PMA Capital Corporation
Operating Cash Flows - Consolidated
(In Thousands)

	1st Quarter 2002			2nd Quarter 2002			3rd Quarter 2002			4th Quarter 2002		1st Quarter 2003
Receipts:
Premiums and other revenues collected	$	225,672		$	307,403		$	274,892		$	272,335	$	282,209
Investment income received		19,959			28,175			19,367			24,706		20,108
Total receipts		245,631			335,578			294,259			297,041		302,317
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		8,834			30,858			39,288			59,147		6,787
Losses and LAE paid - prior year		172,037			196,635			145,222			113,417		210,892
Total losses and LAE paid		180,871			227,493			184,510			172,564		217,679
Insurance operating expenses paid		76,008			83,465			70,963			67,197		86,945
Policyholders' dividends paid		2,159			1,499			3,826			1,868		1,627
Interest on corporate debt		605			258			989			239		2,484
Total disbursements		259,643			312,715			260,288			241,868		308,735
Net other		(7,264	)		(13,692	)		(13,914	)		9,042		(4,358	)
Net operating cash flows	$	(21,276	)	$	9,171		$	20,057		$	64,215	$	(10,776	)

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PMA Capital Corporation
Operating Cash Flows - PMA Re
(In Thousands)

	1st Quarter 2002			2nd Quarter 2002			3rd Quarter 2002			4th Quarter 2002		1st Quarter 2003
Receipts:
Premiums collected	$	85,370		$	178,785		$	151,233		$	144,418	$	162,598
Investment income received		10,125			16,479			8,847			13,740		9,162
Total receipts		95,495			195,264			160,080			158,158		171,760
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		359			6,132			14,813			17,895		865
Losses and LAE paid - prior year		75,008			113,214			73,100			58,008		115,870
Total losses and LAE paid		75,367			119,346			87,913			75,903		116,735
Insurance operating expenses paid		29,622			48,120			46,030			40,788		47,406
Total disbursements		104,989			167,466			133,943			116,691		164,141
Net other		(6,465	)		(16,819	)		(3,017	)		13,613		660
Net operating cash flows	$	(15,959	)	$	10,979		$	23,120		$	55,080	$	8,279

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PMA Capital Corporation
Operating Cash Flows - PMA Insurance Group
(In Thousands)

	1st Quarter 2002			2nd Quarter 2002			3rd Quarter 2002			4th Quarter 2002		1st Quarter 2003
Receipts:
Premiums and other revenues collected	$	113,029		$	100,424		$	128,822		$	129,911	$	120,589
Investment income received		8,871			10,431			9,600			9,859		9,340
Total receipts		121,900			110,855			138,422			139,770		129,929
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		4,629			23,723			20,323			38,742		5,226
Losses and LAE paid - prior year		85,210			63,873			60,234			40,901		83,269
Losses and LAE		89,839			87,596			80,557			79,643		88,495
Insurance operating expenses paid		39,083			28,796			22,970			21,637		37,212
Policyholders' dividends paid		2,159			1,499			3,826			1,868		1,627
Total disbursements		131,081			117,891			107,353			103,148		127,334
Net other		(2,709	)		3,398			(6,244	)		4,338		(5,052	)
Net operating cash flows	$	(11,890	)	$	(3,638	)	$	24,825		$	40,960	$	(2,457	)

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PMA Capital Corporation
Operating Cash Flows - Run-off Operations ¹
(In Thousands)

	1st Quarter 2002			2nd Quarter 2002		3rd Quarter 2002			4th Quarter 2002			1st Quarter 2003
Receipts:
Net premiums collected (paid)	$	27,273		$	28,194	$	(5,163	)	$	(1,994	)	$	(978	)
Investment income received		963			1,265		920			1,107			1,606
Total receipts		28,236			29,459		(4,243	)		(887	)		628
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,846			1,003		4,152			2,510			696
Losses and LAE paid - prior year		11,819			19,548		11,888			14,508			11,753
Total losses and LAE paid		15,665			20,551		16,040			17,018			12,449
Insurance operating expenses paid		7,303			6,549		1,963			4,772			2,327
Total disbursements		22,968			27,100		18,003			21,790			14,776
Net other		(1,862	)		98		(9,407	)		5,784			74
Net operating cash flows	$	3,406		$	2,457	$	(31,653	)	$	(16,893	)	$	(14,074	)

¹ Formerly known as Caliber One.

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