history and description
American Physicians Service Group, Inc. started in 1975 working with a group of doctors to help them solve the problems of availability of medical malpractice insurance at a reasonable price. As those problems were successfully resolved, doctors made requests for additional business services related to their practices and the concept of a company dedicated to helping the medical community with its business, financial and insurance needs was born. After going public in 1983, we have stayed close to that original concept and currently provide medical malpractice insurance for doctors and brokerage and investment services to institutions and individuals.
2007 marked one of the most momentous in our 32-year history. We reported continued strong revenues and earnings from operations at the same time that we took a significant step toward positioning APS for future growth with the acquisition of our long-time client, American Physicians Insurance Company (API), which now operates as a wholly-owned subsidiary of APS. By joining forces with API, an acquisition that closed on April 1, 2007, we have created a company with consolidated annual revenues of more than $80 million, total assets of over $280 million and total equity of more than $115 million.
API has been providing medical malpractice insurance since 1975. During this period, we earned the confidence and loyalty of our policyholders, which currently include approximately 4,900 doctors and other healthcare professionals in Texas and Arkansas. In late, 2007 we also began to write business in Oklahoma.
APS Financial Corporation, a subsidiary of APS, is a full service securities, research and investment banking firm. Through its affiliated companies, APS Financial offers its clients a wide range of services including trading of debt and equity securities, high-yield and distressed issuer research, private debt and trade claims sourcing and clearing, investment banking, and asset management. Our 25-year history in research and trade execution is built from quality-focused, seasoned professionals with a long history of working together. This shared purpose and core business values extend to our clients through consistent, responsive service.