American Physicians Capital (ACAP) 10-Q 2009 Q2 Quarterly report

Exhibit 99.1

American Physicians Capital, Inc. and Subsidiaries
Fixed-Income Security Portfolio Detail and
Cash and Cash Equivalents as of June 30, 2009

		Fair		Amortized		Par
CUSIP	Description	Value(1)		Cost		Value
		(in thousands)
AVAILABLE-FOR-SALE DEBT SECURITIES
States And Political Subdivisions
709141-Q5-7	PENNSYLVANIA ST	$	10,001	$	9,355	$	9,000
196454-FL-1	CO DEPT TRANSN REV		7,346		6,914		6,575
718814-XK-7	PHOENIX ARIZ		7,109		6,603		6,300
646135-2Y-8	NEW JERSEY ST TRANS		7,068		6,808		6,500
95667Q-AN-6	WEST VA ST SCH BLDG AUTH		7,060		6,809		6,500
646039-JA-6	NEW JERSEY ST		6,948		6,510		6,225
741701-VD-5	PRINCE GEORGES CNTY MD		6,830		6,287		6,000
928172-HL-2	VIRGINIA ST PUB BLDG AUTH		6,653		6,215		6,000
709141-Z7-3	PENNSYLVANIA ST		6,600		6,171		5,965
977056-8D-5	WISCONSIN ST		6,575		6,199		6,000
167723-BD-6	CHICAGO ILL TRAN AUTH		6,486		6,345		6,000
373383-N7-9	GEORGIA ST		6,072		5,748		5,485
391554-AP-7	GREATER ALBANY SCH DIST NO 8J OR		5,625		5,236		5,000
592013-7M-2	METROPOLITAN GOVT NASHVILLE		5,613		5,218		5,000
186343-UR-8	CLEVELAND OHIO		5,557		5,360		5,050
419780-S5-1	HAWAII ST		5,523		5,173		5,000
575827-3X-6	MASSACHUSETTS ST		5,495		5,205		5,000
79575D-LQ-1	SALT RIV PROJ ARIZ AGRIC		5,445		5,240		5,000
594700-CA-2	MICHIGAN ST TRUNK LINE		5,444		5,182		5,000
527839-BY-9	LEWIS CNTY WASH PUB UTIL		5,425		5,186		5,000
92817F-XF-8	VIRGINIA ST PUB SCH AUTH		5,419		5,175		5,000
181054-7U-5	CLARK CNTY NEV SCH DIST		5,413		5,169		5,000
452151-PZ-0	ILLINOIS ST		5,408		5,156		5,000
972176-6H-9	WILSON CNTY TENN		3,394		3,265		3,075
972176-6J-5	WILSON CNTY TENN		3,185		3,175		3,005
665093-EE-6	NO COOK CNTY ILL SOLID WASTE		1,301		1,261		1,200
665093-EF-3	NO COOK CNTY ILL SOLID WASTE		1,301		1,262		1,200
969073-HN-8	WILL CNTY ILL CMNTY HIGH SCH		1,122		1,073		1,000
250092-F4-0	DES MOINES IOWA		1,105		1,037		1,000
615401-HU-3	MOON AREA SCH DIST PA		564		523		500
708796-AP-2	PENNSYLVANIA HSG FIN AGY		540		500		500
Subtotal States And Political Subdivisions			157,627		149,360		143,080
Corporate Securities
59156R-AU-2	METLIFE INC		7,126		7,029		7,000
904764-AG-2	UNILEVER CAP CORP		6,940		6,617		6,500
459200-AL-5	INTERNATIONAL BUSINESS MACHS		6,830		6,364		6,000
00508Y-AB-8	ACUITY BRANDS		6,544		6,496		6,500
002824-AS-9	ABBOTT LABS		6,410		5,994		6,000
084664-AD-3	BERKSHIRE HATHAWAY FIN CORP		6,266		5,763		6,000
26353L-JB-8	DU PONT E I DE NEMOURS & CO		6,157		5,676		6,000

American Physicians Capital, Inc. and Subsidiaries
Fixed-Income Security Portfolio Detail and
Cash and Cash Equivalents(continued)

		Fair		Amortized		Par
CUSIP	Description	Value(1)		Cost		Value
		(in thousands)
369604-BC-6	GENERAL ELEC CO		5,892		5,375		6,000
210805-DP-9	CONTINENTAL AIRLS EETC		5,464		6,500		6,500
717081-CZ-4	PFIZER INC		5,246		4,994		5,000
149123-BM-2	CATERPILLAR INC		5,085		4,737		5,000
456866-AK-8	INGERSOLL RAND CO		5,009		4,775		5,000
24713@-AA-4	DELOITTE & TOUCHE USA LLP		3,954		4,000		4,000
45072G-AA-0	PVTPL I-PRETSL II COMBINATION LTD		2,192		2,192		2,192
369604-AY-9	GENERAL ELEC CO		1,041		968		1,000
075887-AS-8	BECTON DICKINSON & CO		520		479		500
Subtotal Corporate Securities			80,676		77,959		79,192
Mortgage-Backed Securities
393505-XC-1	GREEN TREE FINANCIAL CORP		75		90		90
Subtotal Mortgage-Backed Securities			75		90		90
TOTAL AVAILABLE-FOR-SALE DEBT SECURITIES		$	238,378	$	227,409	$	222,362

(1) =Available-for-sale debt securities are carried in the balance sheet at fair value.

		Fair		Amortized		Par
CUSIP	Description	Value		Cost(2)		Value
		(in thousands)
HELD-TO-MATURITY DEBT SECURITIES
U.S. Government and Agency Obligations
31331S-JW-4	FFCB NOTE		14,869		14,952		15,000
Subtotal U.S. Government and Agency Obligations			14,869		14,952		15,000
States And Political Subdivisions
64711R-BD-7	NM FIN AUTH ST TRANSN REV		7,419		7,231		6,805
677519-SC-5	OHIO ST		7,208		6,895		6,615
29270C-HK-4	ENERGY N W WASH ELEC REV		7,187		6,842		6,500
341150-QU-7	FLORIDA ST		7,039		6,833		6,500
576002-AS-8	MASSACHUSETTS ST		7,130		6,819		6,500
645916-WU-7	NEW JERSEY ECONOMIC DEV AUTH		6,967		6,785		6,500
93974A-NH-3	WA ST REF-VAR PURP-SER R-03-A		6,821		6,684		6,500
736742-MA-2	PORTLAND ORE SWR SYS REV		6,618		6,530		6,000
167484-3S-1	CHICAGO ILL		6,462		6,379		6,000
576000-AZ-6	MASSACHUSETTS ST SCH BLDG		6,464		6,299		6,000
928109-JY-4	VIRGINIA ST		6,482		6,293		6,000
455393-AM-0	INDIANAPOLIS IND THERMAL ENERGY		6,337		6,285		6,000
040654-KT-1	ARIZONA ST TRANSN BRD HWY REV		6,380		6,251		6,000
20772F-JN-1	CONNECTICUT ST		6,512		6,049		5,730
647310-G3-9	NEW MEXICO ST SEVERANCE TAX		6,143		6,031		6,000
837147-XX-0	SC ST PUB SVC AUTH REV		5,915		5,686		5,430

2

American Physicians Capital, Inc. and Subsidiaries
Fixed-Income Security Portfolio Detail and
Cash and Cash Equivalents(continued)

		Fair		Amortized		Par
CUSIP	Description	Value		Cost(2)		Value
		(in thousands)
341426-PT-5	FLORDIA ST BRD OF ED		5,813		5,560		5,290
472682-LZ-4	JEFFSN CNTY ALA SWR REV CAP IMPT		5,598		5,417		5,230
591745-F5-8	METROPOLITAN ATLANTA RAPID TRAN		5,415		5,360		5,040
478700-B2-2	JOHNSON CNTY KANS UNI SCH DIST		5,375		5,336		5,000
181324-MB-7	CLARK CNTY WASH SCH DIST NO 119		5,331		5,271		5,000
262608-NQ-1	DU PAGE & WILL CNTYS ILL CMNTY SCH		5,581		5,240		5,000
677519-3S-7	OHIO ST		5,458		5,225		5,000
576004-ED-3	MASSACHUSETTS ST		5,500		5,219		5,000
442436-2F-7	HSTN TEX WTR & SWR SYS		5,580		5,197		5,000
199820-QY-0	COMAL TEX INDPT SCH DIST		5,285		5,180		5,000
604128-3H-9	MINNESOTA ST		5,435		5,179		5,000
46613Q-AM-6	JEA FLA ST JOHNS RIV PWR PK SYS		5,287		5,165		5,000
40785E-MW-3	HAMILTON SOUTHEASTERN IND SCH		5,027		5,048		4,725
235416-ZU-1	DALLAS TEX WTRWKS & SWR SYS REV		5,044		4,627		4,455
385640-FG-7	GRAND IS NEB ELEC REV SYS		4,743		4,593		4,485
509228-EQ-1	LAKE CNTY ILL ADLAI E STEVENSON HS		4,086		3,942		3,750
491552-PM-1	KENTUCKY ST TPK AUTH		3,704		3,645		3,500
040663-2J-4	ARIZONA ST UNIV REVS		3,577		3,428		3,220
927793-NT-2	RPAR HOLDINGS REF-US RT 58 CORRID		3,250		3,145		3,000
927793-NU-9	VIRGINIA COMWLTH TRANSN BRD		3,230		3,138		3,000
509228-ER-9	LAKE CNTY ILL ADLAI E STEVENSON HS		3,033		2,924		2,795
040663-2K-1	ARIZONA ST UNIV REVS		2,862		2,801		2,645
259291-DD-1	DOUGLAS CNTY NEB SCH DIST		2,690		2,611		2,500
97705L-FZ-5	WISCONSIN ST		2,149		2,112		2,000
235416-A7-9	DALLAS TEX WTRWKS & SWR SYS REV		2,219		2,106		2,045
438670-FF-3	HONOLULU HAWAII CITY & CNTY		2,028		1,951		1,855
678519-FD-6	OKLAHOMA CITY OK		1,146		1,139		1,075
345874-PH-8	FOREST LAKE MINN INDPT SCH DIST		1,050		1,060		1,000
463813-GW-9	IRVING TEX INDPT SCH DIST		1,086		1,056		1,000
659048-CN-0	NORTH DAVIESS IND SCH BLDG CORP		1,082		1,045		1,000
718814-UE-4	PHOENIX ARIZ		1,054		1,036		1,000
93974A-NL-4	WA ST REF-VAR PURP-SER R-03-A		1,042		1,022		1,000
452001-WT-3	ILL EDL AUTH REVS MED TERM		814		773		750
181211-DJ-9	CLARK CNTY WASH SCH DIST NO 101		608		596		570
263417-GJ-0	DU PAGE CO ILL SCH		548		534		520
341535-PW-6	FLORIDA ST BRD ED PUB ED		547		526		500
517840-WW-0	LAS VEGAS VALLEY NEV WTR DIST		531		523		500
799098-DD-7	SAN MIGUEL CNTY COLO SCH DIST		534		523		500
442352-AH-3	HOUSTON TEX AREA WTR CORP		552		522		500
040654-JV-8	AZ ST TRANSN BRD HWY REV		543		521		500

3

American Physicians Capital, Inc. and Subsidiaries
Fixed-Income Security Portfolio Detail and
Cash and Cash Equivalents(continued)

		Fair		Amortized		Par
CUSIP	Description	Value		Cost(2)		Value
		(in thousands)
51166F-AD-1	LAKELAND FLA ENERGY SYS REV		538		519		500
54811B-EP-2	LOWER COLO RIV AUTH TEX		505		510		500
159195-MY-9	CHANNELVIEW TEX INDPT SCH DIST		506		485		475
655181-BJ-3	NOBLESVILLE-SOUTHEASTN PUB LIBR		492		480		460
Subtotal States And Political Subdivisions			233,562		226,182		215,965
Corporate Securities
74740F-GF-7	QUAKER OATS CO		6,563		6,340		6,000
134429-AM-1	CAMPBELL SOUP CO		6,491		6,206		6,000
41011W-AH-3	HANCOCK JOHN GLOBAL FDG		6,288		6,183		6,000
855707-AB-1	ST AUTO FINL CORP		5,848		6,045		6,000
035229-CD-3	ANHEUSER BUSCH		4,439		4,351		4,310
438516-AK-2	HONEYWELL INTL INC		3,134		3,059		3,000
615337-AA-0	THE MONY GROUP		2,593		2,572		2,510
075887-AR-0	BECTON DICKINSON CO		1,012		1,007		1,000
693506-AY-3	PPG INDUSTRIES INC		834		833		830
751277-AM-6	RALSTON PURINA CO		511		506		500
Subtotal Corporate Securities			37,713		37,102		36,150
Mortgage-Backed Securities
31394N-4U-9	FHLMC MULTICLASS SER 2713		15,412		15,096		15,000
31394P-3P-6	FHLMC MULTICLASS SER 2740		15,384		15,090		15,000
31394K-AD-6	FHLMC MULTICLASS SER 2687		15,362		15,085		15,000
31395L-VJ-7	FHLMC MULTICLASS PREASSIGN		14,187		13,691		13,586
31394M-A2-6	FHLMC MULTICLASS SER 2708		13,260		13,063		13,000
31394K-G6-5	FHLMC MULTICLASS SER 2693		10,234		10,054		10,000
31395K-CV-3	FHLMC MULTICLASS SER 2905		10,274		9,995		10,000
31395K-PG-2	FHLMC MULTICLASS SER 2903		8,451		8,405		8,453
31394W-HE-1	FHLMC MULTICLASS SER 2784		5,705		5,649		5,667
31393T-CP-9	FNMA REMIC TRUST 2003-92		4,219		4,225		4,265
31394G-H7-1	FHLMC REMIC SERIES 2649		4,246		4,154		4,277
31394Y-LZ-5	FHLMC MULTICLASS SER		3,212		3,166		3,187
31394G-N8-2	FHLMC REMIC SERIES 2659		3,171		3,149		3,186
31393D-DS-7	FNMA REMIC TRUST 2003-58		2,807		2,710		2,783
31394W-HQ-4	FHLMC MULTICLASS SER 2784		2,517		2,475		2,471
31393Y-XE-0	FNMA REMIC SER 2004-45		2,275		2,267		2,268
31394Y-BU-7	FHLMC MULTICLASS PREASSIGN		1,745		1,735		1,736
31395A-LR-4	FHLMC MULTICLASS SER 2807		1,652		1,641		1,614
31394Y-NA-8	FHLMC MULTICLASS PREASSIGN		1,410		1,373		1,382
31362J-E6-8	FNMA ARM #062257		59		60		59
36224V-H5-7	GNMA POOL #339652		35		34		32

4

American Physicians Capital, Inc. and Subsidiaries
Fixed-Income Security Portfolio Detail and
Cash and Cash Equivalents(continued)

		Fair		Amortized		Par
CUSIP	Description	Value		Cost(2)		Value
		(in thousands)
31375A-G3-7	FNMA P/T 328818		18		17		17
36225A-ET-3	GNMA PLATINUM P/T 780146		10		11		9
31368H-US-0	FNMA ARM MEGA POOL #190593		2		2		2
Subtotal Mortgage-Backed Securities			135,647		133,147		132,994
TOTALHELD-TO-MATURITY DEBT SECURITIES		$	421,791	$	411,383	$	400,109

(2) Held-to-maturity debt securities are carried in the balance sheet at amortized cost.

CUSIP	Description	Cost
		(in thousands)
CASH & CASH EQUIVALENTS
31846V-41-9	FIRST AMER TREAS OBLIG		825
665278-70-1	NORTHERN INSTL FDS GOVT SELECT		93,110
Subtotal Money Market Funds			93,935
1667T0-UA-9	CHEVRON CORP		10,997
19121A-WN-7	COCA-COLA CO		10,993
02665J-WG-1	AMERICAN HONDA FIN CORP		10,992
89233G-U6-1	TOYOTA MOTOR CREDIT		9,995
89233G-VQ-6	TOYOTA MOTOR CREDIT		1,000
7426M4-VD-6	PRIVATE EXPT FDG CORP		1,000
Subtotal Commercial Paper			44,976
	CERTIFICATE OF DEPOSIT		100
	ZERO BALANCE CASH SWEEP ACCOUNTS		68
Subtotal Cash and CDs			168
TOTAL CASH & CASH EQUIVALENTS		$	139,079

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