Exhibit 99.1
 Consolidated Fixed-Income Security and 
Cash and Cash Equivalents Portfolio
American Physicians Capital, Inc. and Subsidiaries
As of September 30, 2009
 Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value (1)
    
    
    Cost
    
    
    Value(in thousands)AVAILABLE-FOR-SALE DEBT SECURITIESStates And Political Subdivisions709141-Q5-7
    
    PENNSYLVANIA ST
    
    $
    10,018
    
    
    $
    9,328
    
    
    $
    9,000196454-FL-1
    
    CO DEPT TRANSN REV
    
    
    7,553
    
    
    
    6,899
    
    
    
    6,575718814-XK-7
    
    PHOENIX ARIZ
    
    
    7,283
    
    
    
    6,589
    
    
    
    6,30095667Q-AN-6
    
    WEST VA ST SCH BLDG AUTH REV
    
    
    7,253
    
    
    
    6,795
    
    
    
    6,500646135-2Y-8
    
    NEW JERSEY ST TRANSN TR FD AUTH
    
    
    7,193
    
    
    
    6,786
    
    
    
    6,500646039-JA-6
    
    NEW JERSEY ST
    
    
    7,118
    
    
    
    6,497
    
    
    
    6,225741701-VD-5
    
    PRINCE GEORGES CNTY MD
    
    
    6,960
    
    
    
    6,274
    
    
    
    6,000928172-HL-2
    
    VIRGINIA ST PUB BLDG AUTH
    
    
    6,664
    
    
    
    6,199
    
    
    
    6,000167723-BD-6
    
    CHICAGO ILL TRAN AUTH
    
    
    6,663
    
    
    
    6,329
    
    
    
    6,000709141-Z7-3
    
    PENNSYLVANIA ST
    
    
    6,606
    
    
    
    6,155
    
    
    
    5,965977056-8D-5
    
    WISCONSIN ST
    
    
    6,594
    
    
    
    6,183
    
    
    
    6,000373383-N7-9
    
    GEORGIA ST
    
    
    6,234
    
    
    
    5,738
    
    
    
    5,485391554-AP-7
    
    GREATER ALBANY SCH DIST OR
    
    
    5,757
    
    
    
    5,225
    
    
    
    5,000592013-7M-2
    
    METROPOLITAN GOVT NASHVILLE &
DAV
    
    
    5,721
    
    
    
    5,207
    
    
    
    5,000186343-UR-8
    
    CLEVELAND OHIO
    
    
    5,692
    
    
    
    5,347
    
    
    
    5,050419780-S5-1
    
    HAWAII ST REF-SER DG
    
    
    5,530
    
    
    
    5,159
    
    
    
    5,00079575D-LQ-1
    
    SALT RIV PROJ ARIZ AGRIC IMPT
    
    
    5,504
    
    
    
    5,222
    
    
    
    5,000575827-3X-6
    
    MASSACHUSETTS ST CONS LN-SER C
    
    
    5,503
    
    
    
    5,184
    
    
    
    5,000594700-CA-2
    
    MICHIGAN ST TRUNK LINE FD
    
    
    5,479
    
    
    
    5,168
    
    
    
    5,000527839-BY-9
    
    LEWIS CNTY WASH PUB UTIL
    
    
    5,474
    
    
    
    5,172
    
    
    
    5,000181054-7U-5
    
    CLARK CNTY NEV SCH DIST
    
    
    5,462
    
    
    
    5,156
    
    
    
    5,000452151-PZ-0
    
    ILLINOIS ST
    
    
    5,426
    
    
    
    5,142
    
    
    
    5,00092817F-XF-8
    
    VIRGINIA ST PUB SCH AUTH
    
    
    5,409
    
    
    
    5,161
    
    
    
    5,000972176-6H-9
    
    WILSON CNTY TENN
    
    
    3,523
    
    
    
    3,258
    
    
    
    3,075972176-6J-5
    
    WILSON CNTY TENN
    
    
    3,334
    
    
    
    3,168
    
    
    
    3,005665093-EF-3
    
    NORTHERN COOK CNTY ILL SOLID
WASTE
    
    
    1,348
    
    
    
    1,260
    
    
    
    1,200665093-EE-6
    
    NORTHERN COOK CNTY ILL SOLID
WASTE
    
    
    1,336
    
    
    
    1,258
    
    
    
    1,200969073-HN-8
    
    WILL CNTY ILL CMNTY HIGH SCH
    
    
    1,146
    
    
    
    1,071
    
    
    
    1,000250092-F4-0
    
    DES MOINES IOWA
    
    
    1,107
    
    
    
    1,034
    
    
    
    1,000615401-HU-3
    
    MOON AREA SCH DIST PA
    
    
    564
    
    
    
    522
    
    
    
    500708796-AP-2
    
    PENNSYLVANIA HSG FIN AGY
    
    
    552
    
    
    
    500
    
    
    
    500Subtotal States And Political Subdivisions
    
    
    160,006
    
    
    
    148,986
    
    
    
    143,080Corporate Securities59156R-AU-2
    
    METLIFE INC
    
    
    7,812
    
    
    
    7,028
    
    
    
    7,000459200-AL-5
    
    INTERNATIONAL BUSINESS MACHS
    
    
    6,977
    
    
    
    6,344
    
    
    
    6,000904764-AG-2
    
    UNILEVER CAP CORP
    
    
    6,939
    
    
    
    6,595
    
    
    
    6,50000508Y-AB-8
    
    ACUITY BRANDS INC
    
    
    6,555
    
    
    
    6,497
    
    
    
    6,500002824-AS-9
    
    ABBOTT LABS
    
    
    6,420
    
    
    
    5,995
    
    
    
    6,000084664-AD-3
    
    BERKSHIRE HATHAWAY FIN CORP
    
    
    6,347
    
    
    
    5,775
    
    
    
    6,00026353L-JB-8
    
    DU PONT E I DE NEMOURS & CO
    
    
    6,313
    
    
    
    5,696
    
    
    
    6,000369604-BC-6
    
    GENERAL ELEC CO
    
    
    6,158
    
    
    
    5,389
    
    
    
    6,000210805-DP-9
    
    CONTINENTAL AIRLS EETC
    
    
    6,149
    
    
    
    6,500
    
    
    
    6,500149123-BM-2
    
    CATERPILLAR INC
    
    
    5,348
    
    
    
    4,744
    
    
    
    5,000456866-AK-8
    
    INGERSOLL RAND CO
    
    
    5,340
    
    
    
    4,777
    
    
    
    5,000717081-CZ-4
    
    PFIZER INC
    
    
    5,311
    
    
    
    4,994
    
    
    
    5,00024713@-AA-4
    
    DELOITTE & TOUCHE USA LLP
    
    
    3,966
    
    
    
    4,000
    
    
    
    4,00045072G-AA-0
    
    I-PRETSL II COMBINATION
    
    
    2,176
    
    
    
    2,176
    
    
    
    2,176369604-AY-9
    
    GENERAL ELEC CO
    
    
    1,055
    
    
    
    970
    
    
    
    1,000075887-AS-8
    
    BECTON DICKINSON & CO
    
    
    533
    
    
    
    481
    
    
    
    500Cash and Subtotal Corporate Securities
    
    
    83,399
    
    
    
    77,961
    
    
    
    79,176
 1




---



##### 



Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    
    Description
    
    Value (1)
    
    
    Cost
    
    
    Value(in thousands)Mortgage-Backed Securities393505-XC-1
    
    GREEN TREE
FINANCIAL CORP
    
    
    77
    
    
    
    87
    
    
    
    87Subtotal Mortgage-Backed Securities
    
    
    77
    
    
    
    87
    
    
    
    87TOTAL AVAILABLE-FOR-SALE DEBT SECURITIES
    
    $
    243,482
    
    
    $
    227,034
    
    
    $
    222,343
 
 (1)
    
    = Available-for-sale debt securities are carried in the balance sheet at fair value. Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value
    
    
    Cost (2)
    
    
    Value(in thousands)HELD-TO-MATURITY DEBT SECURITIESU.S. Government and Agency Obligations31331S-JW-4
    
    FFCB NOTE
    
    
    15,014
    
    
    
    14,953
    
    
    
    15,000Subtotal U.S. Government and Agency Obligations
    
    
    15,014
    
    
    
    14,953
    
    
    
    15,000States And Political Subdivisions64711R-BD-7
    
    NM FIN AUTH ST TRANSN REV
    
    
    7,689
    
    
    
    7,212
    
    
    
    6,805677519-SC-5
    
    OHIO ST
    
    
    7,390
    
    
    
    6,878
    
    
    
    6,61529270C-HK-4
    
    ENERGY N W WASH ELEC REV
    
    
    7,383
    
    
    
    6,822
    
    
    
    6,500341150-QU-7
    
    FLORIDA ST
    
    
    7,249
    
    
    
    6,817
    
    
    
    6,500576002-AS-8
    
    MASSACHUSETTS ST SPL OBLIG
    
    
    7,342
    
    
    
    6,803
    
    
    
    6,500645916-WU-7
    
    NEW JERSEY ECONOMIC DEV AUTH REV
    
    
    7,096
    
    
    
    6,769
    
    
    
    6,50093974A-NH-3
    
    WA ST REF-VAR PURP-SER R-03-A
    
    
    6,895
    
    
    
    6,667
    
    
    
    6,500736742-MA-2
    
    PORTLAND ORE SWR SYS REV
    
    
    6,867
    
    
    
    6,515
    
    
    
    6,000167484-3S-1
    
    CHICAGO ILL
    
    
    6,662
    
    
    
    6,359
    
    
    
    6,000576000-AZ-6
    
    MASSACHUSETTS ST SCH BLDG AUTH
    
    
    6,851
    
    
    
    6,288
    
    
    
    6,000928109-JY-4
    
    VIRGINIA ST
    
    
    6,758
    
    
    
    6,279
    
    
    
    6,000455393-AM-0
    
    INDIANAPOLIS IND THERMAL ENERGY
    
    
    6,396
    
    
    
    6,261
    
    
    
    6,000040654-KT-1
    
    ARIZONA ST TRANSN BRD HWY REV
    
    
    6,637
    
    
    
    6,237
    
    
    
    6,000647310-G3-9
    
    NEW MEXICO ST SEVERANCE TAX
    
    
    6,287
    
    
    
    6,029
    
    
    
    6,00020772F-JN-1
    
    CONNECTICUT ST
    
    
    6,522
    
    
    
    6,027
    
    
    
    5,730837147-XX-0
    
    SC ST PUB SVC AUTH REV REF-SER D
    
    
    6,046
    
    
    
    5,669
    
    
    
    5,430341426-PT-5
    
    FLORIDA ST BRD OF ED PUB ED-SER J
    
    
    5,941
    
    
    
    5,547
    
    
    
    5,290472682-LZ-4
    
    JEFFSN CNTY ALA SWR REV CAP IMPT
    
    
    5,638
    
    
    
    5,402
    
    
    
    5,230591745-F5-8
    
    METROPOLITAN ATLANTA RAPID TRAN
    
    
    5,721
    
    
    
    5,350
    
    
    
    5,040478700-B2-2
    
    JOHNSON CNTY KANS UNI SCH DIST
    
    
    5,649
    
    
    
    5,324
    
    
    
    5,000181324-MB-7
    
    CLARK CNTY WASH SCH DIST NO 119
    
    
    5,535
    
    
    
    5,261
    
    
    
    5,000262608-NQ-1
    
    DU PAGE & WILL CNTYS ILL CMNTY SCH
    
    
    5,616
    
    
    
    5,224
    
    
    
    5,000677519-3S-7
    
    OHIO ST
    
    
    5,584
    
    
    
    5,214
    
    
    
    5,000576004-ED-3
    
    MASSACHUSETTS ST SPL OBLIG REV
    
    
    5,517
    
    
    
    5,202
    
    
    
    5,000442436-2F-7
    
    HSTN TEX WTR & SWR SYS
    
    
    5,601
    
    
    
    5,183
    
    
    
    5,000199820-QY-0
    
    COMAL TEX INDPT SCH DIST
    
    
    5,386
    
    
    
    5,169
    
    
    
    5,000604128-3H-9
    
    MINNESOTA ST
    
    
    5,529
    
    
    
    5,165
    
    
    
    5,00046613Q-AM-6
    
    JEA FLA ST JOHNS RIV PWR PK SYS
    
    
    5,327
    
    
    
    5,147
    
    
    
    5,00040785E-MW-3
    
    HAMILTON SOUTHEASTERN IND CONS SCH
    
    
    5,240
    
    
    
    5,036
    
    
    
    4,725235416-ZU-1
    
    DALLAS TEX WTRWKS & SWR SYS REV
    
    
    5,081
    
    
    
    4,618
    
    
    
    4,455385640-FG-7
    
    GRAND IS NEB ELEC REV SYS
    
    
    4,769
    
    
    
    4,580
    
    
    
    4,485509228-EQ-1
    
    LAKE CNTY ILL ADLAI E STEVENSON SCH
    
    
    4,239
    
    
    
    3,935
    
    
    
    3,750491552-PM-1
    
    KENTUCKY ST TPK AUTH
    
    
    3,909
    
    
    
    3,640
    
    
    
    3,500040663-2J-4
    
    ARIZONA ST UNIV REVS
    
    
    3,699
    
    
    
    3,418
    
    
    
    3,220927793-NT-2
    
    RPAR HOLDINGS REF-US RT 58 CORRID
    
    
    3,376
    
    
    
    3,138
    
    
    
    3,000927793-NU-9
    
    VIRGINIA COMWLTH TRANSN BRD
    
    
    3,376
    
    
    
    3,132
    
    
    
    3,000509228-ER-9
    
    LAKE CNTY ILL ADLAI E STEVENSON SCH
    
    
    3,164
    
    
    
    2,919
    
    
    
    2,795040663-2K-1
    
    ARIZONA ST UNIV REVS
    
    
    2,983
    
    
    
    2,794
    
    
    
    2,645259291-DD-1
    
    DOUGLAS CNTY NEB SCH DIST NO 001
    
    
    2,796
    
    
    
    2,605
    
    
    
    2,50097705L-FZ-5
    
    WISCONSIN ST
    
    
    2,236
    
    
    
    2,108
    
    
    
    2,000235416-A7-9
    
    DALLAS TEX WTRWKS & SWR SYS REV
    
    
    2,286
    
    
    
    2,103
    
    
    
    2,045438670-FF-3
    
    HONOLULU HAWAII CITY & CNTY
    
    
    2,097
    
    
    
    1,947
    
    
    
    1,855678519-FD-6
    
    OKLAHOMA CITY OKLA
    
    
    1,204
    
    
    
    1,136
    
    
    
    1,075345874-PH-8
    
    FOREST LAKE MINN INDPT SCH DIST
    
    
    1,108
    
    
    
    1,057
    
    
    
    1,000463813-GW-9
    
    IRVING TEX INDPT SCH DIST
    
    
    1,121
    
    
    
    1,054
    
    
    
    1,000659048-CN-0
    
    NORTH DAVIESS IND SCH BLDG CORP
    
    
    1,123
    
    
    
    1,043
    
    
    
    1,000718814-UE-4
    
    PHOENIX ARIZ
    
    
    1,088
    
    
    
    1,034
    
    
    
    1,000
 2




---



##### 



Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value
    
    
    Cost (2)
    
    
    Value(in thousands)States And Political Subdivisions (continued)93974A-NL-4
    
    WA ST REF-VAR PURP-SER R-03-A
    
    
    1,068
    
    
    
    1,020
    
    
    
    1,000452001-WT-3
    
    ILL EDL AUTH REVS
    
    
    812
    
    
    
    770
    
    
    
    750181211-DJ-9
    
    CLARK CNTY WASH SCH DIST NO 101
    
    
    629
    
    
    
    594
    
    
    
    570263417-GJ-0
    
    DU PAGE CNTY ILL CMNTY HS
    
    
    549
    
    
    
    532
    
    
    
    520341535-PW-6
    
    FLORIDA ST BRD ED PUB ED
    
    
    561
    
    
    
    525
    
    
    
    500517840-WW-0
    
    LAS VEGAS VALLEY NEV WTR DIST
    
    
    544
    
    
    
    522
    
    
    
    500799098-DD-7
    
    SAN MIGUEL CNTY COLO SCH DIST
    
    
    548
    
    
    
    521
    
    
    
    500442352-AH-3
    
    HOUSTON TEX AREA WTR CORP
    
    
    551
    
    
    
    520
    
    
    
    500040654-JV-8
    
    AZ ST TRANSN BRD HWY REV SER B
    
    
    554
    
    
    
    519
    
    
    
    50051166F-AD-1
    
    LAKELAND FLA ENERGY SYS REV
    
    
    542
    
    
    
    517
    
    
    
    50054811B-EP-2
    
    LOWER COLO RIV AUTH TEX
    
    
    514
    
    
    
    509
    
    
    
    500159195-MY-9
    
    CHANNELVIEW TEX INDPT SCH DIST
    
    
    513
    
    
    
    484
    
    
    
    475655181-BJ-3
    
    NOBLESVILLE-SOUTHEASTN PUB LIBR
    
    
    503
    
    
    
    479
    
    
    
    460Subtotal States And Political Subdivisions
    
    
    239,897
    
    
    
    225,629
    
    
    
    215,965Corporate Securities74740F-GF-7
    
    QUAKER OATS CO
    
    
    6,585
    
    
    
    6,313
    
    
    
    6,000134429-AM-1
    
    CAMPBELL SOUP CO
    
    
    6,439
    
    
    
    6,175
    
    
    
    6,00041011W-AH-3
    
    HANCOCK JOHN GLOBAL FDG
    
    
    6,292
    
    
    
    6,156
    
    
    
    6,000855707-AB-1
    
    ST AUTO FINL CORP SR NT
    
    
    5,906
    
    
    
    6,043
    
    
    
    6,000035229-CD-3
    
    ANHEUSER BUSCH
    
    
    4,414
    
    
    
    4,338
    
    
    
    4,310438516-AK-2
    
    HONEYWELL INTL INC
    
    
    3,092
    
    
    
    3,037
    
    
    
    3,000615337-AA-0
    
    THE MONY GROUP
    
    
    2,572
    
    
    
    2,550
    
    
    
    2,510075887-AR-0
    
    BECTON DICKINSON CO
    
    
    1,000
    
    
    
    1,000
    
    
    
    1,000751277-AM-6
    
    RALSTON PURINA CO
    
    
    501
    
    
    
    501
    
    
    
    500Subtotal Corporate Securities
    
    
    36,801
    
    
    
    36,113
    
    
    
    35,320Mortgage-Backed Securities31394N-4U-9
    
    FHLMC MULTICLASS SER 2713
    
    
    15,463
    
    
    
    15,073
    
    
    
    15,00031394P-3P-6
    
    FHLMC MULTICLASS SER 2740
    
    
    15,394
    
    
    
    15,066
    
    
    
    15,00031394K-AD-6
    
    FHLMC MULTICLASS SER 2687
    
    
    15,152
    
    
    
    14,919
    
    
    
    14,85831395L-VJ-7
    
    FHLMC MULTICLASS PREASSIGN 00465
    
    
    14,382
    
    
    
    13,680
    
    
    
    13,58631394M-A2-6
    
    FHLMC MULTICLASS SER 2708
    
    
    11,063
    
    
    
    10,967
    
    
    
    10,93231394K-G6-5
    
    FHLMC MULTICLASS SER 2693
    
    
    10,196
    
    
    
    10,035
    
    
    
    10,00031395K-CV-3
    
    FHLMC MULTICLASS SER 2905
    
    
    10,362
    
    
    
    9,996
    
    
    
    10,00031395K-PG-2
    
    FHLMC MULTICLASS SER 2903
    
    
    7,080
    
    
    
    7,010
    
    
    
    7,04731394W-HE-1
    
    FHLMC MULTICLASS SER 2784
    
    
    5,172
    
    
    
    5,112
    
    
    
    5,12531393T-CP-9
    
    FNMA REMIC TRUST 2003-92
    
    
    3,666
    
    
    
    3,612
    
    
    
    3,64431394G-H7-1
    
    FHLMC REMIC SERIES 2649
    
    
    3,665
    
    
    
    3,494
    
    
    
    3,59231394Y-LZ-5
    
    FHLMC MULTICLASS SER
    
    
    2,745
    
    
    
    2,666
    
    
    
    2,68431394G-N8-2
    
    FHLMC REMIC SERIES 2659
    
    
    2,307
    
    
    
    2,272
    
    
    
    2,29631393D-DS-7
    
    FNMA REMIC TRUST 2003-58
    
    
    2,308
    
    
    
    2,239
    
    
    
    2,29531394W-HQ-4
    
    FHLMC MULTICLASS SER 2784
    
    
    2,197
    
    
    
    2,166
    
    
    
    2,16431394Y-NA-8
    
    FHLMC MULTICLASS PREASSIGN
    
    
    1,324
    
    
    
    1,291
    
    
    
    1,29931395A-LR-4
    
    FHLMC MULTICLASS SER 2807
    
    
    1,074
    
    
    
    1,080
    
    
    
    1,06631393Y-XE-0
    
    FNMA REMIC SER 2004-45
    
    
    883
    
    
    
    881
    
    
    
    88131362J-E6-8
    
    FNMA ARM #062257
    
    
    58
    
    
    
    58
    
    
    
    5836224V-H5-7
    
    GNMA POOL #339652
    
    
    35
    
    
    
    34
    
    
    
    3236225A-ET-3
    
    GNMA PLATINUM P/T 780146
    
    
    10
    
    
    
    10
    
    
    
    931375A-G3-7
    
    FNMA P/T 328818
    
    
    6
    
    
    
    6
    
    
    
    631368H-US-0
    
    FNMA ARM MEGA POOL #190593
    
    
    2
    
    
    
    2
    
    
    
    2Subtotal Mortgage-Backed Securities
    
    
    124,544
    
    
    
    121,669
    
    
    
    121,576TOTAL HELD-TO-MATURITY DEBT SECURITIES
    
    $
    416,256
    
    
    $
    398,364
    
    
    $
    387,861
 
 (2)
    
    Held-to-maturity debt securities are carried in the balance sheet at amortized cost. 3




---



##### 



CUSIP
    
    
    Description
    
    Cost(in thousands)CASH & CASH EQUIVALENTS31846V-41-9
    
    
    FIRST AMER TREAS OBLIG
    
    
    825665278-70-1
    
    
    NORTHERN INSTL FDS GOVT SELECT
    
    
    132,281Subtotal Money Market Funds
    
    
    133,1062470C2-ZE-8
    
    DELL INC
    
    
    10,49589233G-XP-6
    
    TOYOTA MOTOR CREDIT
    
    
    1,000Subtotal Commercial Paper
    
    
    11,495CERTIFICATE OF DEPOSIT
    
    
    100ZERO BALANCE CASH SWEEP ACCOUNTS
    
    
    319Subtotal Cash and CDs
    
    
    419TOTAL CASH & CASH EQUIVALENTS
    
    $
    145,020
 4