American Physicians Service Group, Inc.
Announces New Chief Financial Officer
AUSTIN, TEXAS, September 10, 2007 – American Physicians Service Group, Inc.
(“APS”) (NASDAQ: AMPH) announced today that its board of directors has elected Marc
Zimmermann to succeed Bill Hayes as Chief Financial Officer effective November 16, 2007.
The board’s action is in response to Mr. Hayes’ announced intention to begin a retirement
process during which he will initially reduce his hours and serve as APS’ Secretary/Treasurer.
Ken Shifrin, APS’ Chairman of the Board, stated, “Bill Hayes has provided excellent
leadership for us throughout his 22 years with the Company and has been a loyal and valuable
member of our management team. We are excited for Bill and pleased that we will continue to be
able to draw on his wealth of experience when he moves into his new role. At the same time, it is
a luxury that we have sufficient talent to promote from within, and Marc Zimmermann has
demonstrated through his significant role in our transition to an insurance holding company that
he will serve us well as our CFO.”
Mr. Zimmermann rejoined APS in 2003 as Chief Financial Officer of insurance
operations, having previously worked for the Company as Director of Business Development for
the insurance operations from 1997 through 1998. Prior to rejoining the Company,
Mr. Zimmermann was with Jefferson Wells, a financial and technology consulting firm. He is a
CPA and holds a bachelor’s degree in Accounting from Baylor University and an MBA from the
Kellogg School of Management at Northwestern University.
APS is an insurance and financial services firm with subsidiaries and affiliates which
provide medical malpractice insurance for doctors and brokerage and investment services to
institutions and high net worth individuals. The Company is headquartered in Austin, Texas and
maintains offices in Dallas.
This press release includes forward-looking statements related to the Company that
involve risks and uncertainti