American Physicians Service Group, Inc. (APSG) is engaged in providing insurance services, specifically medical professional liability insurance, and financial services, including brokerage and other investment services to individuals and institutions. The Company acquired American Physicians Insurance Company (API). The Company offers medical professional liability insurance coverage, which is designed to protect its policyholders from losses and legal costs associated with medical professional liability claims. Its policies are written for one-year terms. Medical professional liability insurance is offered on either a claims made basis or an occurrence basis. Claims made policies insure physicians only against claims that are reported during the period covered by the policy. Occurrence policies insure physicians against claims based on occurrences during the policy period regardless of when they are reported.