Exhibit 99.1

American Physicians Capital, Inc. Completes Second
Trust Preferred Pooled Transaction Raising $15 Million

    EAST LANSING, Mich., May 23 /PRNewswire-FirstCall/ --
American Physicians Capital, Inc. (APCapital) (Nasdaq: ACAP) announced today
that it completed its second trust preferred pooled transaction this month,
raising an additional $15.0 million at the holding company.  The securities,
which are classified as long-term debt, have a floating rate equal to the
three month LIBOR plus 420 basis points and mature in 30 years.  The
securities can be called by the issuer after five years from the date of
issuance.

    The funds will be retained at the holding company, and may be used to fund
future debt service requirements, stock repurchases, support future premium
growth through allocation to insurance subsidiaries, or for other general
corporate purposes.

    American Physicians Capital, Inc. is a national provider of medical
professional liability coverage and workers' compensation, through American
Physicians Assurance Corporation and its other subsidiaries.  The group of
companies is rated A- (Excellent) by A. M. Best and A- by Standard & Poor's.
Further information about the companies is available on the Internet at
www.apcapital.com .

    Forward-Looking Statement: Certain statements made by American Physicians
Capital, Inc. in this release may constitute forward-looking statements within
the meaning of the federal securities laws.  While we believe any forward-
looking statements we have made are reasonable, they are subject to risks and
uncertainties, and actual results could differ materially.  These risks and
uncertainties include, but are not limited to the factors listed or discussed
in the reports filed by APCapital from time to time with the Securities and
Exchange Commission, under the Securities Exchange Act of 1934.  APCapital
does not undertake, and expressly disclaims any obligation, to update or alter
its forward-looking statements whether as a result of new information, future
events or otherwise, except as required by law.  The securities offered by
APCapital have not been and will not be registered under the Securities Act of
1933 and may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements.