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             Amer Physicians: Announces Stock Buy-Back



             AMERICAN PHYSICIANS SERVICE GROUP, INC.
                     ANNOUNCES STOCK BUY-BACK


AUSTIN, TEXAS, May 3, 2000- American Physicians Service Group, Inc. ("APS")
(NASDAQ: AMPH) today announced its intention to repurchase up to 400,000 of
its own shares. The Company said that the shares would be used to fulfill
certain share exchange agreements with doctors who had been shareholders in
Syntera HealthCare Corporation, a physician practice management company
formed by APS in 1997 and subsequently merged with privately-owned
FemPartners, Inc. of Houston.   The Company said that the share purchases
would begin immediately and extend through 2001, the period during which the
share exchange agreements can be exercised.

APS is a management and financial services firm with subsidiaries and
affiliates which provide: medical malpractice insurance services for
doctors; brokerage, and investment services to institutions and individuals;
lithotripsy services in 34 states; refractive vision surgery; and dedicated
care facilities for Alzheimer's patients.  The Company is headquartered in
Austin, Texas and maintains offices in Dallas and Houston.

This press release, includes forward-looking statements related to the
Company that involve risks and uncertainties that could cause actual results
to differ materially.  These forward-looking statements are made in reliance
on the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995.  For further information about these factors that could affect
the Company's future results, please see the Company's recent filings with
the Securities and Exchange Commission. Prospective investors are cautioned
that forward-looking statements are not guarantees of future performance.
Actual results may differ materially from management expectations.  Copies
of the filings are available upon request from the Company's investor
relations department.

For further information, visit APS’ website at www.amph.com or contact:

Mr. Kenneth Shifrin, Chairman of the Board (or)
Mr. W. H. Hayes, Sr. Vice President - Finance
American Physicians Service Group, Inc.
1301 Capital of Texas Highway, C-300
Austin, Texas  78746
(512) 328-0888


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