Exhibit 99.2

PMA Capital Corporation
Statistical Supplement
Fourth Quarter - 2004

Table of Contents
	Page
*Consolidated Highlights:*
Selected Financial Data - Fourth Quarter			1
Selected Financial Data - Full Year			2
Consolidated Statements of Operations - Per Share Data			3
Consolidated Statements of Operations - Fourth Quarter			5
Consolidated Statements of Operations - Full Year			6
Consolidated Balance Sheets			7
Invested Assets and Net Investment Income; Debt			8
Balance Sheet Impact of Commutations & Novations - Run-off Operations			9

*Segment Information:*
Statements of Operations - Consolidating - Full Year	11	-	12
Statements of Operations - Consolidating - Fourth Quarter	13	-	14
Statements of Operations - PMA Insurance Group			15
Insurance Ratios - PMA Insurance Group			16
Statements of Operations - Run-off Operations			17
Statements of Operations - Corporate & Other			18

*Operating Cash Flow Information:*
Operating Cash Flows - Consolidated			19
Operating Cash Flows - PMA Insurance Group			20
Operating Cash Flows - Run-off Operations			21

*Statutory Financial Information:*
Statutory Surplus; Statutory Financial Information - PMA Pool			22

*Other Information:*
Industry Ratings and Market Information			23

*Legend:*
NM - Not Meaningful
NA - Not Applicable


Note: Operating income (loss), which we define as GAAP net income (loss) excluding net realized investment gains
and losses, is the financial performance measure used by our management and Board of Directors to evaluate and
assess the results of our business segments. Accordingly, we report operating income (loss) by segment in the disclosures
required under SFAS No. 131, "Disclosures About Segments of an Enterprise and Related Information." Our
management and Board of Directors use operating income (loss) as the measure of financial performance for our
business segments because (i) net realized investment gains and losses are unpredictable and not necessarily
indicative of current operating fundamentals or future performance of the business segments and (ii) in many instances,
decisions to buy and sell securities are made at the holding company level, and such decisions result in net realized gains
and losses that do not relate to the operations of the individual segments. Operating income (loss) does not replace net
income (loss) as the GAAP measure of our consolidated results of operations. See pages 1 and 2 for reconciliations of
operating results by segment to GAAP net income (loss).

PMA Capital Corporation
Selected Financial Data
(Dollar Amounts in Thousands, Except Per Share Data)

	4th			1st			2nd			3rd			4th			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			4th
	2003			2004			2004			2004			2004			Quarter

Net Premiums Written by Segment:
PMA Insurance Group	$	140,784		$	135,286		$	81,962		$	97,637		$	62,910			-55.3	%
Run-off Operations ¹		124,853			23,362			(78,864	)		(13,884	)		(5,974	)		NM
Corporate & Other		(180	)		(150	)		(225	)		(186	)		(264	)		-46.7	%
Net premiums written	$	265,457		$	158,498		$	2,873		$	83,567		$	56,672			-78.7	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	(982	)	$	6,559		$	2,809		$	3,537		$	261			NM
Run-off Operations¹		11,706			8,946			624			(2,115	)		(1,946	)		NM
Corporate & Other		(6,288	)		(5,312	)		(5,506	)		(4,982	)		(5,423	)		13.8	%
Pre-tax operating income (loss)		4,436			10,193			(2,073	)		(3,560	)		(7,108	)		NM
Net realized investment gains (losses)		3,582			8,600			2,248			3,515			(7,870	)		NM
Pre-tax income (loss)		8,018			18,793			175			(45	)		(14,978	)		NM
Income tax expense (benefit)		28,050			6,640			111			29			(4,665	)		NM
Net income (loss)	$	(20,032	)	$	12,153		$	64		$	(74	)	$	(10,313	)		48.5	%
After-tax operating income (loss)	$	(22,360	)	$	6,563		$	(1,397	)	$	(2,359	)	$	(5,198	)		76.8	%

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.64	)	$	0.35		$	-		$	-		$	(0.33	)		48.4	%
Less the impact of:
Realized gains (losses) after tax		0.07			0.15			0.04			0.08			(0.16	)		NM
After-tax operating income (loss)	$	(0.71	)	$	0.20		$	(0.04	)	$	(0.08	)	$	(0.17	)		76.1	%

Capitalization:
Debt	$	187,566		$	187,566		$	187,566		$	187,566		$	214,467			14.3	%
Shareholders' equity excluding FAS 115 unrealized gain		432,284			445,273			443,634			442,797			431,828			-0.1	%
Total capitalization excluding FAS 115 unrealized gain		619,850			632,839			631,200			630,363			646,295			4.3	%
FAS 115 unrealized gain		31,383			40,818			29			15,350			13,623			-56.6	%
Total capitalization including FAS 115 unrealized gain	$	651,233		$	673,657		$	631,229		$	645,713		$	659,918			1.3	%

Book Value Per Share:
Excluding FAS 115 unrealized gain	$	13.80		$	14.21		$	14.00		$	13.98		$	13.63			-1.2	%
Including FAS 115 unrealized gain	$	14.80		$	15.51		$	14.00		$	14.46		$	14.06			-5.0	%

Debt to Total Capital:
Excluding FAS 115 unrealized gain		30.2	%		29.6	%		29.7	%		29.8	%		33.2	%		9.9	%
Including FAS 115 unrealized gain		28.8	%		27.8	%		29.7	%		29.0	%		32.5	%		12.8	%

Interest Coverage:
Income before interest and income taxes
to interest expense		NM			7.39			1.06			0.98			NM			NM

Operating income before interest and income taxes
to interest expense		NM			4.47			0.30			NM			NM			NM

1 In November 2003 we announced our decision to withdraw from the reinsurance business previously served by our PMA Re operating segment. As a result of this decision, the results of PMA Re are reported as Run-off Operations. Run-off Operations also includes the results of our former excess and surplus lines segment, Caliber One.

PMA Capital Corporation
Selected Financial Data
(Dollar Amounts in Thousands, Except Per Share Data)

	Twelve			Twelve			% Change
	Months			Months			Twelve
	2004			2003			Months

Net Premiums Written by Segment:
PMA Insurance Group	$	377,795		$	603,593			-37.4	%
Run-off Operations¹		(75,360	)		589,449			NM
Corporate & Other		(825	)		(788	)		-4.7	%
Net premiums written	$	301,610		$	1,192,254			-74.7	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	13,166		$	21,541			-38.9	%
Run-off Operations ¹		5,509			(80,376	)		NM
Corporate & Other		(21,223	)		(22,691	)		6.5	%
Pre-tax operating loss		(2,548	)		(81,526	)		96.9	%
Net realized investment gains		6,493			13,780			-52.9	%
Pre-tax income (loss)		3,945			(67,746	)		NM
Income tax expense		2,115			25,823			-91.8	%
Net income (loss)	$	1,830		$	(93,569	)		NM
After-tax operating loss	$	(2,391	)	$	(102,526	)		97.7	%

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	0.06		$	(2.99	)		NM
Less the impact of:
Realized gains after tax		0.14			0.28			-50.0	%
After-tax operating loss	$	(0.08	)	$	(3.27	)		97.6	%

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

	4th			1st		2nd			3rd			4th			Twelve			Twelve
	Quarter			Quarter		Quarter			Quarter			Quarter			Months			Months
	2003			2004		2004			2004			2004			2004			2003

Diluted Earnings (Loss) Per Share:

Net income (loss)	$	(0.64	)	$	0.35	$	-		$	-		$	(0.33	)	$	0.06		$	(2.99	)

Pre-tax operating income (loss)	$	0.14		$	0.30	$	(0.07	)	$	(0.11	)	$	(0.23	)	$	(0.08	)	$	(2.60	)

After-tax operating income (loss)	$	(0.71	)	$	0.20	$	(0.04	)	$	(0.08	)	$	(0.17	)	$	(0.08	)	$	(3.27	)

Diluted weighted average common
shares outstanding		31,333,881			36,644,561		31,741,827			31,350,825			31,350,825			31,729,061			31,330,183


Dividends declared:
Class A Common stock	$	-		$	-	$	-		$	-		$	-		$	-		$	0.315

Actual common shares issued
and outstanding		31,334,403			31,334,403		31,692,351			31,681,751			31,676,851			31,676,851			31,334,403


Class A Common Stock prices:
High	$	14.25		$	7.08	$	9.13		$	9.16		$	10.85		$	10.85		$	15.00
Low	$	3.88		$	4.70	$	6.01		$	5.70		$	6.74		$	4.70		$	3.88
Close	$	5.12		$	6.07	$	9.00		$	7.55		$	10.35		$	10.35		$	5.12

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	4th			1st		2nd			3rd			4th			% Change
	Quarter			Quarter		Quarter			Quarter			Quarter			4th
	2003			2004		2004			2004			2004			Quarter

Gross Premiums Written	$	295,671		$	157,860	$	24,449		$	100,013		$	69,940			-76.3	%

Net Premiums Written	$	265,457		$	158,498	$	2,873		$	83,567		$	56,672			-78.7	%

Revenues:
Net premiums earned	$	344,991		$	206,269	$	118,348		$	104,210		$	89,758			-74.0	%
Net investment income		16,331			16,758		14,807			13,238			12,142			-25.7	%
Net realized investment gains (losses)		3,582			8,600		2,248			3,515			(7,870	)		NM
Other revenues		4,466			5,738		4,680			4,505			11,018			146.7	%
Total revenues		369,370			237,365		140,083			125,468			105,048			-71.6	%

Expenses:
Losses and loss adjustment expenses		266,899			142,190		87,471			80,706			70,189			-73.7	%
Acquisition expenses		64,790			47,235		24,968			24,087			18,935			-70.8	%
Operating expenses		32,251			24,779		23,563			16,942			19,628			-39.1	%
Dividends to policyholders		(5,539	)		1,429		946			805			1,819			NM
Interest expense		2,951			2,939		2,960			2,973			3,482			18.0	%
Loss on debt exchange		-			-		-			-			5,973			NM
Total losses and expenses		361,352			218,572		139,908			125,513			120,026			-66.8	%

Pre-tax income (loss)		8,018			18,793		175			(45	)		(14,978	)		NM

Income tax expense (benefit):
Current		-			325		64			(117	)		(272	)		NM
Deferred		28,050			6,315		47			146			(4,393	)		NM

Total income tax expense (benefit)		28,050			6,640		111			29			(4,665	)		NM

Net income (loss)	$	(20,032	)	$	12,153	$	64		$	(74	)	$	(10,313	)		48.5	%

Pre-tax operating income (loss)	$	4,436		$	10,193	$	(2,073	)	$	(3,560	)	$	(7,108	)		NM

After-tax operating income (loss)	$	(22,360	)	$	6,563	$	(1,397	)	$	(2,359	)	$	(5,198	)		76.8	%

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	Twelve			Twelve			% Change
	Months			Months			Twelve
	2004			2003			Months

Gross Premiums Written	$	352,262		$	1,429,644			-75.4	%

Net Premiums Written	$	301,610		$	1,192,254			-74.7	%

Revenues:
Net premiums earned	$	518,585		$	1,198,165			-56.7	%
Net investment income		56,945			68,923			-17.4	%
Net realized investment gains		6,493			13,780			-52.9	%
Other revenues		25,941			20,379			27.3	%
Total revenues		607,964			1,301,247			-53.3	%

Expenses:
Losses and loss adjustment expenses		380,556			998,347			-61.9	%
Acquisition expenses		115,225			256,446			-55.1	%
Operating expenses		84,912			103,672			-18.1	%
Dividends to policyholders		4,999			641			NM
Interest expense		12,354			9,887			25.0	%
Loss on debt exchange		5,973			-			NM
Total losses and expenses		604,019			1,368,993			-55.9	%

Pre-tax income (loss)		3,945			(67,746	)		NM

Income tax expense:
Current		-			-			NM
Deferred		2,115			25,823			-91.8	%

Total income tax expense		2,115			25,823			-91.8	%

Net income (loss)	$	1,830		$	(93,569	)		NM

Pre-tax operating loss	$	(2,548	)	$	(81,526	)		96.9	%

After-tax operating loss	$	(2,391	)	$	(102,526	)		97.7	%

PMA Capital Corporation
Consolidated Balance Sheets
(In Thousands)

	4th			1st			2nd			3rd			4th
	Quarter			Quarter			Quarter			Quarter			Quarter
	2003			2004			2004			2004			2004

Assets:
Investments in fixed maturities available for sale	$	1,854,555		$	1,825,076		$	1,469,027		$	1,381,788		$	1,304,086
Short-term investments		151,332			98,385			88,664			98,761			123,746
Short-term investments, loaned securities collateral		6,300			112,689			129,999			96,606			-
Cash		28,963			22,311			66,100			48,046			35,537
Total investments and cash		2,041,150			2,058,461			1,753,790			1,625,201			1,463,369

Accrued investment income		20,870			22,820			17,913			16,407			15,517
Premiums receivable		364,125			316,771			249,112			219,111			197,831
Reinsurance receivables		1,220,320			1,145,314			1,210,765			1,170,004			1,142,552
Deferred income taxes		76,962			65,114			88,250			80,541			86,501
Deferred acquisition costs		83,975			71,631			41,321			37,800			31,426
Funds held by reinsureds		124,695			119,640			107,804			134,978			142,064
Other assets		255,861			231,600			248,578			219,536			174,725
Total assets	$	4,187,958		$	4,031,351		$	3,717,533		$	3,503,578		$	3,253,985

Liabilities:
Unpaid losses and loss adjustment expenses	$	2,541,318		$	2,438,509		$	2,292,281		$	2,179,900		$	2,111,598
Unearned premiums		403,708			332,391			216,155			193,221			158,489
Debt		187,566			187,566			187,566			187,566			214,467
Accounts payable, accrued expenses
and other liabilities		314,830			282,422			277,457			254,467			196,744
Funds held under reinsurance treaties		262,105			183,406			162,293			127,239			121,234
Dividends to policyholders		8,479			8,292			8,121			6,424			5,977
Payable under securities loan agreements		6,285			112,674			129,997			96,614			25
Total liabilities		3,724,291			3,545,260			3,273,870			3,045,431			2,808,534

Shareholders' Equity:
Class A Common stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		109,331			109,331			109,331			109,331			109,331
Retained earnings		216,115			228,268			223,442			223,519			213,313
Accumulated other comprehensive income (loss)		19,622			29,894			(13,160	)		885			(1,959	)
Notes receivable from officers		(65	)		(66	)		(59	)		-			-
Treasury stock, at cost		(52,426	)		(52,426	)		(45,261	)		(45,474	)		(45,573	)
Unearned restricted stock compensation		-			-			(1,720	)		(1,204	)		(751	)
Total shareholders' equity		463,667			486,091			443,663			458,147			445,451
Total liabilities and shareholders' equity	$	4,187,958		$	4,031,351		$	3,717,533		$	3,503,578		$	3,253,985

PMA Capital Corporation
Invested Assets and Net Investment Income
(Dollars in Thousands)

	4th			1st			2nd			3rd			4th			Twelve			Twelve
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2003			2004			2004			2004			2004			2004			2003

Total Investments & Cash
As reported	$	2,041,150		$	2,058,461		$	1,753,790		$	1,625,201		$	1,463,369		$	1,463,369		$	2,041,150
Less:
Securities lending activity		6,285			112,674			129,997			96,614			25			25			6,285
Unrealized gain		48,282			62,797			45			23,615			20,958			20,958			48,282
Total adjusted investments & cash	$	1,986,583		$	1,882,990		$	1,623,748		$	1,504,972		$	1,442,386		$	1,442,386		$	1,986,583

Net Investment Income
As reported	$	16,331		$	16,758		$	14,807		$	13,238		$	12,142		$	56,945		$	68,923
Funds held:
Assumed		(296	)		(13	)		109			73			846			1,015			3,996
Ceded		(3,427	)		(2,222	)		(3,962	)		(2,140	)		(1,394	)		(9,718	)		(14,404	)
Total funds held		(3,723	)		(2,235	)		(3,853	)		(2,067	)		(548	)		(8,703	)		(10,408	)

Total adjusted investment income	$	20,054		$	18,993		$	18,660		$	15,305		$	12,690		$	65,648		$	79,331

Yield
As reported		3.12	%		3.27	%		3.11	%		3.13	%		3.15	%		3.18	%		3.37	%
Investment portfolio		4.05	%		3.93	%		4.10	%		3.91	%		3.44	%		3.89	%		4.16	%

Duration (in years)		3.9			3.7			3.4			3.6			3.6			3.6			3.9

PMA Capital Corporation
Debt
(Dollars in Thousands)


	Amount
	Outstanding		Maturity
6.50% convertible debt¹	$	99,140		2022²
Derivative component of 6.50% convertible debt		13,086
4.25% convertible debt¹		925		2022³
8.50% senior notes		57,500		2018
Trust preferred debt⁴		43,816		2033
Total long-term debt	$	214,467

¹ This debt may be converted at any time, at the holder's option, at a current price of $16.368 per share.

² Holders of the 6.50% convertible debt, at their option, may require us to repurchase all or a portion of their debentures on June 30, 2009 at 114% of the principal amount.

³ Holders of the 4.25% convertible debt, at their option, may require us to repurchase all or a portion of their debentures on September 30, 2006, 2008, 2010, 2012 and 2017.

⁴ Weighted average interest rate on trust preferred debt is 6.51% as of December 31, 2004.

	PMA Capital Corporation
	Balance Sheet Impact of Commutations & Novations - Run-off Operations¹
	(Dollars in Thousands)


			4th Quarter 2004
Assets			Assumed			Ceded			Total
Funds held by reinsureds		$	6,672		$	-		$	6,672
Other assets			(49,180	)		-			(49,180	)

Liabilities
Other liabilities		$	(69,648	)	$	-		$	(69,648	)

			Twelve Months 2004
Assets			Assumed			Ceded			Total
Reinsurance receivables		$	-		$	(63,662	)	$	(63,662	)
Funds held by reinsureds			(31,330	)		-			(31,330	)
Other assets			(48,367	)		(22,170	)		(70,537	)

Liabilities
Unpaid loss and loss adjustment expenses		$	(202,246	)	$	-		$	(202,246	)
Unearned premiums			(30,015	)		-			(30,015	)
Funds held under reinsurance treaties			(6,514	)		(75,174	)		(81,688	)
Other liabilities			(71,056	)		-			(71,056	)

PMA Capital Corporation
Statements of Operations - Consolidating
Year Ended December 31, 2004
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations²			Consolidated

Gross Premiums Written	$	423,054	$	(825	)	$	(69,967	)	$	352,262

Net Premiums Written	$	377,795	$	(825	)	$	(75,360	)	$	301,610

Revenues:
Net premiums earned	$	442,343	$	(825	)	$	77,067		$	518,585
Net investment income		30,984		1,306			24,655			56,945
Other revenues		19,008		6,933			-			25,941
Operating revenues		492,335		7,414			101,722			601,471

Losses and Expenses:
Losses and loss adjustment expenses		331,181		-			49,375			380,556
Acquisition expenses		86,078		-			29,147			115,225
Operating expenses		56,911		10,310			17,691			84,912
Dividends to policyholders		4,999		-			-			4,999
Total losses and expenses		479,169		10,310			96,213			585,692

Operating income (loss) before income taxes,
interest expense, and loss on debt exchange		13,166		(2,896	)		5,509			15,779

Interest expense		-		12,354			-			12,354

Loss on debt exchange		-		5,973			-			5,973

Pre-tax operating income (loss)	$	13,166	$	(21,223	)	$	5,509			(2,548	)

Net realized investment gains										6,493

Pre-tax income									$	3,945

¹ Corporate & Other includes the effect of eliminating transactions between the Insurance Operations.

² In November 2003 we announced our decision to withdraw from the reinsurance business previously served by our PMA Re

operating segment. As a result of this decision, the results of PMA Re are reported as Run-off Operations. Run-off

Operations also includes the results of our former excess and surplus lines segment, Caliber One.

PMA Capital Corporation
Statements of Operations - Consolidating
Year Ended December 31, 2003
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations²			Consolidated

Gross Premiums Written	$	678,434	$	(788	)	$	751,998		$	1,429,644

Net Premiums Written	$	603,593	$	(788	)	$	589,449		$	1,192,254

Revenues:
Net premiums earned	$	570,032	$	(788	)	$	628,921		$	1,198,165
Net investment income		32,907		1,654			34,362			68,923
Other revenues		17,493		386			2,500			20,379
Operating revenues		620,432		1,252			665,783			1,287,467

Losses and Expenses:
Losses and loss adjustment expenses		442,502		-			555,845			998,347
Acquisition expenses		90,575		-			165,871			256,446
Operating expenses		65,173		14,056			24,443			103,672
Dividends to policyholders		641		-			-			641
Total losses and expenses		598,891		14,056			746,159			1,359,106

Operating income (loss) before income taxes
and interest expense		21,541		(12,804	)		(80,376	)		(71,639	)

Interest expense		-		9,887			-			9,887

Pre-tax operating income (loss)	$	21,541	$	(22,691	)	$	(80,376	)		(81,526	)

Net realized investment gains										13,780

Pre-tax loss									$	(67,746	)

¹ Corporate & Other includes the effect of eliminating transactions between the Insurance Operations.

² In November 2003 we announced our decision to withdraw from the reinsurance business previously served by our PMA Re

operating segment. As a result of this decision, the results of PMA Re are reported as Run-off Operations. Run-off

Operations also includes the results of our former excess and surplus lines segment, Caliber One.

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended December 31, 2004
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations²			Consolidated

Gross Premiums Written	$	72,380	$	(264	)	$	(2,176	)	$	69,940
.
Net Premiums Written	$	62,910	$	(264	)	$	(5,974	)	$	56,672

Revenues:
Net premiums earned	$	89,373	$	(264	)	$	649		$	89,758
Net investment income		6,509		418			5,215			12,142
Other revenues		4,404		6,614			-			11,018
Operating revenues		100,286		6,768			5,864			112,918

Losses and Expenses:
Losses and loss adjustment expenses		66,284		-			3,905			70,189
Acquisition expenses		18,550		-			385			18,935
Operating expenses		13,372		2,736			3,520			19,628
Dividends to policyholders		1,819		-			-			1,819
Total losses and expenses		100,025		2,736			7,810			110,571

Operating income (loss) before income taxes,
interest expense, and loss on debt exchange		261		4,032			(1,946	)		2,347

Interest expense		-		3,482			-			3,482

Loss on debt exchange		-		5,973			-			5,973

Pre-tax operating income (loss)	$	261	$	(5,423	)	$	(1,946	)		(7,108	)

Net realized investment losses										(7,870	)

Pre-tax loss									$	(14,978	)

¹ Corporate & Other includes the effect of eliminating transactions between the Insurance Operations.

² In November 2003 we announced our decision to withdraw from the reinsurance business previously served by our PMA Re

operating segment. As a result of this decision, the results of PMA Re are reported as Run-off Operations. Run-off

Operations also includes the results of our former excess and surplus lines segment, Caliber One.

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended December 31, 2003
(In Thousands)

	PMA
	Insurance			Corporate			Run-off
	Group			& Other¹			Operations²		Consolidated

Gross Premiums Written	$	161,487		$	(180	)	$	134,364	$	295,671

Net Premiums Written	$	140,784		$	(180	)	$	124,853	$	265,457

Revenues:
Net premiums earned	$	177,474		$	(180	)	$	167,697	$	344,991
Net investment income		8,299			48			7,984		16,331
Other revenues		4,407			59			-		4,466
Operating revenues		190,180			(73	)		175,681		365,788

Losses and Expenses:
Losses and loss adjustment expenses		154,069			-			112,830		266,899
Acquisition expenses		24,354			-			40,436		64,790
Operating expenses		18,278			3,264			10,709		32,251
Dividends to policyholders		(5,539	)		-			-		(5,539	)
Total losses and expenses		191,162			3,264			163,975		358,401

Operating income (loss) before income taxes
and interest expense		(982	)		(3,337	)		11,706		7,387

Interest expense		-			2,951			-		2,951

Pre-tax operating income (loss)	$	(982	)	$	(6,288	)	$	11,706		4,436

Net realized investment gains										3,582

Pre-tax income									$	8,018

¹ Corporate & Other includes the effect of eliminating transactions between the Insurance Operations.

² In November 2003 we announced our decision to withdraw from the reinsurance business previously served by our PMA Re

operating segment. As a result of this decision, the results of PMA Re are reported as Run-off Operations. Run-off

Operations also includes the results of our former excess and surplus lines segment, Caliber One.

PMA Capital Corporation
Statements of Operations - PMA Insurance Group
(Dollar Amounts in Thousands)

	4th			1st		2nd		3rd		4th		Twelve		Twelve		% Change			% Change
	Quarter			Quarter		Quarter		Quarter		Quarter		Months		Months		4th			Twelve
	2003			2004		2004		2004		2004		2004		2003		Quarter			Months

Gross Premiums Written	$	161,487		$	146,486	$	94,400	$	109,788	$	72,380	$	423,054	$	678,434		-55.2	%		-37.6	%

Net Premiums Written	$	140,784		$	135,286	$	81,962	$	97,637	$	62,910	$	377,795	$	603,593		-55.3	%		-37.4	%

Revenues:
Net premiums earned	$	177,474		$	131,650	$	118,288	$	103,032	$	89,373	$	442,343	$	570,032		-49.6	%		-22.4	%
Net investment income		8,299			8,028		8,364		8,083		6,509		30,984		32,907		-21.6	%		-5.8	%
Other revenues		4,407			5,735		4,389		4,480		4,404		19,008		17,493		-0.1	%		8.7	%
Total revenues		190,180			145,413		131,041		115,595		100,286		492,335		620,432		-47.3	%		-20.6	%

Losses and Expenses:
Losses and loss adjustment expenses		154,069			98,831		88,072		77,994		66,284		331,181		442,502		-57.0	%		-25.2	%
Acquisition expenses		24,354			23,032		22,620		21,876		18,550		86,078		90,575		-23.8	%		-5.0	%
Operating expenses		18,278			15,562		16,594		11,383		13,372		56,911		65,173		-26.8	%		-12.7	%
Dividends to policyholders		(5,539	)		1,429		946		805		1,819		4,999		641		NM			NM
Total losses and expenses		191,162			138,854		128,232		112,058		100,025		479,169		598,891		-47.7	%		-20.0	%

Pre-tax operating income (loss)	$	(982	)	$	6,559	$	2,809	$	3,537	$	261	$	13,166		21,541		NM			-38.9	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

	4th			1st			2nd			3rd			4th			Twelve			Twelve			Point Chg.			Point Chg.
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months			4th Quarter			Twelve Months
	2003			2004			2004			2004			2004			2004			2003			Better (Worse)			Better (Worse)

Ratios - GAAP Basis:


Loss and LAE ratio		86.8	%		75.1	%		74.5	%		75.7	%		74.2	%		74.9	%		77.6	%		12.6			2.7

Expense ratio:
Acquisition expenses		13.7	%		17.5	%		19.1	%		21.2	%		20.8	%		19.5	%		15.9	%		(7.1	)		(3.6	)
Operating expenses¹		8.2	%		9.2	%		11.2	%		7.8	%		11.5	%		9.9	%		9.2	%		(3.3	)		(0.7	)
Total expense ratio		21.9	%		26.7	%		30.3	%		29.0	%		32.3	%		29.4	%		25.1	%		(10.4	)		(4.3	)

Policyholders' dividend ratio		-3.1	%		1.1	%		0.8	%		0.8	%		2.0	%		1.1	%		0.1	%		(5.1	)		(1.0	)
Combined ratio		105.6	%		102.9	%		105.6	%		105.5	%		108.5	%		105.4	%		102.8	%		(2.9	)		(2.6	)

Net investment income ratio		-4.7	%		-6.1	%		-7.1	%		-7.8	%		-7.3	%		-7.0	%		-5.8	%		2.6			1.2
Operating ratio		100.9	%		96.8	%		98.5	%		97.7	%		101.2	%		98.4	%		97.0	%		(0.3	)		(1.4	)

¹ The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $14.5 million, $12.1 million, $13.2 million, $8.1 million and $10.3 million for the fourth quarter of 2003 and the first, second, third and fourth quarters of 2004, respectively.

PMA Capital Corporation
Statements of Operations - Run-off Operations¹
(Dollar Amounts in Thousands)

	4th		1st		2nd			3rd			4th			Twelve			Twelve			% Change			% Change
	Quarter		Quarter		Quarter			Quarter			Quarter			Months			Months			4th			Twelve
	2003		2004		2004			2004			2004			2004			2003			Quarter			Months

Gross Premiums Written	$	134,364	$	11,524	$	(69,726	)	$	(9,589	)	$	(2,176	)	$	(69,967	)	$	751,998			NM			NM

Net Premiums Written	$	124,853	$	23,362	$	(78,864	)	$	(13,884	)	$	(5,974	)	$	(75,360	)	$	589,449			NM			NM

Revenues:
Net premiums earned	$	167,697	$	74,769	$	285		$	1,364		$	649		$	77,067		$	628,921			-99.6	%		-87.7	%
Net investment income		7,984		8,386		6,170			4,884			5,215			24,655			34,362			-34.7	%		-28.2	%
Other revenues		-		-		-			-			-			-			2,500			NM			-100.0	%
Total revenues		175,681		83,155		6,455			6,248			5,864			101,722			665,783			-96.7	%		-84.7	%

Losses and Expenses:
Losses and loss adjustment expenses		112,830		43,359		(601	)		2,712			3,905			49,375			555,845			-96.5	%		-91.1	%
Acquisition expenses		40,436		24,203		2,348			2,211			385			29,147			165,871			-99.0	%		-82.4	%
Operating expenses		10,709		6,647		4,084			3,440			3,520			17,691			24,443			-67.1	%		-27.6	%
Total losses and expenses		163,975		74,209		5,831			8,363			7,810			96,213			746,159			-95.2	%		-87.1	%

Pre-tax operating income (loss)	$	11,706	$	8,946	$	624		$	(2,115	)	$	(1,946	)	$	5,509			(80,376	)		NM			NM

PMA Capital Corporation
Statements of Operations - Corporate & Other
(Dollar Amounts in Thousands)

	4th			1st			2nd			3rd			4th			Twelve			Twelve			% Change			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months			4th			Twelve
	2003			2004			2004			2004			2004			2004			2003			Quarter			Months

Gross Premiums Written	$	(180	)	$	(150	)	$	(225	)	$	(186	)	$	(264	)	$	(825	)	$	(788	)		-46.7	%		-4.7	%

Net Premiums Written	$	(180	)	$	(150	)	$	(225	)	$	(186	)	$	(264	)	$	(825	)	$	(788	)		-46.7	%		-4.7	%

Revenues:
Net premiums earned	$	(180	)	$	(150	)	$	(225	)	$	(186	)	$	(264	)	$	(825	)	$	(788	)		-46.7	%		-4.7	%
Net investment income		48			344			273			271			418			1,306			1,654			NM			-21.0	%
Other revenues		59			3			291			25			6,614			6,933			386			NM			NM
Total revenues		(73	)		197			339			110			6,768			7,414			1,252			NM			NM

Losses and Expenses:
Operating expenses		3,264			2,570			2,885			2,119			2,736			10,310			14,056			-16.2	%		-26.7	%
Total losses and expenses		3,264			2,570			2,885			2,119			2,736			10,310			14,056			-16.2	%		-26.7	%

Operating income (loss) before income taxes,
interest expense, and loss on debt exchange		(3,337	)		(2,373	)		(2,546	)		(2,009	)		4,032			(2,896	)		(12,804	)		NM			77.4	%

Interest expense		2,951			2,939			2,960			2,973			3,482			12,354			9,887			18.0	%		25.0	%

Loss on debt exchange		-			-			-			-			5,973			5,973			-			NM			NM

Pre-tax operating loss	$	(6,288	)	$	(5,312	)	$	(5,506	)	$	(4,982	)	$	(5,423	)	$	(21,223	)		(22,691	)		13.8	%		6.5	%

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

	4th		1st			2nd			3rd			4th			Twelve			Twelve
	Quarter		Quarter			Quarter			Quarter			Quarter			Months			Months
	2003		2004			2004			2004			2004			2004			2003

Receipts:
Premiums and other revenues collected	$	243,436	$	186,561		$	103,266		$	91,121		$	101,641		$	482,589		$	1,230,890
Investment income received		27,690		22,141			26,520			20,627			18,986			88,274			95,311
Total receipts		271,126		208,702			129,786			111,748			120,627			570,863			1,326,201

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		60,322		6,491			37,839			43,406			34,520			122,256			185,850
Losses and LAE paid - prior years		124,280		217,746			272,164			178,193			87,203			755,306			657,869
Total losses and LAE paid		184,602		224,237			310,003			221,599			121,723			877,562			843,719
Insurance operating expenses paid		68,280		73,845			54,695			43,228			27,716			199,484			311,637
Policyholders' dividends paid		773		1,573			873			2,145			765			5,356			6,719
Interest on corporate debt		1,798		3,686			1,856			3,694			2,371			11,607			8,366
Total disbursements		255,453		303,341			367,427			270,666			152,575			1,094,009			1,170,441

Net other		947		(7,511	)		(22,894	)		6,997			(56,713	)		(80,121	)		(6,130	)

Net operating cash flows	$	16,620	$	(102,150	)	$	(260,535	)	$	(151,921	)	$	(88,661	)	$	(603,267	)	$	149,630

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

	4th			1st			2nd			3rd			4th			Twelve			Twelve
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2003			2004			2004			2004			2004			2004			2003

Receipts:
Premiums and other revenues collected	$	147,111		$	128,216		$	123,944		$	97,543		$	111,150		$	460,853		$	557,299
Investment income received		9,433			10,246			9,869			9,574			9,851			39,540			38,068
Total receipts		156,544			138,462			133,813			107,117			121,001			500,393			595,367

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		35,923			6,157			19,158			29,827			31,304			86,446			102,852
Losses and LAE paid - prior years		56,739			75,447			63,116			57,160			31,086			226,809			257,531
Losses and LAE		92,662			81,604			82,274			86,987			62,390			313,255			360,383
Insurance operating expenses paid		35,721			52,645			38,931			34,600			29,531			155,707			132,725
Policyholders' dividends paid		773			1,573			873			2,145			765			5,356			6,719
Total disbursements		129,156			135,822			122,078			123,732			92,686			474,318			499,827

Net other		(7,150	)		(8,306	)		(8,535	)		8,102			(21,974	)		(30,713	)		(22,836	)

Net operating cash flows	$	20,238		$	(5,666	)	$	3,200		$	(8,513	)	$	6,341		$	(4,638	)	$	72,704

PMA Capital Corporation
Operating Cash Flows - Run-off Operations¹
(In Thousands)

	4th		1st			2nd			3rd			4th			Twelve			Twelve
	Quarter		Quarter			Quarter			Quarter			Quarter			Months			Months
	2003		2004			2004			2004			2004			2004			2003

Receipts:
Premiums collected	$	96,325	$	58,345		$	(20,678	)	$	(6,422	)	$	(9,509	)	$	21,736		$	673,591
Investment income received		18,257		11,895			16,651			11,053			9,135			48,734			57,243
Total receipts		114,582		70,240			(4,027	)		4,631			(374	)		70,470			730,834

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		24,399		334			18,681			13,579			3,216			35,810			82,998
Losses and LAE paid - prior years		67,541		142,299			209,048			121,033			56,117			528,497			400,338
Total losses and LAE paid		91,940		142,633			227,729			134,612			59,333			564,307			483,336
Insurance operating expenses paid		32,559		21,200			15,764			8,628			(1,815	)		43,777			178,912
Total disbursements		124,499		163,833			243,493			143,240			57,518			608,084			662,248

Net other		12,494		1,860			(13,311	)		282			(34,482	)		(45,651	)		21,002

Net operating cash flows	$	2,577	$	(91,733	)	$	(260,831	)	$	(138,327	)	$	(92,374	)	$	(583,265	)	$	89,588

PMA Capital Corporation

Statutory Surplus

(In Thousands)

4th

1st

2nd

3rd

4th

Quarter

2003

2004

2004¹

PMA Pool ²

296,777

296,785

305,074

294,587

300,034

⁵

PMA Capital Insurance Company ³

500,617

⁴

517,143

⁴

236,247

236,443

224,511

⁵

PMA Capital Corporation
Statutory Financial Information - PMA Pool ²
(In Thousands)

	4th			1st			2nd			3rd			4th			Twelve			Twelve
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2003			2004			2004			2004¹			2004¹			2004¹			2003

Net Premiums Written:
Workers Compensation & Integrated
Disability	$	77,362		$	106,190		$	56,764		$	88,814		$	54,556		$	306,324		$	432,453
Other Commercial Lines		14,386			11,915			8,275			8,962			3,700			32,852			85,979
Total - PMA Pool	$	91,748		$	118,105		$	65,039		$	97,776		$	58,256		$	339,176		$	518,432

Statutory Ratios:
Loss and LAE ratio		87.2	%		74.9	%		75.2	%		75.9	%		75.2	%		75.3	%		78.0	%
Underwriting expense ratio		34.6	%		27.1	%		39.0	%		29.5	%		37.5	%		31.9	%		26.2	%
Policyholders' dividend ratio		-3.4	%		1.2	%		0.7	%		0.4	%		0.4	%		0.7	%		0.0	%
Combined ratio		118.4	%		103.2	%		114.9	%		105.8	%		113.1	%		107.9	%		104.2	%
Operating ratio		113.9	%		96.5	%		107.4	%		98.9	%		104.2	%		100.5	%		97.3	%

¹ Estimated.

² The PMA Pool is comprised of Pennsylvania Manufacturers' Association Insurance Company, Manufacturers Alliance Insurance Company and Pennsylvania Manufacturers Indemnity Company.

³ In November 2003, we announced our decision to withdraw from the reinsurance business previously served by PMA Capital Insurance Company. The reinsurance business is currently in run-off.

⁴ Includes the statutory surplus of the PMA Pool.

⁵ Includes unassigned surplus of $130.7 million and $31.0 million for the PMA Pool and PMA Capital Insurance Company, respectively.

PMA Capital Corporation
Industry Ratings and Market Information

Transfer Agent and Registrar:		Securities Listing:
Certificate Transfers and Conversions:		The Corporation's Class A Common Stock is listed
The Bank of New York		on the NASDAQ Stock Market®. It trades under
Receive and Deliver Department - 11 W		the stock symbol: PMACA.
P.O. Box 11002
Church Street Station		Inquiries:
New York, NY 10286		William E. Hitselberger
		Chief Financial Officer
Written Inquiries:		215.665.5070
The Bank of New York		e-mail: bhitselberger@pmacapital.com
Shareholder Relations Department - 11 E
P.O. Box 11258		Investor Relations
Church Street Station		215.665.5046
New York, NY 10286		investorrelations@pmacapital.com

Phone Inquiries:		Company Website:
800.524.4458		http://www.pmacapital.com

Email Inquiries:
shareowner-svcs@bankofny.com

Financial Strength Ratings (as of 2/14/2005):

	A.M. Best		Moody's
PMA Pool ¹		A- (4th of 16)		Ba1 (11th of 21)
PMA Capital Insurance Company ²		B+ (6th of 16)		B1 (14th of 21)

¹ The PMA Pool is comprised of Pennsylvania Manufacturers' Association Insurance Company, Manufacturers Alliance Insurance Company and Pennsylvania Manufacturers Indemnity Company.

² In November 2003, we announced our decision to withdraw from the reinsurance business previously served by PMA Capital Insurance Company. The reinsurance business is currently in run-off.