EXHIBIT 99

FOR IMMEDIATE RELEASE

Contact:
Ms. Sheila Wright
Media Relations
American Physicians Capital, Inc.
1301 North Hagadorn Road
East Lansing, Michigan 48823
Phone:  (517) 324-6782
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   AMERICAN PHYSICIANS CAPITAL, INC. ADDS NEW MEMBER TO ITS BOARD OF DIRECTORS

East Lansing, Michigan, February 20, 2002 -- American Physicians Capital, Inc.
(NASDAQ: ACAP) and The Stilwell Value Group, one of the Company's largest
shareholders, announced an agreement where a representative of The Stilwell
Group will join the Company's board of directors immediately, and will be one of
the nominees to stand for election at the Company's 2002 annual meeting.

The Stilwell Group has agreed to a three-year "standstill" and will support the
slate of directors at the 2002 annual meeting and during the term of the
standstill agreement. APCapital agreed to consider a request of The Stilwell
Group to use a portion of its excess capital to significantly increase the
Company's share repurchase program in each of the fiscal years 2002 and 2003.
Any future expansion of the Company's repurchase program will be subject to,
among other things, the board's fiduciary duty and regulatory approvals. The
Stilwell Group had previously noticed its intention to nominate two people to
the board, to be elected at the 2002 annual meeting. In connection with the
agreement, The Stilwell Group has withdrawn its nomination notice.

Spencer L. Schneider, an attorney in private practice in New York City, will
immediately join the board of directors as a representative of the Stilwell
Group.

William B. Cheeseman, APCapital president and CEO, said: "The Company has been
looking to expand the board of directors to include representatives with
additional experience and expertise, and we are pleased Mr. Schneider will be
joining the board as a representative of the investment community. The Company
plans to review the Stilwell Group's proposal to expand the Company's existing
share repurchase program in its upcoming meetings."

Joseph Stilwell, general partner of The Stilwell Group, stated: "We are
delighted to be working with Mr. Cheeseman with respect to share repurchases in
order to maximize shareholder value for all of the Company's shareholders."



Forward-Looking Statements: 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 following: the potential
inadequacy of our loss and loss adjustment expense reserves, liabilities imposed
that exceed our policy limits and reserves, increased pressures on premium rates
and our potential inability to obtain rate increases, adverse changes in the
health care industry, our potential inability to obtain adequate and affordable
reinsurance coverage from creditworthy reinsurers, adverse regulatory changes in
Michigan, our potential inability to execute our growth strategy, the loss of
our relationships with medical associations, an interruption or change in our
principal third-party distribution relationship, a reduction in our A.M. Best
Company rating, our potential inability to obtain anticipated processing
efficiencies, negative changes in financial market conditions, a significant
increase in inflation in the markets in which we compete, a downturn in general
economic conditions, and any other factors listed or discussed in the reports
filed by APCapital 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.