Exhibit 99.1
 Consolidated Fixed-Income Security and
Cash and Cash Equivalents Portfolio
American Physicians Capital, Inc. and Subsidiaries
As of December 31, 2009
 Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value (1)
    
    
    Cost
    
    
    Value(in thousands)AVAILABLE-FOR-SALE DEBT SECURITIESStates And Political Subdivisions709141-Q5-7
    
    PENNSYLVANIA ST
    
    
    9,976
    
    
    
    9,302
    
    
    
    9,000196454-FL-1
    
    CO DEPT TRANSN REV
    
    
    7,554
    
    
    
    6,885
    
    
    
    6,575718814-XK-7
    
    PHOENIX ARIZ
    
    
    7,262
    
    
    
    6,575
    
    
    
    6,30095667Q-AN-6
    
    WEST VA ST SCH BLDG AUTH REV
    
    
    7,201
    
    
    
    6,781
    
    
    
    6,500646135-2Y-8
    
    NEW JERSEY ST TRANSN TR FD AUTH
    
    
    7,178
    
    
    
    6,765
    
    
    
    6,500646039-JA-6
    
    NEW JERSEY ST
    
    
    7,112
    
    
    
    6,483
    
    
    
    6,225741701-VD-5
    
    PRINCE GEORGES CNTY MD
    
    
    6,936
    
    
    
    6,261
    
    
    
    6,000167723-BD-6
    
    CHICAGO ILL TRAN AUTH
    
    
    6,674
    
    
    
    6,313
    
    
    
    6,000928172-HL-2
    
    VIRGINIA ST PUB BLDG AUTH
    
    
    6,632
    
    
    
    6,182
    
    
    
    6,000709141-Z7-3
    
    PENNSYLVANIA ST
    
    
    6,578
    
    
    
    6,138
    
    
    
    5,965977056-8D-5
    
    WISCONSIN ST
    
    
    6,560
    
    
    
    6,166
    
    
    
    6,000373383-N7-9
    
    GEORGIA ST
    
    
    6,074
    
    
    
    5,728
    
    
    
    5,485186343-UR-8
    
    CLEVELAND OHIO
    
    
    5,792
    
    
    
    5,333
    
    
    
    5,050391554-AP-7
    
    GREATER ALBANY SCH DIST OR
    
    
    5,743
    
    
    
    5,214
    
    
    
    5,000592013-7M-2
    
    METROPOLITAN GOVT NASHVILLE & DAV
    
    
    5,721
    
    
    
    5,196
    
    
    
    5,000419780-S5-1
    
    HAWAII ST
    
    
    5,506
    
    
    
    5,145
    
    
    
    5,000527839-BY-9
    
    LEWIS CNTY WASH PUB UTIL
    
    
    5,468
    
    
    
    5,159
    
    
    
    5,000575827-3X-6
    
    MASSACHUSETTS ST CONS LN-SER C
    
    
    5,458
    
    
    
    5,164
    
    
    
    5,00079575D-LQ-1
    
    SALT RIV PROJ ARIZ AGRIC IMPT
    
    
    5,456
    
    
    
    5,204
    
    
    
    5,000594700-CA-2
    
    MICHIGAN ST TRUNK LINE FD
    
    
    5,450
    
    
    
    5,154
    
    
    
    5,000181054-7U-5
    
    CLARK CNTY NEV SCH DIST
    
    
    5,444
    
    
    
    5,142
    
    
    
    5,00092817F-XF-8
    
    VIRGINIA ST PUB SCH AUTH
    
    
    5,401
    
    
    
    5,146
    
    
    
    5,000452151-PZ-0
    
    ILLINOIS ST
    
    
    5,387
    
    
    
    5,128
    
    
    
    5,000972176-6H-9
    
    WILSON CNTY TENN
    
    
    3,422
    
    
    
    3,250
    
    
    
    3,075972176-6J-5
    
    WILSON CNTY TENN
    
    
    3,234
    
    
    
    3,162
    
    
    
    3,005665093-EF-3
    
    NORTHERN COOK CNTY ILL SOLID WASTE
    
    
    1,343
    
    
    
    1,257
    
    
    
    1,200665093-EE-6
    
    NORTHERN COOK CNTY ILL SOLID WASTE
    
    
    1,341
    
    
    
    1,255
    
    
    
    1,200969073-HN-8
    
    WILL CNTY ILL CMNTY HIGH SCH
    
    
    1,131
    
    
    
    1,068
    
    
    
    1,000250092-F4-0
    
    DES MOINES IOWA
    
    
    1,096
    
    
    
    1,031
    
    
    
    1,000723159-AT-6
    
    PINELLAS CNTY FLA CAP IMPT REV
    
    
    1,000
    
    
    
    1,000
    
    
    
    1,000409558-D6-7
    
    HAMPTON VA PUB IMPT
    
    
    881
    
    
    
    881
    
    
    
    860615401-HU-3
    
    MOON AREA SCH DIST PA
    
    
    561
    
    
    
    520
    
    
    
    500708796-AP-2
    
    PENNSYLVANIA HSG FIN AGY
    
    
    545
    
    
    
    500
    
    
    
    500Subtotal States And Political Subdivisions
    
    
    161,117
    
    
    
    150,488
    
    
    
    144,940Corporate Securities904764-AG-2
    
    UNILEVER CAP CORP
    
    
    6,852
    
    
    
    6,574
    
    
    
    6,500002824-AS-9
    
    ABBOTT LABS
    
    
    6,364
    
    
    
    5,995
    
    
    
    6,00026353L-JB-8
    
    DU PONT E I DE NEMOURS & CO
    
    
    6,254
    
    
    
    5,717
    
    
    
    6,000210805-DP-9
    
    CONTINENTAL AIRLS EETC
    
    
    6,116
    
    
    
    6,500
    
    
    
    6,500717081-CZ-4
    
    PFIZER INC
    
    
    5,288
    
    
    
    4,995
    
    
    
    5,000456866-AK-8
    
    INGERSOLL RAND CO
    
    
    5,286
    
    
    
    4,778
    
    
    
    5,00024713@-AA-4
    
    DELOITTE & TOUCHE USA LLP
    
    
    3,966
    
    
    
    4,000
    
    
    
    4,00045072G-AA-0
    
    I-PRETSL II COMBINATION
    
    
    2,160
    
    
    
    2,160
    
    
    
    2,160369604-AY-9
    
    GENERAL ELEC CO
    
    
    1,058
    
    
    
    972
    
    
    
    1,000075887-AS-8
    
    BECTON DICKINSON & CO
    
    
    528
    
    
    
    482
    
    
    
    500Subtotal Corporate Securities
    
    
    43,872
    
    
    
    42,173
    
    
    
    42,660Mortgage-Backed Securities393505-XC-1
    
    GREEN TREE FINANCIAL CORP
    
    
    84
    
    
    
    82
    
    
    
    82Subtotal Mortgage-Backed Securities
    
    
    84
    
    
    
    82
    
    
    
    82TOTAL AVAILABLE-FOR-SALE DEBT SECURITIES
    
    $
    205,073
    
    
    $
    192,743
    
    
    $
    187,682
 
 (1)
    =
    Available-for-sale debt securities are carried in the balance sheet at fair
value.


1




---



##### 



Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value
    
    
    Cost (2)
    
    
    Value(in thousands)HELD-TO-MATURITY DEBT SECURITIESStates And Political Subdivisions64711R-BD-7
    
    NM FIN AUTH ST TRANSN REV
    
    
    7,588
    
    
    
    7,192
    
    
    
    6,805677519-SC-5
    
    OHIO ST
    
    
    7,464
    
    
    
    6,861
    
    
    
    6,61529270C-HK-4
    
    ENERGY N W WASH ELEC REV
    
    
    7,373
    
    
    
    6,802
    
    
    
    6,500341150-QU-7
    
    FLORIDA ST
    
    
    7,172
    
    
    
    6,801
    
    
    
    6,500576002-AS-8
    
    MASSACHUSETTS ST SPL OBLIG
    
    
    7,348
    
    
    
    6,786
    
    
    
    6,500645916-WU-7
    
    NEW JERSEY ECONOMIC DEV AUTH REV
    
    
    7,122
    
    
    
    6,753
    
    
    
    6,50093974A-NH-3
    
    WA ST REF-VAR PURP-SER R-03-A
    
    
    6,984
    
    
    
    6,649
    
    
    
    6,500736742-MA-2
    
    PORTLAND ORE SWR SYS REV
    
    
    6,704
    
    
    
    6,500
    
    
    
    6,000167484-3S-1
    
    CHICAGO ILL
    
    
    6,613
    
    
    
    6,340
    
    
    
    6,000576000-AZ-6
    
    MASSACHUSETTS ST SCH BLDG AUTH
    
    
    6,638
    
    
    
    6,277
    
    
    
    6,000928109-JY-4
    
    VIRGINIA ST
    
    
    6,948
    
    
    
    6,265
    
    
    
    6,000455393-AM-0
    
    INDIANAPOLIS IND THERMAL ENERGY
    
    
    6,370
    
    
    
    6,236
    
    
    
    6,000040654-KT-1
    
    ARIZONA ST TRANSN BRD HWY REV
    
    
    6,575
    
    
    
    6,222
    
    
    
    6,000647310-G3-9
    
    NEW MEXICO ST SEVERANCE TAX
    
    
    6,205
    
    
    
    6,027
    
    
    
    6,00020772F-JN-1
    
    CONNECTICUT ST
    
    
    6,459
    
    
    
    6,005
    
    
    
    5,730837147-XX-0
    
    SC ST PUB SVC AUTH REV REF-SER D
    
    
    6,002
    
    
    
    5,651
    
    
    
    5,430341426-PT-5
    
    FLORIDA ST BRD OF ED PUB ED-SER J
    
    
    5,917
    
    
    
    5,534
    
    
    
    5,290472682-LZ-4
    
    JEFFSN CNTY ALA SWR REV CAP IMPT
    
    
    5,637
    
    
    
    5,388
    
    
    
    5,230591745-F5-8
    
    METROPOLITAN ATLANTA RAPID TRAN
    
    
    5,519
    
    
    
    5,340
    
    
    
    5,040478700-B2-2
    
    JOHNSON CNTY KANS UNI SCH DIST
    
    
    5,462
    
    
    
    5,312
    
    
    
    5,000181324-MB-7
    
    CLARK CNTY WASH SCH DIST NO 119
    
    
    5,423
    
    
    
    5,251
    
    
    
    5,000262608-NQ-1
    
    DU PAGE & WILL CNTYS ILL CMNTY SCH
    
    
    5,591
    
    
    
    5,208
    
    
    
    5,000677519-3S-7
    
    OHIO ST
    
    
    5,735
    
    
    
    5,203
    
    
    
    5,000576004-ED-3
    
    MASSACHUSETTS ST SPL OBLIG REV
    
    
    5,510
    
    
    
    5,183
    
    
    
    5,000442436-2F-7
    
    HSTN TEX WTR & SWR SYS
    
    
    5,571
    
    
    
    5,169
    
    
    
    5,000199820-QY-0
    
    COMAL TEX INDPT SCH DIST
    
    
    5,396
    
    
    
    5,157
    
    
    
    5,000604128-3H-9
    
    MINNESOTA ST
    
    
    5,496
    
    
    
    5,151
    
    
    
    5,00046613Q-AM-6
    
    JEA FLA ST JOHNS RIV PWR PK SYS
    
    
    5,340
    
    
    
    5,129
    
    
    
    5,00040785E-MW-3
    
    HAMILTON SOUTHEASTERN IND CONS SCH
    
    
    5,129
    
    
    
    5,024
    
    
    
    4,725235416-ZU-1
    
    DALLAS TEX WTRWKS & SWR SYS REV
    
    
    5,081
    
    
    
    4,608
    
    
    
    4,455385640-FG-7
    
    GRAND IS NEB ELEC REV SYS
    
    
    4,738
    
    
    
    4,567
    
    
    
    4,485509228-EQ-1
    
    LAKE CNTY ILL ADLAI E STEVENSON SCH
    
    
    4,120
    
    
    
    3,927
    
    
    
    3,750491552-PM-1
    
    KENTUCKY ST TPK AUTH
    
    
    3,760
    
    
    
    3,634
    
    
    
    3,500040663-2J-4
    
    ARIZONA ST UNIV REVS
    
    
    3,678
    
    
    
    3,409
    
    
    
    3,220927793-NT-2
    
    RPAR HOLDINGS REF-US RT 58 CORRID
    
    
    3,306
    
    
    
    3,131
    
    
    
    3,000927793-NU-9
    
    VIRGINIA COMWLTH TRANSN BRD
    
    
    3,296
    
    
    
    3,125
    
    
    
    3,000509228-ER-9
    
    LAKE CNTY ILL ADLAI E STEVENSON SCH
    
    
    3,058
    
    
    
    2,914
    
    
    
    2,795040663-2K-1
    
    ARIZONA ST UNIV REVS
    
    
    2,909
    
    
    
    2,787
    
    
    
    2,645
 2




---



##### 



Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value
    
    
    Cost (2)
    
    
    Value(in thousands)States And Political Subdivisions (continued)259291-DD-1
    
    DOUGLAS CNTY NEB SCH DIST NO 001
    
    
    2,759
    
    
    
    2,599
    
    
    
    2,50097705L-FZ-5
    
    WISCONSIN ST
    
    
    2,181
    
    
    
    2,103
    
    
    
    2,000235416-A7-9
    
    DALLAS TEX WTRWKS & SWR SYS REV
    
    
    2,273
    
    
    
    2,099
    
    
    
    2,045438670-FF-3
    
    HONOLULU HAWAII CITY & CNTY
    
    
    2,078
    
    
    
    1,942
    
    
    
    1,855678519-FD-6
    
    OKLAHOMA CITY OKLA
    
    
    1,164
    
    
    
    1,134
    
    
    
    1,075345874-PH-8
    
    FOREST LAKE MINN INDPT SCH DIST
    
    
    1,068
    
    
    
    1,055
    
    
    
    1,000463813-GW-9
    
    IRVING TEX INDPT SCH DIST
    
    
    1,096
    
    
    
    1,052
    
    
    
    1,000659048-CN-0
    
    NORTH DAVIESS IND SCH BLDG CORP
    
    
    1,102
    
    
    
    1,041
    
    
    
    1,000718814-UE-4
    
    PHOENIX ARIZ
    
    
    1,066
    
    
    
    1,033
    
    
    
    1,00093974A-NL-4
    
    WA ST REF-VAR PURP-SER R-03-A
    
    
    1,063
    
    
    
    1,018
    
    
    
    1,000452001-WT-3
    
    ILL EDL AUTH REVS
    
    
    809
    
    
    
    768
    
    
    
    750181211-DJ-9
    
    CLARK CNTY WASH SCH DIST NO 101
    
    
    624
    
    
    
    593
    
    
    
    570263417-GJ-0
    
    DU PAGE CNTY ILL CMNTY HS
    
    
    543
    
    
    
    530
    
    
    
    520341535-PW-6
    
    FLORIDA ST BRD ED PUB ED
    
    
    560
    
    
    
    523
    
    
    
    500517840-WW-0
    
    LAS VEGAS VALLEY NEV WTR DIST
    
    
    546
    
    
    
    520
    
    
    
    500799098-DD-7
    
    SAN MIGUEL CNTY COLO SCH DIST
    
    
    547
    
    
    
    520
    
    
    
    500442352-AH-3
    
    HOUSTON TEX AREA WTR CORP
    
    
    549
    
    
    
    518
    
    
    
    500040654-JV-8
    
    AZ ST TRANSN BRD HWY REV SER B
    
    
    551
    
    
    
    518
    
    
    
    50051166F-AD-1
    
    LAKELAND FLA ENERGY SYS REV
    
    
    538
    
    
    
    515
    
    
    
    50054811B-EP-2
    
    LOWER COLO RIV AUTH TEX
    
    
    509
    
    
    
    508
    
    
    
    500159195-MY-9
    
    CHANNELVIEW TEX INDPT SCH DIST
    
    
    511
    
    
    
    484
    
    
    
    475655181-BJ-3
    
    NOBLESVILLE-SOUTHEASTN PUB LIBR
    
    
    503
    
    
    
    478
    
    
    
    460Subtotal States And Political Subdivisions
    
    
    237,877
    
    
    
    225,069
    
    
    
    215,965Corporate Securities74740F-GF-7
    
    QUAKER OATS CO
    
    
    6,509
    
    
    
    6,286
    
    
    
    6,000134429-AM-1
    
    CAMPBELL SOUP CO
    
    
    6,384
    
    
    
    6,144
    
    
    
    6,00041011W-AH-3
    
    HANCOCK JOHN GLOBAL FDG
    
    
    6,239
    
    
    
    6,129
    
    
    
    6,000855707-AB-1
    
    ST AUTO FINL CORP SR NT
    
    
    5,890
    
    
    
    6,041
    
    
    
    6,000035229-CD-3
    
    ANHEUSER BUSCH
    
    
    4,364
    
    
    
    4,324
    
    
    
    4,310438516-AK-2
    
    HONEYWELL INTL INC
    
    
    3,036
    
    
    
    3,015
    
    
    
    3,000615337-AA-0
    
    THE MONY GROUP
    
    
    2,541
    
    
    
    2,528
    
    
    
    2,510Subtotal Corporate Securities
    
    
    34,963
    
    
    
    34,467
    
    
    
    33,820Mortgage-Backed Securities31394N-4U-9
    
    FHLMC MULTICLASS SER 2713
    
    
    15,363
    
    
    
    15,055
    
    
    
    15,00031394P-3P-6
    
    FHLMC MULTICLASS SER 2740
    
    
    14,940
    
    
    
    14,720
    
    
    
    14,67531395L-VJ-7
    
    FHLMC MULTICLASS PREASSIGN 00465
    
    
    14,367
    
    
    
    13,669
    
    
    
    13,58631394K-AD-6
    
    FHLMC MULTICLASS SER 2687
    
    
    12,053
    
    
    
    11,927
    
    
    
    11,88931394K-G6-5
    
    FHLMC MULTICLASS SER 2693
    
    
    10,096
    
    
    
    10,020
    
    
    
    10,00031395K-CV-3
    
    FHLMC MULTICLASS SER 2905
    
    
    10,417
    
    
    
    9,997
    
    
    
    10,00031394M-A2-6
    
    FHLMC MULTICLASS SER 2708
    
    
    6,687
    
    
    
    6,662
    
    
    
    6,65031395K-PG-2
    
    FHLMC MULTICLASS SER 2903
    
    
    6,334
    
    
    
    6,304
    
    
    
    6,33531394W-HE-1
    
    FHLMC MULTICLASS SER 2784
    
    
    4,361
    
    
    
    4,370
    
    
    
    4,37731393T-CP-9
    
    FNMA REMIC TRUST 2003-92
    
    
    3,227
    
    
    
    3,179
    
    
    
    3,20631394G-H7-1
    
    FHLMC REMIC SERIES 2649
    
    
    3,131
    
    
    
    3,108
    
    
    
    3,18731394Y-LZ-5
    
    FHLMC MULTICLASS SER
    
    
    2,626
    
    
    
    2,602
    
    
    
    2,61931393D-DS-7
    
    FNMA REMIC TRUST 2003-58
    
    
    2,095
    
    
    
    2,003
    
    
    
    2,04831394W-HQ-4
    
    FHLMC MULTICLASS SER 2784
    
    
    1,934
    
    
    
    1,877
    
    
    
    1,87431394G-N8-2
    
    FHLMC REMIC SERIES 2659
    
    
    1,833
    
    
    
    1,817
    
    
    
    1,834
 3




---



##### 



Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value
    
    
    Cost (2)
    
    
    Value(in thousands)Mortgage-Backed Securities (continued)31394Y-NA-8
    
    FHLMC MULTICLASS PREASSIGN
    
    
    1,312
    
    
    
    1,259
    
    
    
    1,26631395A-LR-4
    
    FHLMC MULTICLASS SER 2807
    
    
    505
    
    
    
    503
    
    
    
    49931393Y-XE-0
    
    FNMA REMIC SER 2004-45
    
    
    137
    
    
    
    137
    
    
    
    13731362J-E6-8
    
    FNMA ARM #062257
    
    
    56
    
    
    
    56
    
    
    
    5636224V-H5-7
    
    GNMA POOL #339652
    
    
    35
    
    
    
    33
    
    
    
    3136225A-ET-3
    
    GNMA PLATINUM P/T 780146
    
    
    9
    
    
    
    9
    
    
    
    931375A-G3-7
    
    FNMA P/T 328818
    
    
    6
    
    
    
    6
    
    
    
    631368H-US-0
    
    FNMA ARM MEGA POOL  #190593
    
    
    2
    
    
    
    2
    
    
    
    2Subtotal Mortgage-Backed Securities
    
    
    111,526
    
    
    
    109,315
    
    
    
    109,286TOTAL HELD-TO-MATURITY DEBT SECURITIES
    
    $
    384,366
    
    
    $
    368,851
    
    
    $
    359,071
 
 (2)
    
    Held-to-maturity debt securities are carried in the balance sheet at amortized cost. CUSIP
    
    Description
    
    Cost(in thousands)CASH & CASH EQUIVALENTS31846V-41-9
    
    FIRST AMER TREAS OBLIG
    
    
    825665278-70-1
    
    NORTHERN INSTL FDS GOVT SELECT
    
    
    44,491Subtotal Money Market Funds
    
    
    45,316313589-UR-2
    
    FNMA DISCOUNT NOTES
    
    
    14,997313385-UW-4
    
    FHLB DISCOUNT NOTES
    
    
    14,997313385-UY-0
    
    FHLB DISCOUNT NOTES
    
    
    14,997313589-SB-0
    
    FNMA DISCOUNT NOTES
    
    
    14,995313589-SN-4
    
    FNMA DISCOUNT NOTES
    
    
    14,995313385-RJ-7
    
    FHLB DISCOUNT NOTES
    
    
    10,997313397-SP-7
    
    FHLMC DISCOUNT NOTES
    
    
    10,99737056K-AM-2
    
    GENERAL RE CORP
    
    
    10,499313397-UW-9
    
    FHLMC DISCOUNT NOTES
    
    
    9,99293884F-A4-4
    
    WASHINGTON GAS & LIGHT
    
    
    6,775313397-UP-4
    
    FHLMC DISCOUNT NOTES
    
    
    1,000912795-UL-3
    
    US TREASURY BILLS
    
    
    500313385-SN-7
    
    FHLB DISCOUNT NOTES
    
    
    500Subtotal Commercial Paper
    
    
    126,239CERTIFICATE OF DEPOSIT
    
    
    100ZERO BALANCE CASH SWEEP ACCOUNTS
    
    
    507Subtotal Cash and CDs
    
    
    607TOTAL CASH & CASH EQUIVALENTS
    
    $
    172,162
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