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EXHIBIT 99.7
[MICOA LETTERHEAD]
November __, 2000
Dear friend of MICOA:
We are pleased to announce that the board of directors of Mutual
Insurance Corporation Of America has unanimously adopted a plan of conversion
under which we will convert from a mutual insurance company to a stock insurance
company. As part of the conversion process, a new company, American Physicians
Capital, Inc., or APCapital, has been formed. APCapital will own MICOA and MICOA
will change its name to American Physicians Assurance Corporation.
In recognition of your importance to MICOA, we have made arrangements
for you to participate in the conversion. We have enclosed a prospectus,
Question and Answer brochure and stock order form relating to the offering. We
urge you to read carefully all of the materials provided. The enclosed
prospectus describes the offerings and the operations of MICOA and its
subsidiaries. In accordance with our plan of conversion, you may subscribe for
shares of APCapital common stock in our "best efforts" offering, as described in
the prospectus. If you wish to purchase stock, please complete the stock order
form and mail it to ChaseMellon Shareholder Services, L.L.C. in the enclosed
[COLOR] postage-paid envelope marked "STOCK ORDER RETURN". Your order must be
physically received no later than _________ on ___________, 2000. PLEASE READ
THE PROSPECTUS CAREFULLY BEFORE MAKING AN INVESTMENT DECISION.
If you have any questions or would like additional information, please
call our Subscription Information Center at 1-888-634-6307 Monday through Friday
from 9:00 a.m. to 5:30 p.m.
Sincerely,
William B. Cheeseman
President and Chief Executive Officer
THIS LETTER IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY COMMON
STOCK OF AMERICAN PHYSICIANS CAPITAL, INC. SUCH AN OFFER WILL BE MADE ONLY BY
MEANS OF A PROSPECTUS.
