East Lansing-based American Physicians Capital, Inc. announced net income of $11 million for the second quarter of 2009, bringing the company’s net income for 2009 to $21.1 million.
According to excerpts from the article:
"Our careful management of investments and capital, solid underwriting, and favorable reserve development resulted in a very strong quarter for APCapital," said President and Chief Executive Officer R.Kevin Clinton. "We continued to return value to our shareholders through dividends and share repurchases, and effective tomorrow, our shareholders will be distributed additional shares as a result of our recent four-for-three stock split."
On June 23, 2009, the Company's Board of Directors declared a four-for-three stock split of its common shares to shareholders of record on July 10, 2009. Shares resulting from the stock split will be distributed to shareholders July 31, 2009.
Read the entire article here.
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