about aps
We are a leading provider of medical professional liability insurance in Texas, where our insurance subsidiary, American Physicians Insurance Company (API), has written business for over 30 years. Historically, we operated as the manager for API and, without the benefit of significant financial capital or a financial strength rating, grew API into a leading medical professional liability insurer in Texas. In April 2007, we acquired API, thus combining our insurance management expertise with an insurance underwriting entity to allow for expansion into new markets and continued growth in existing markets.
Shortly after the acquisition, we completed a successful secondary stock offering in which we raised approximately $36 million of additional capital to further strengthen our balance sheet and position us for growth. And in November, 2007 A.M. Best Company advised us that they had assigned a financial strength rating of A- (Excellent) to API.
Our long-term presence in the Texas medical professional liability insurance market provides us with name recognition and strong relationships with the physicians practicing in Texas, and the experience to grow into other states such as Oklahoma where we recently began to write business. We insure approximately 5,000 doctors and other healthcare professionals. We meet regularly with an advisory board composed primarily of practicing physicians who advise us on underwriting and marketing practices as well as assist with our claims and risk management strategies.
Our Investment Services segment offers brokerage and investment services to institutions and high net worth individuals, including general securities sales and trade execution, investment banking and asset management services. In this segment of our business, we focus on sectors of the fixed income market that we believe are underserved by larger financial services firms.