NEW YORK - American Physicians Capital Inc.'s shares tumbled Thursday on news the medical insurance company would post a third-quarter loss on an unexpected charge for policy losses. The stock closed at $17.41, down $10.34, or 37 percent, on heavy volume on the Nasdaq Stock Market. The East Lansing, Mich.-based company said it had to add $43 million to its reserves to cover claims. It also said it will discontinue offering workers compensation and health care insurance, which account for about 30 percent of its premiums.
Posted by Editor at November 6, 2003 10:38 AM