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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):  July 12, 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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              <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'><B><font SIZE=2>ITEM 8.01</font></B><font size=2>&nbsp;&nbsp;</font></p> </td>
          <td width="115" 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>Other Events.</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 July 12, 2007, American Physicians Service Group, Inc. (&#147;APS&#148;) issued a press release announcing that the underwriters of its recent public offering have exercised their over-allotment option to purchase an additional 315,000 shares of common stock at the recent public offering price of $16.50 per share. Raymond James &amp; Associates acted as sole book-running manager for this offering and Morgan Keegan &amp; Company acted as co-manager. A copy of the press release is attached as Exhibit 99.1.</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;'><b><font size=2>Exhibits.</font></b></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>99.1</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. Press Release dated July 12, 2007.</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>
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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 ><font size=2>Date: July 12, 2007</font></p> </td>
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              <p ><font size=2>American Physicians Service Group, Inc.</font></p> </td> </tr>
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              <p ><font size=1>&nbsp;</font></p> </td>
          <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p ><font size=2>Signed: </font><u><font size=2>/s/ William H. Hayes</font></u><font size=2> </font></p> </td> </tr>
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              <p ><font size=1>&nbsp;</font></p> </td>
          <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p ><font size=2>Name: William H. Hayes</font></p> </td> </tr>
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              <p ><font size=1>&nbsp;</font></p> </td>
          <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
              <p ><font size=2>Title:  Senior Vice President - Finance</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>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "cover.htm", "description": "EXERCISE OF OVER-ALLOTMENT OPTION", "secsgml_size_bytes": 13502}]
metadata_filer: {"company-data": {"conformed-name": "AMERICAN PHYSICIANS SERVICE GROUP INC", "cik": "0000724024", "assigned-sic": "6321", "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": "07976185"}, "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):  July 12, 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 8.01
  Other Events.
  On July 12, 2007, American Physicians Service Group, Inc. ("APS") issued a press release announcing that the underwriters of its recent public offering have exercised their over-allotment option to purchase an additional 315,000 shares of common stock at the recent public offering price of $16.50 per share. Raymond James & Associates acted as sole book-running manager for this offering and Morgan Keegan & Company acted as co-manager. A copy of the press release is attached as Exhibit 99.1.
  ITEM 9.01
  Financial Statements and Exhibits
  Exhibits.
  99.1
  American Physicians Service Group, Inc. Press Release dated July 12, 2007.
  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: July 12, 2007
  American Physicians Service Group, Inc.
  Signed:
  /s/ William H. Hayes
  Name: William H. Hayes
  Title:  Senior Vice President - Finance