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  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:double 2.25pt;padding-top:1;'>&nbsp;</p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNITED STATES</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>WASHINGTON, DC 20549</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>____________________</font></b></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>FORM 8-K</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 13 OR 15(d) OF</font></b></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>THE SECURITIES EXCHANGE ACT OF 1934</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of Earliest Event Reported):  April 1, 2007 </font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=4>AMERICAN PHYSICIANS SERVICE GROUP, INC.</font></b></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in its Charter)</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  
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              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>TEXAS</font></B></p> </td>
          <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>0-11453</font></b></p> </td>
          <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>75-1458323</font></b></p> </td> </tr>
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          <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or Other Jurisdiction</font></p> </td>
          <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission</font></p> </td>
          <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(IRS Employer</font></p> </td> </tr>
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              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>of Incorporation)</font></p> </td>
          <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>File Number)</font></p> </td>
          <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Identification No.)</font></p> </td> </tr></table>
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  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1301 CAPITAL OF TEXAS HIGHWAY</font></b></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SUITE C-300</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AUSTIN, TEXAS 78746</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of Principal Executive Offices, Zip Code)</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(512) 328-0888</font></b></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Registrant&#146;s Telephone Number, Including Area Code)</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face=Wingdings>o</font><font size=2>  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font>  </p> </td>
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
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  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face=Wingdings>o</font><font size=2>   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face=Wingdings>o</font><font size=2>   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-bottom:double 2.25pt;padding-bottom:1;'><font size=2>&nbsp;</font></p>
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Item 2.01&nbsp;&nbsp;</font></p> </td>
          <td width="369" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Completion of Acquisition or Disposition of Assets.</font></b></p> </td> </tr></table>
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  <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>On April 1, 2007, American Physicians Service Group, Inc. (&#147;APS&#148;) completed the acquisition of American Physicians Insurance Exchange (&#147;APIE&#148;).  The issuance of APS common and preferred shares for the acquisition was previously approved by the shareholders of APS at a special meeting of shareholders held March 22, 2007.  APIE policyholders also approved the acquisition on March 22, 2007.</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.57in;text-align:left;'><font size=2>The companies announced the transaction on June 5, 2006.  The purchase price was $39 million, comprised of approximately 2.0 million shares of APS common stock issued to the policyholders of APIE and the conversion of approximately $10.4 million of APIE obligations into mandatorily redeemable APS preferred stock.  The preferred stock has a 3% annual dividend and must be redeemed at the rate of not less than $1&nbsp;million per year until December&nbsp;31,&nbsp;2016 at which time it must have been fully redeemed.</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.57in;text-align:left;'><font size=2>The terms of the merger are described in the Joint Proxy Statement/Prospectus of APS and APIE included in Amendment No. 4 to the Registration Statement on Form S&#150;4/A (Registration No.: 333&#150;137012) filed by APS with the Securities and Exchange Commission on January 26, 2007 and incorporated herein by reference.</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 9.01</font></B></p> </td>
          <td  valign=top style='padding:0in 0in 12.0pt 0in'>
              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements and Exhibits</font></b></p> </td> </tr></table>
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  <p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>(a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Financial Statements of Businesses Acquired.</font></b><font size=2>  To be filed by amendment within 71 calendar days after the date that the initial report on Form 8-K must be filed.</font></p>
  
  <p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>Pro Forma Financial Information.</font></b><font size=2>  To be filed by amendment within 71 calendar days after the date that the initial report on Form 8-K must be filed.</font></p>
  
  
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
          <td width="81" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exhibits.</font></b></p> </td> </tr></table>
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  <p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1.25in; text-indent:-0.75in;text-align:left;'><font size=2>To be filed by amendment.</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.56in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  
  
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date: April 4, 2007</font></p> </td>
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              <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>American Physicians Service Group, Inc.</font></p> </td> </tr></table>
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  <p style=' margin-bottom:18pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>Signed: </font><u><font size=2>/s/ William H. Hayes</font></u><font size=2> </font></p>
  
  <p style=' margin-bottom:18pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>Name: William H. Hayes</font></p>
  
  <p style=' margin-bottom:18pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>Title:  Senior Vice President - Finance</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>
  
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "compacq.htm", "description": "COMPLETION OF ACQUISITION", "secsgml_size_bytes": 15758}]
metadata_filer: {"company-data": {"conformed-name": "AMERICAN PHYSICIANS SERVICE GROUP INC", "cik": "0000724024", "assigned-sic": "8741", "irs-number": "751458323", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31434", "film-number": "07747220"}, "business-address": {"street1": "1301 CAPITAL OF TEXAS HWY", "street2": "C-300", "city": "AUSTIN", "state": "TX", "zip": "78746", "phone": "5123280888"}, "mail-address": {"street1": "1301 CAPITAL OF TEXAS HIGHWAY", "city": "AUTIN", "state": "TX", "zip": "78746"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, DC 20549
  ____________________
  FORM 8-K
  CURRENT REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF
  THE SECURITIES EXCHANGE ACT OF 1934
  Date of Report (Date of Earliest Event Reported):  April 1, 2007
  AMERICAN PHYSICIANS SERVICE GROUP, INC.
  (Exact Name of Registrant as Specified in its Charter)
  TEXAS
  0-11453
  75-1458323
  (State or Other Jurisdiction
  (Commission
  (IRS Employer
  of Incorporation)
  File Number)
  Identification No.)
  1301 CAPITAL OF TEXAS HIGHWAY
  SUITE C-300
  AUSTIN, TEXAS 78746
  (Address of Principal Executive Offices, Zip Code)
  (512) 328-0888
  (Registrant's Telephone Number, Including Area Code)
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
  o
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Item 2.01
  Completion of Acquisition or Disposition of Assets.
  On April 1, 2007, American Physicians Service Group, Inc. ("APS") completed the acquisition of American Physicians Insurance Exchange ("APIE").  The issuance of APS common and preferred shares for the acquisition was previously approved by the shareholders of APS at a special meeting of shareholders held March 22, 2007.  APIE policyholders also approved the acquisition on March 22, 2007.
  The companies announced the transaction on June 5, 2006.  The purchase price was $39 million, comprised of approximately 2.0 million shares of APS common stock issued to the policyholders of APIE and the conversion of approximately $10.4 million of APIE obligations into mandatorily redeemable APS preferred stock.  The preferred stock has a 3% annual dividend and must be redeemed at the rate of not less than $1 million per year until December 31, 2016 at which time it must have been fully redeemed.
  The terms of the merger are described in the Joint Proxy Statement/Prospectus of APS and APIE included in Amendment No. 4 to the Registration Statement on Form S–4/A (Registration No.: 333–137012) filed by APS with the Securities and Exchange Commission on January 26, 2007 and incorporated herein by reference.
  ITEM 9.01
  Financial Statements and Exhibits
  (a)
  Financial Statements of Businesses Acquired.
  To be filed by amendment within 71 calendar days after the date that the initial report on Form 8-K must be filed.
  (b)
  Pro Forma Financial Information.
  To be filed by amendment within 71 calendar days after the date that the initial report on Form 8-K must be filed.
  (c)
  Not applicable.
  (d)
  Exhibits.
  To be filed by amendment.
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  Date: April 4, 2007
  American Physicians Service Group, Inc.
  Signed:
  /s/ William H. Hayes
  Name: William H. Hayes
  Title:  Senior Vice President - Finance