCapital has repurchased 372,200 shares in the second quarter of 2009 at an average cost of $39.91 per share under its Rule 10b5-1 plan.
Since the inception of our share repurchase program in 2001, the Company has repurchased 10.0 million shares at an average price of $25.05 per share. The Company has the following outstanding share repurchase authorizations:
Type of (In thousands) Date Approved Authorization Repurchase Amount Amount By Board Year Plan Authorized Remaining (1) December 11, 2008 2008 Rule 10b5-1 $20,000 $3,901 (2) February 7, 2008 NA Discretionary (3) $25,000 $17,149 $45,000 $21,050 -------------------------------------------------------------------------------
NA = not applicable (1) As of June 2, 2009. (2) Amount was rolled over into 2009 and will terminate on December 31, 2009 if not completed. (3) All shares will be repurchased under management's discretion in the open market or in privately negotiated transactions during the Company's normal trading windows.
