Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
WILLIAMS CHERYL
  2. Issuer Name and Ticker or Trading Symbol
AMERICAN PHYSICIANS SERVICE GROUP INC [AMPH]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
1301 S. CAPITAL OF TEXAS HIGHWAY, C-300
3. Date of Earliest Transaction (Month/Day/Year)
11/30/2010
(Street)

AUSTIN, TX 78746
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (1) 11/30/2010   D   2,412 D $ 32.5 (1) 0 D  
Deferred Stock (2) 11/30/2010   D   6,538 D $ 32.5 (2) 0 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Options $ 11.55 11/30/2010   D     10,000   (3) 12/07/2010 Common Stock 10,000 $ 20.95 (3) 0 D  
Common Stock Options $ 17.36 11/30/2010   D     10,000   (4) 03/23/2012 Common Stock 10,000 $ 15.14 (4) 0 D  
Common Stock Options $ 19.43 11/30/2010   D     5,000   (5) 12/06/2012 Common Stock 5,000 $ 13.07 (5) 0 D  
Common Stock Options $ 20.5 11/30/2010   D     5,000   (6) 09/08/2013 Common Stock 5,000 $ 12 (6) 0 D  
Common Stock Options $ 21.32 11/30/2010   D     5,000   (7) 06/03/2014 Common Stock 5,000 $ 11.18 (7) 0 D  
Common Stock Options $ 24.15 11/30/2010   D     5,000   (8) 06/03/2015 Common Stock 5,000 $ 8.35 (8) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
WILLIAMS CHERYL
1301 S. CAPITAL OF TEXAS HIGHWAY
C-300
AUSTIN, TX 78746
  X      

Signatures

 /s/ Cheryl Williams   11/30/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Disposed and cancelled 2,412 shares of Common Stock (defined below) in connection with the merger (the "Merger") contemplated by that certain Agreement and Plan of Merger (the "Merger Agreement"), dated as of August 31, 2010, by and among ProAssurance Corporation, CA Bridge Corporation, and American Physicians Service Group, Inc. (the "Issuer"). Pursuant to such Merger Agreement, each share of common stock of the Issuer, par value $0.10 per share (the "Common Stock") was converted into the right to receive $32.50 in cash and cancelled.
(2) Disposed and cancelled 6,538 shares of the Issuer's common stock issued under the Issuer's Deferred Compensation Master Plan ("Deferred Stock"). Such Deferred Stock vested immediately prior to the effective time of the Merger pursuant to the Merger Agreement.
(3) This option, which vested over the two-year period following the date of grant, was cancelled in the Merger in exchange for a cash payment of $209,500, representing the difference between the exercise price of the option and the market value of the underlying Common Stock on the effective date of the Merger ($32.50).
(4) This option, which vested over the two-year period following the date of grant, was cancelled in the Merger in exchange for a cash payment of $151,400, representing the difference between the exercise price of the option and the market value of the underlying Common Stock on the effective date of the Merger ($32.50).
(5) This option, which vested over the two-year period following the date of grant, was cancelled in the Merger in exchange for a cash payment of $65,350, representing the difference between the exercise price of the option and the market value of the underlying Common Stock on the effective date of the Merger ($32.50).
(6) This option, which vested over the two-year period following the date of grant, was cancelled in the Merger in exchange for a cash payment of $60,000, representing the difference between the exercise price of the option and the market value of the underlying Common Stock on the effective date of the Merger ($32.50).
(7) This option, which provided for vestingover the two-year period following the date of grant, fully-vested immediately prior to the effective time of the Merger and was cancelled in the Merger in exchange for a cash payment of $55,900, representing the difference between the exercise price of the option and the market value of the underlying Common Stock on the effective date of the Merger ($32.50).
(8) This option, which provided for vesting over the two-year period following the date of grant, vested immediately prior to the effective time of the Merger and was cancelled in the Merger in exchange for a cash payment of $41,750, representing the difference between the exercise price of the option and the market value of the underlying Common Stock on the effective date of the Merger ($32.50).

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