Acap Corp.

Ms. Flood has been the chief operating officer of American Physicians since June 2002, and was appointed executive vice president and chief operating officer of APCapital in May 2005. She was appointed corporate secretary of the Company in August 2004. She joined the Company in October 2001 as vice president of American Physicians, overseeing the Company's medical professional liability operations. Prior to joining the Company, Ms. Flood served as senior vice president, corporate secretary and legal counsel of ProNational Insurance Company, a subsidiary of Professionals Group, Inc., from 1992 to 2000. Ms. Flood was the secretary of Professionals Group from 1996 to 2000. She served as secretary and a director of MEEMIC Holdings, Inc. from 1998 to July 2001. She also served as chief operating officer, secretary and director of MEEMIC Insurance Company, a subsidiary of MEEMIC Holdings, Inc., from 1998 to July 2001.

Frank H. Freund, C.P.A. has been executive vice president, treasurer and chief financial officer of the Company since July 2000. Mr. Freund joined the Company as chief financial officer of American Physicians in September 1997. Mr. Freund's previous employment includes working with the Michigan practice of Deloitte & Touche LLP from October 1994 to September 1997, serving as an audit senior manager in that firm's insurance and health care business assurance services group.

Mr. Dyke is responsible for rate development, reserving, and competitive analysis, as well as securing reinsurance and professional liability coverages. Prior to joining American Physicians in November 2002, he served as vice president and actuary with Meadowbrook Insurance Group. He began his career as a consultant with Coopers & Lybrand and has also served as an actuarial director with CNA HealthPro. Mr. Dyke is a Fellow of the Casualty Actuarial Society (CAS), a member of the American Academy of Actuaries, and holds a Bachelor of Science in Actuarial Mathematics from the University of Michigan.

Ms. Shutack oversees the company's claims operations in all states. She has more than 16 years of experience in medical malpractice, risk management and health care services including working as a Registered Respiratory Therapist and teaching instructor. Prior to joining the company in 2002, she was employed with CNA and MIXX insurance companies. Ms. Shutack has a Bachelor of Science degree from West Chester University of Pennsylvania.

Ms. Lawter heads up the company's risk management department. Prior to joining American Physicians in 2008, she served as Corporate Director of Claims and Litigation Management at St. John Health in Detroit, Michigan. Ms. Lawter is a former trial attorney with more than 11 years of experience handling cases involving medical malpractice, personal injury and general civil litigation. Prior to her law practice, she worked as a registered nurse for eight years in the areas of ER and Oncology. Ms. Lawter has a Bachelor of Science Degree in Nursing from Capital University in Columbus, Ohio, and a law degree from Capital University Law and Graduate Center.

Laura A. Kline has been vice president of marketing of American Physicians since January 2002. Ms. Kline joined the Company in 1987, and has held various sales, marketing and management positions. Ms. Kline has also served as president of APConsulting, LLC, the alternative risk transfer subsidiary of the Company, since November 2001.

Ms. Fossitt is responsible for the company's underwriting operations. She joined the company in early 2002, bringing with her more than 25 years of underwriting and marketing experience. Prior to joining the company, she served as director of underwriting for ProNational Insurance Company. Ms. Fossitt holds a Bachelor of Marketing from Michigan State University.

Joseph D. Stilwell has acted as a private investment manager overseeing the Stilwell Group of funds since 1993. He has been a director of APCapital since November 2004.

Billy B. Baumann, M.D. is a retired pathologist and former chief of staff at North Oakland Medical Centers, in Pontiac, Michigan. He served as president and treasurer of the Michigan State Medical Society and was a member of their board from 1982 to 2002. Dr. Baumann served as a member of the Board of Directors of American Physicians from 1988 to 2002, and has been a director of APCapital since July 2000.

AppaRao Mukkamala, M.D. is a board-certified radiologist and has been in private practice in Flint, Michigan for over 30 years. He was a member of the American Physicians Assurance Corporation, or American Physicians, our principal operating subsidiary, Board of Directors from 1993 to 2002. Since July 2000, he has served as a director of APCapital, and in May 2007 was appointed Chairman of APCapital's Board. He is currently the president of the Michigan State Medical Society and has served on its Board of Directors since 1997.

Larry W. Thomas spent his entire career within Farm Bureau Insurance of Michigan, or Farm Bureau, a group of insurance companies based in Michigan that offer commercial and personal property and casualty insurance, life insurance, annuities and health insurance. Mr. Thomas led Farm Bureau as executive vice president from August 1989 until February 2005. From 1967 until 1987, Mr. Thomas held various accounting positions starting as an accountant and advancing his position during this period. In 1978, he was promoted to life controller and held that position until 1987. In May 1987, he was appointed vice president and corporate controller overseeing the property and casualty and life groups. Mr. Thomas also served on the Board of Directors of the Property Casualty and Life Associations in Michigan and held various officer positions within these organizations from August 1989 until his retirement in February 2005. Mr. Thomas has served as a director of APCapital since April 2006.

Mitchell A. Rinek, M.D. is a board-certified dermatologist and has been in private practice in East Lansing, Michigan since 1977. He has been a director of APCapital since May 2007. He served as a director on the American Physicians Board from April 2001 to September 2005, and is currently a director on the Michigan Advisory Board for American Physicians. He is currently the treasurer of the Michigan State Medical Society and has served on its Board of Directors since 1997.

Spencer L. Schneider, J.D. is engaged in the private practice of law in New York, New York. Opened in 1989, Mr. Schneider's law practice includes corporate law, securities law, litigation and real estate. Mr. Schneider is a member of the Bar of the State of New York. He has been a director of APCapital since February 2002 and served on the American Physicians Board of Directors from February 2002 to June 2004.