<PAGE> 1
EXHIBIT 23.2
[RP FINANCIAL, LC. LETTERHEAD]
July 10, 2000
Board of Directors
American Physicians Capital, Inc.
MICOA Group, Inc.
1301 North Hagadorn Road
East Lansing, Michigan 48823
Members of the Board:
We hereby consent to the use of our firm's name in the Application for
Conversion of the Mutual Insurance Corporation of America, East Lansing,
Michigan, and any amendments thereto, and in the Form S-1 Registration
Statement, and any amendments thereto, for American Physicians Capital, Inc. We
also hereby consent to the inclusion of, summary of and references to our
Appraisal Report and our letter concerning subscription rights in such filings
including the Prospectus of American Physicians Capital, Inc.
Sincerely,
RP FINANCIAL, LC.
/S/ RP FINANCIAL, LC.
