PMA 2nd Quarter Earnings 8k

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ATN6L28lfq8eOHxhSoMwjQFlu3dgrgMMSzziWJ0Amqz4CzgtXyNNvqkTChGL0qJu 253q2AICNiYP1S0LtMN2uw== 0000950159-05-000895.txt : 20050805 0000950159-05-000895.hdr.sgml : 20050805 20050804175758 ACCESSION NUMBER: 0000950159-05-000895 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050805 DATE AS OF CHANGE: 20050804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PMA CAPITAL CORP CENTRAL INDEX KEY: 0001041665 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 232217932 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31706 FILM NUMBER: 051000470 BUSINESS ADDRESS: STREET 1: 380 SENTRY PARKWAY CITY: BLUE BELL STATE: PA ZIP: 19422 BUSINESS PHONE: 2156655046 MAIL ADDRESS: STREET 1: 380 SENTRY PARKWAY CITY: BLUE BELL STATE: PA ZIP: 19422 FORMER COMPANY: FORMER CONFORMED NAME: PENNSYLVANIA MANUFACTURERS CORP DATE OF NAME CHANGE: 19970702 8-K 1 pmaearnings8k.htm PMA 2ND QUARTER EARNINGS 8K PMA 2nd Quarter Earnings 8k

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) August 4, 2005

PMA Capital Corporation

___________________________

(Exact name of Registrant as specified in its charter)

Pennsylvania		000-22761		22-2217932
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

380 Sentry Parkway Blue Bell, Pennsylvania		19422
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:

(215) 665-5046

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On August 4, 2005, the registrant issued a news release regarding its Second Quarter 2005 results, a copy of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference and the registrant’s Second Quarter 2005 Statistical Supplement is furnished as Exhibit 99.2 and is incorporated herein by reference.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(c)	Exhibits.

	Exhibit 99.1	PMA Capital Corporation News Release, dated August 4, 2005

	Exhibit 99.2	PMA Capital Corporation Second Quarter 2005 Statistical Supplement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PMA Capital Corporation

August 4, 2005	By:	/s/ William E. Hitselberger
	Name:	William E. Hitselberger
	Title:	Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit No.	Description

Exhibit 99.1	PMA Capital Corporation News Release, dated August 4, 2005

Exhibit 99.2	PMA Capital Corporation Second Quarter 2005 Statistical Supplement

EX-99.1 2 ex99-1.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

380 Sentry Parkway Blue Bell, PA 19422-0754
	PRESS RELEASE
For Release: Immediate Contact: William Hitselberger (215) 665-5046

PMA Capital Announces Second Quarter 2005 Results

Blue Bell, PA, August 4, 2005 -- PMA Capital Corporation (NASDAQ: PMACA) today announced financial results for the second quarter of 2005. PMA Capital reported a modest profit for the second quarter of 2005 which was comparable to the same period of 2004. For the six months ended June 30, 2005, we had a net loss of $20.5 million, or 65 cents per share, compared to net income of $12.2 million, or 36 cents per diluted share, for the same period last year. Total assets were $3.2 billion as of June 30, 2005 compared with $3.3 billion as of December 31, 2004. Shareholders’ equity was $429.6 million as of June 30, 2005, compared with $445.5 million as of December 31, 2004. Book value per share was $13.47 as of June 30, 2005, compared to $14.06 at year-end 2004 and $13.00 at March 31, 2005.

The net loss for the first six months of 2005 included the first quarter after-tax charge of $23 million ($30 million pre-tax), or 73 cents per share, for prior year loss development at the Run-off Operations.

Vincent T. Donnelly, President and Chief Executive Officer commented, “For the second quarter, we continued to make progress towards improving our Company and achieving our objectives. At The PMA Insurance Group, our second quarter 2005 pre-tax operating income increased over the same period of 2004. We are pleased with the continued increase in new business written at The PMA Insurance Group, with new business increasing to $49.9 million in the first six months of 2005 from $26.2 million in the first six months last year. Our new business written through June 2005 has already surpassed the $46.4 million in new business for the full year of 2004, due in part to our success in recapturing accounts lost in 2004 as a result of the reduction and subsequent restoration of our A.M. Best financial strength rating. We are also pleased that our renewal retention rates continued to improve in the second quarter, and that pricing trends continue to be positive. We believe that this positive momentum in both new and renewal business will continue during the second half of 2005. We also continue to be diligent in managing our operating expenses, which have decreased by $4.9 million for the quarter and $9.5 million year-to-date at The PMA Insurance Group, compared to the same periods in 2004.”

Mr. Donnelly continued, "At the Run-off Operations, we continued with the execution of our run-off plan. We reduced our loss reserves by approximately $60 million since the end of 2004 and recorded no adverse loss development in the quarter."

Included in net income for the second quarter and net loss for the first six months of 2005 were after-tax net realized investment losses of $172,000, or one cent per diluted share, and after-tax net realized investment gains of $1.8 million, or six cents per share, compared to net realized investment gains of $1.5 million, or four cents per diluted share, and $7.1 million, or 19 cents per diluted share, for the same periods last year. After-tax net realized investment gains for the first six months of 2005 included $1.5 million for the decrease in the fair value of the derivative component of our 6.50% Convertible Debt.

The dilutive effect of our convertible debt did not impact results for the second quarters of 2005 or 2004 or for the first six months of 2005 but did reduce earnings for the first six months of 2004 by three cents per share.

Consolidated revenues for the second quarter of 2005 and 2004 were $105.9 million and $141.3 million, respectively. For the first six months of 2005, revenues were $214.5 million, compared to $379.7 million for the same period in 2004. The decreases in revenues for the quarter and year-to-date periods were primarily due to lower net premiums earned resulting from the run-off of our reinsurance business and lower earned premiums at The PMA Insurance Group. During the second quarter of 2005 we have seen a 9% increase in direct written premiums at The PMA Insurance Group compared to the same period of 2004. Although lower direct premiums written in the first quarter of 2005 caused our direct written premiums for the six month period ended June 30, 2005 to be 10% below the same period last year, we believe the increase in writings achieved during the second quarter will continue, and expect the increase in direct premiums written for the full year will be between 5% and 7%, compared to 2004.

Financial Condition

Total assets were $3.2 billion as of June 30, 2005, compared to $3.3 billion at December 31, 2004. Shareholders’ equity was $429.6 million as of June 30, 2005, compared with $445.5 million as of December 31, 2004. Book value per share was $13.47 as of June 30, 2005, compared to $14.06 at year-end 2004. The decreases in shareholders’ equity and book value per share are primarily due to the net loss. Net unrealized holding gains were $17.3 million, or 54 cents per share, as of June 30, 2005, compared to $13.6 million, or 43 cents per share, at year-end 2004, mainly due to lower market interest rates. At June 30, 2005, we had $21.7 million in cash and short-term investments at the holding company and its non-regulated subsidiaries.

As of June 30, 2005, our total outstanding debt had decreased to $211.9 million, compared to $214.5 million at December 31, 2004, due to the change in the fair value of the derivative component of the convertible debt during 2005. The components of our debt as of June 30, 2005 were as follows:

(dollar amounts in thousands)	Amount		Maturity
6.50% Convertible Debt	$	99,140		2022	¹
Derivative component of 6.50% Convertible Debt		10,742
4.25% Convertible Debt²		655		2022
8.50% Senior Notes		57,500		2018
Trust preferred debt		43,816		2033
Total long-term debt	$	211,853

(1)	Holders, 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. This debt may be converted at any time, at the holder's option, at a current price of $16.368 per share for $84.1 million principal amount and $15.891 per share for $15.0 million principal amount.
(2)	We retired $270,000 of this debt through open market purchases in the first six months of 2005. This debt may be converted at any time, at the holder's option, at a current price of $16.368 per share.

The PMA Insurance Group had statutory surplus of $299.2 million at June 30, 2005, compared to $300.0 million at December 31, 2004. The PMA Insurance Group has the ability to pay $23.5 million in dividends during 2005 without the prior approval of the Pennsylvania Insurance Department. The statutory surplus of PMA Capital Insurance Company, PMA Capital Corporation’s directly held reinsurance subsidiary, was $215.3 million at June 30, 2005, compared to $224.5 million at December 31, 2004.

Segment Operating Results

Operating income (loss), which we define as net income (loss) under accounting principles generally accepted in the United States of America (GAAP) 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 insurance businesses. Accordingly, we report operating results 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 results as the measure of financial performance for our insurance operations 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.

A reconciliation of our segment operating results as discussed below to GAAP net income (loss) is provided below.

	Three months ended						Six months ended
	June 30,						June 30,
(in thousands)	2005			2004			2005			2004
Pre-tax operating income (loss):
The PMA Insurance Group	$	4,941		$	2,809		$	11,553		$	9,368
Run-off Operations		1,133			624			(28,513	)		9,570
Corporate & Other		(5,721	)		(5,506	)		(11,888	)		(10,818	)
Net realized investment gains (losses)		(265	)		2,248			2,718			10,848
Pre-tax income (loss)		88			175			(26,130	)		18,968
Income tax expense (benefit)		71			111			(5,596	)		6,751
Net income (loss)	$	17		$	64		$	(20,534	)	$	12,217

The PMA Insurance Group

The PMA Insurance Group reported pre-tax operating income of $4.9 million and $11.6 million for the second quarter and first six months of 2005, compared to $2.8 million and $9.4 million for the same periods last year.

Direct premiums written were $90.3 million for the second quarter of 2005, compared with $82.7 million for the second quarter of 2004. Direct premiums written were $199.2 million for the first six months of 2005, compared with $221.3 million for the comparable period last year. We wrote $25.9 million and $49.9 million of new business in the second quarter and first six months of 2005, up from $9.6 million and $26.2 million for the same periods last year. Our renewal retention rate on existing workers’ compensation accounts was 84% in the second quarter of 2005 compared to 57% for the second quarter of 2004 and 70% for the first six months of 2005, compared to 61% for same period of 2004. Net premiums

written were $82.1 million for the second quarter of 2005, compared with $82.0 million for the second quarter of 2004. In the quarter, we recorded $8.3 million less assumed premiums in 2005 compared to the same period of 2004, which reduced our net premiums written. Net premiums written were $187.6 million for the first six months of 2005, compared with $217.2 million for the comparable period last year. The PMA Insurance Group continues to obtain price increases in all commercial lines of business, with average workers’ compensation rate increases of approximately 5% to date in 2005.

The combined ratio on a GAAP basis in 2005 was 104.3% for the second quarter and 103.8% for the first six months, compared to 105.6% and 104.2% for the same periods last year. The improvement in the combined ratio for the second quarter and first six months of 2005, compared to the same periods last year, primarily reflects an improved loss and LAE ratio, partially offset by increases in the total expense and policyholders’ dividend ratios.

The improved loss and LAE ratio primarily reflects a lower current accident year loss and LAE ratio in 2005, compared to 2004. Price increases and payroll inflation have offset an increase in overall loss trends in workers' compensation. We estimate our medical cost inflation, which is a significant component of loss costs, for 2005 to be approximately 11%. In addition, the loss ratio has benefited from our continued emphasis on managed care initiatives and a change in the geographic mix of our business. The increase in the total expense ratio in the second quarter and first half of 2005, compared to the same periods last year, is mainly due to the impact on the ratio of lower net premiums earned. Overall operating expenses at The PMA Insurance Group have decreased by $4.9 million and $9.5 million in the second quarter and first six months of 2005, compared to the same periods last year. The increase in the policyholders’ dividend ratio was a result of improved loss and LAE experience on certain business subject to dividends.

Net investment income was $7.7 million and $15.3 million for the second quarter and first six months of 2005, compared to $8.4 million and $16.4 million for the comparable periods of 2004, reflecting lower yields and a lower average invested asset base.

Run-off Operations

Run-off Operations includes the results of our former reinsurance and excess and surplus lines businesses. The Run-off Operations had pre-tax operating income of $1.1 million and a pre-tax operating loss of $28.5 million for the three and six months ended June 30, 2005, compared to pre-tax operating income of $624,000 and $9.6 million for the same periods last year. Results for the first six months of 2005 included the first quarter charge of $30 million for prior year loss development. Pre-tax operating income for the three and six months ended June 30, 2004 includes the $4 million charge for the reinsurance agreement covering potential adverse loss development. Net premiums earned, losses and LAE, and acquisition and operating expenses decreased significantly in the first half of 2005, compared to 2004, due to our exit from the reinsurance business.

Corporate and Other

The Corporate and Other segment primarily includes corporate expenses, including debt service. Corporate and Other recorded pre-tax operating losses of $5.7 million and $11.9 million for the three and six months ended June 30, 2005, respectively, compared to $5.5 million and $10.8 million for the same periods last year, reflecting higher interest expense, partially offset by lower operating expenses. Interest expense for three and six months ended June 30, 2005 increased by $1.1 million and $2.1 million over the comparable periods last year, due to a higher average amount of debt outstanding and higher interest rates on our convertible debt.

Quiet Period

During the quarter, PMA Capital corporate representatives may reiterate the guidance provided in this release both publicly and in meetings with investors, analysts, the media and others. Beginning upon the close of business on October 15, 2005 until such time as PMA Capital releases its third quarter earnings release PMA Capital will observe a “quiet period.” From and after commencement of the quiet period, the guidance contained in this release should be considered historical, speaking as of prior to the quiet period only and not subject to update by PMA Capital. During the quiet period, our spokespersons will not comment on our financial results or expectations other than through a press release or other publicly available document.

Conference Call with Investors

As a reminder, we will hold a conference call with investors beginning at 8:30 a.m. Eastern Time on Friday, August 5^th to review our second quarter 2005 results. The conference call will be available via a live webcast over the Internet at www.pmacapital.com. To access the webcast, enter the Investor Information section, click on News Releases and then click on the microphone icon. Please note that by accessing the conference call via the Internet, you will be in a listen-only mode. The call-in numbers and passcodes for the conference call are as follows:

Live Call		Replay
888-396-2369 (Domestic)		888-286-8010 (Domestic)
617-847-8710 (International)		617-801-6888 (International)
Passcode 69377125		Passcode 71511411

A replay of the conference call will be available over the Internet or by dialing the call-in number for the replay and using the passcode. The replay will be available from approximately 12:00 p.m. Eastern Time on Friday, August 5^thuntil 11:59 p.m. Eastern Time on September 1^st.

Quarterly Statistical Supplement

Our Second Quarter Statistical Supplement, which provides more detailed historical information about us, is available on our website. Please see the Investor Information section of our website at www.pmacapital.com . You may also obtain a copy of this supplement by sending your request to:

PMA Capital Corporation

1735 Market Street

Philadelphia, PA 19103

Attention: Investor Relations

Alternatively, you may submit your request by telephone (215-665-5046) or by e-mail to InvestorRelations@pmacapital.com. We have also furnished a copy of this news release and the Statistical Supplement to the SEC under cover of Form 8-K dated August 4, 2005. A copy of the Form 8-K is available on the SEC’s website at www.sec.gov.

CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

The statements contained in this press release, including those made by individuals authorized to speak on behalf of PMA Capital Corporation (“we”, “our” or the “Company”) that are not historical facts are forward-looking statements and are based on estimates, assumptions and projections. Actual results may differ materially from those projected in the forward-looking statements.

These forward-looking statements are based on currently available financial, competitive and economic data and the Company’s current operating plans based on assumptions regarding future events. The Company’s actual results could differ materially from those expected by the Company’s management. The factors that could cause actual results to vary materially, some of which are described with the forward-looking statements, include, but are not limited to:

our ability to effect an efficient withdrawal from the reinsurance business, including the commutation of reinsurance business with certain large ceding companies, without incurring any significant additional liabilities;

adverse property and casualty loss development for events that we insured in prior years, including unforeseen increases in medical costs;

our ability to have sufficient cash at the holding company to meet our debt service and other obligations, including any restrictions such as those imposed by the Pennsylvania Insurance Department on receiving dividends from our insurance subsidiaries in an amount sufficient to meet such obligations;

our ability to increase the amount of new and renewal business written by The PMA Insurance Group at adequate prices;

any future lowering or loss of one or more of our financial strength and debt ratings, and the adverse impact that any such downgrade may have on our ability to compete and to raise capital, and our liquidity and financial condition;

adequacy and collectibility of reinsurance that we purchased;

adequacy of reserves for claim liabilities;

the uncertain nature of damage theories and loss amounts and the development of additional facts related to the attack on the World Trade Center;

regulatory changes in risk-based capital or other regulatory standards that affect the cost of, or demand for, our products or otherwise affect our ability to conduct business, including any future action with respect to our business taken by the Pennsylvania Insurance Department or any other state insurance department;

the impact of future results on the recoverability of our deferred tax asset;

the outcome of any litigation against us, including the outcome of the purported class action lawsuits;

competitive conditions that may affect the level of rate adequacy related to the amount of risk undertaken and that may influence the sustainability of adequate rate changes;

ability to implement and maintain rate increases;

the effect of changes in workers’ compensation statutes and their administration, which may affect the rates that we can charge and the manner in which we administer claims;

our ability to predict and effectively manage claims related to insurance and reinsurance policies;

uncertainty as to the price and availability of reinsurance on business we intend to write in the future, including reinsurance for terrorist acts;

severity of natural disasters and other catastrophes, including the impact of future acts of terrorism, in connection with insurance and reinsurance policies;

changes in general economic conditions, including the performance of financial markets, interest rates and the level of unemployment;

uncertainties related to possible terrorist activities or international hostilities and whether TRIA is extended beyond its December 31, 2005 termination date; and

other factors or uncertainties disclosed from time to time in our filings with the Securities and Exchange Commission.

You should not place undue reliance on any such forward-looking statements. Unless otherwise stated, we disclaim any current intention to update forward-looking information and to release publicly the results of any future revisions we may make to forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

PMA Capital Corporation

Selected Financial Data

(Unaudited)

	Three months ended June 30,
(dollars in thousands)	2005			2004


Direct premiums written:
The PMA Insurance Group	$	90,282		$	82,739
Run-off Operations		57			(161	)
Corporate and Other		(220	)		(225	)
Consolidated direct premiums written	$	90,119		$	82,353

Net premiums written:
The PMA Insurance Group	$	82,103		$	81,962
Run-off Operations		1,504			(78,864	)
Corporate and Other		(220	)		(225	)
Consolidated net premiums written	$	83,387		$	2,873

Revenues:
Net premiums earned:
The PMA Insurance Group	$	85,541		$	118,288
Run-off Operations		3,399			285
Corporate and Other		(220	)		(225	)
Consolidated net premiums earned		88,720			118,348
Net investment income		12,542			14,807
Realized gains (losses)		(265	)		2,248
Other revenues		4,939			5,872
Consolidated revenues	$	105,936		$	141,275

Components of net income:
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	4,941		$	2,809
Run-off Operations		1,133			624
Corporate and Other		(5,721	)		(5,506	)
Realized gains (losses)		(265	)		2,248
Pre-tax income		88			175
Income tax expense		71			111
Net income	$	17		$	64

Weighted average common shares outstanding:
Basic		31,723,431			31,343,246
Diluted		32,015,127			31,741,827

(1)

Operating income (loss), which is GAAP net income (loss) excluding net realized investment gains and losses, is the financial performance measure used by our management and our Board of Directors to evaluate and assess the results of our insurance businesses. As a result, we report operating results by segment in our segment footnote disclosures as required by SFAS No. 131 “Disclosure About Segments of an Enterprise and Related Information.” We use operating results as the measure of financial performance because (i) net realized investment gains (losses) are unpredictable and not necessarily indicative of current operating fundamentals or future performance 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 (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.

PMA Capital Corporation

Selected Financial Data

(Unaudited)

	Six Months ended June 30,
(dollars in thousands)	2005			2004

Direct premiums written:
The PMA Insurance Group	$	199,194		$	221,294
Run-off Operations		213			(47	)
Corporate and Other		(414	)		(375	)
Consolidated direct premiums written	$	198,993		$	220,872

Net premiums written:
The PMA Insurance Group	$	187,577		$	217,248
Run-off Operations		6,433			(55,502	)
Corporate and Other		(414	)		(375	)
Consolidated net premiums written	$	193,596		$	161,371

Revenues:
Net premiums earned:
The PMA Insurance Group	$	170,241		$	249,938
Run-off Operations		6,616			75,054
Corporate and Other		(414	)		(375	)
Consolidated net premiums earned		176,443			324,617
Net investment income		24,254			31,565
Realized gains		2,718			10,848
Other revenues		11,131			12,695
Consolidated revenues	$	214,546		$	379,725

Components of net income (loss):
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	11,553		$	9,368
Run-off Operations		(28,513	)		9,570
Corporate and Other		(11,888	)		(10,818	)
Realized gains		2,718			10,848
Pre-tax income (loss)		(26,130	)		18,968
Income tax expense (benefit)		(5,596	)		6,751
Net income (loss)	$	(20,534	)	$	12,217

Weighted average common shares outstanding:
Basic		31,559,468			31,338,824
Diluted		31,559,468			36,798,188

(1)

PMA Capital Corporation

GAAP Consolidated Balance Sheets

(Unaudited)

	June 30,			December 31,
(in thousands, except per share data)	2005			2004
Assets:
Investments:
Fixed maturities available for sale	$	1,256,169		$	1,304,086
Short-term investments		61,058			123,746
Short-term investments, loaned securities collateral		90,114			-
Total investments		1,407,341			1,427,832

Cash		30,464			35,537
Accrued investment income		14,147			15,517
Premiums receivable		183,713			197,831
Reinsurance receivables		1,129,857			1,142,552
Deferred income taxes		90,301			86,501
Deferred acquisition costs		34,655			31,426
Funds held by reinsureds		150,078			142,064
Other assets		169,028			174,725
Total assets	$	3,209,584		$	3,253,985

Liabilities:
Unpaid losses and loss adjustment expenses	$	2,005,386		$	2,111,598
Unearned premiums		175,025			158,489
Debt		211,853			214,467
Accounts payable, accrued expenses
and other liabilities		188,042			196,744
Funds held under reinsurance treaties		105,572			121,234
Dividends to policyholders		3,992			5,977
Payable under securities loan agreements		90,118			25
Total liabilities		2,779,988			2,808,534

Shareholders' Equity:
Class A Common stock		171,090			171,090
Additional paid-in capital		109,331			109,331
Retained earnings		189,109			213,313
Accumulated other comprehensive income (loss)		1,377			(1,959	)
Treasury stock, at cost		(40,734	)		(45,573	)
Unearned restricted stock compensation		(577	)		(751	)
Total shareholders' equity		429,596			445,451
Total liabilities and shareholders' equity	$	3,209,584		$	3,253,985

Shareholders' equity per share	$	13.47		$	14.06

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Three months ended June 30,
(in thousands, except per share data)	2005			2004

Gross premiums written	$	95,069		$	24,449

Net premiums written	$	83,387		$	2,873

Revenues:
Net premiums earned	$	88,720		$	118,348
Net investment income		12,542			14,807
Net realized investment gains (losses)		(265	)		2,248
Other revenues		4,939			5,872
Total revenues		105,936			141,275

Expenses:
Losses and loss adjustment expenses		63,261			87,471
Acquisition expenses		17,983			24,968
Operating expenses		18,802			24,755
Dividends to policyholders		1,762			946
Interest expense		4,040			2,960
Total losses and expenses		105,848			141,100

Pre-tax income		88			175

Income tax expense:
Current		-			64
Deferred		71			47
Total income tax expense		71			111

Net income	$	17		$	64

Net income per share:

Basic	$	.00		$	.00
Diluted	$	.00		$	.00

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Six Months ended June 30,
(in thousands, except per share data)	2005			2004

Gross premiums written	$	216,382		$	182,309

Net premiums written	$	193,596		$	161,371

Revenues:
Net premiums earned	$	176,443		$	324,617
Net investment income		24,254			31,565
Net realized investment gains		2,718			10,848
Other revenues		11,131			12,695
Total revenues		214,546			379,725

Expenses:
Losses and loss adjustment expenses		157,249			229,661
Acquisition expenses		36,654			72,203
Operating expenses		36,500			50,619
Dividends to policyholders		2,264			2,375
Interest expense		8,009			5,899
Total losses and expenses		240,676			360,757

Pre-tax income (loss)		(26,130	)		18,968

Income tax expense (benefit):
Current		-			389
Deferred		(5,596	)		6,362
Total income tax expense (benefit)		(5,596	)		6,751

Net income (loss)	$	(20,534	)	$	12,217

Net income (loss) per share:

Basic	$	(0.65	)	$	0.39
Diluted	$	(0.65	)	$	0.36

EX-99.2 3 ex99-2.htm EXHIBIT 99-2 Exhibit 99-2

Exhibit 99.2


PMA Capital Corporation
Statistical Supplement
Second Quarter - 2005

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

*Segment Information:*
Statements of Operations - Consolidating - Year-to-date	9 - 10
Statements of Operations - Consolidating - Second Quarter	11 - 12
Statements of Operations - PMA Insurance Group			13
Insurance Ratios - PMA Insurance Group			14
Statements of Operations - Run-off Operations			15
Statements of Operations - Corporate & Other			16

*Operating Cash Flow Information:*
Operating Cash Flows - Consolidated			17
Operating Cash Flows - PMA Insurance Group			18
Operating Cash Flows - Run-off Operations			19

*Statutory Financial Information:*
Statutory Surplus; Statutory Financial Information - PMA Pool			20

*Other Information:*
Industry Ratings and Market Information			21

*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)

	2nd			3rd			4th			1st			2nd			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			2nd
	2004			2004			2004			2005			2005			Quarter

Net Premiums Written by Segment:
PMA Insurance Group	$	81,962		$	97,637		$	62,910		$	105,474		$	82,103			0.2	%
Run-off Operations		(78,864	)		(13,884	)		(5,974	)		4,929			1,504			NM
Corporate & Other		(225	)		(186	)		(264	)		(194	)		(220	)		2.2	%
Net premiums written	$	2,873		$	83,567		$	56,672		$	110,209		$	83,387			NM

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	2,809		$	3,537		$	261		$	6,612		$	4,941			75.9	%
Run-off Operations		624			(2,115	)		(1,946	)		(29,646	)		1,133			81.6	%
Corporate & Other		(5,506	)		(4,982	)		(5,423	)		(6,167	)		(5,721	)		-3.9	%
Pre-tax operating income (loss)		(2,073	)		(3,560	)		(7,108	)		(29,201	)		353			NM
Net realized investment gains (losses)		2,248			3,515			(7,870	)		2,983			(265	)		NM
Pre-tax income (loss)		175			(45	)		(14,978	)		(26,218	)		88			-49.7	%
Income tax expense (benefit)		111			29			(4,665	)		(5,667	)		71			-36.0	%
Net income (loss)	$	64		$	(74	)	$	(10,313	)	$	(20,551	)	$	17			-73.4	%
After-tax operating income (loss)	$	(1,397	)	$	(2,359	)	$	(5,198	)	$	(22,490	)	$	189			NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	-		$	-		$	(0.33	)	$	(0.65	)	$	-			NM
Less the impact of:
Realized gains (losses) after tax		0.04			0.08			(0.16	)		0.06			(0.01	)		NM
After-tax operating income (loss)	$	(0.04	)	$	(0.08	)	$	(0.17	)	$	(0.71	)	$	0.01			NM

Capitalization:
Debt	$	187,566		$	187,566		$	214,467		$	211,769		$	211,853			12.9	%
Shareholders' equity excluding FAS 115 unrealized gain		443,634			442,797			431,828			412,349			412,330			-7.1	%
Total capitalization excluding FAS 115 unrealized gain		631,200			630,363			646,295			624,118			624,183			-1.1	%
FAS 115 unrealized gain		29			15,350			13,623			1,539			17,266			NM
Total capitalization including FAS 115 unrealized gain	$	631,229		$	645,713		$	659,918		$	625,657		$	641,449			1.6	%

Book Value Per Share:
Excluding FAS 115 unrealized gain	$	14.00		$	13.98		$	13.63		$	12.95		$	12.93			-7.6	%
Including FAS 115 unrealized gain	$	14.00		$	14.46		$	14.06		$	13.00		$	13.47			-3.8	%

Debt to Total Capital:
Excluding FAS 115 unrealized gain		29.7	%		29.8	%		33.2	%		33.9	%		33.9	%		14.1	%
Including FAS 115 unrealized gain		29.7	%		29.0	%		32.5	%		33.8	%		33.0	%		11.1	%

Interest Coverage:
Income before interest and income taxes
to interest expense		1.06			0.98			NM			NM			1.02			-3.5	%

Operating income before interest and income
taxes to interest expense		0.30			NM			NM			NM			1.09			263.3	%

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

	Six			Six			% Change
	Months			Months			Six
	2005			2004			Months

Net Premiums Written by Segment:
PMA Insurance Group	$	187,577		$	217,248			-13.7	%
Run-off Operations		6,433			(55,502	)		NM
Corporate & Other		(414	)		(375	)		-10.4	%
Net premiums written	$	193,596		$	161,371			20.0	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	11,553		$	9,368			23.3	%
Run-off Operations		(28,513	)		9,570			NM
Corporate & Other		(11,888	)		(10,818	)		-9.9	%
Pre-tax operating income (loss)		(28,848	)		8,120			NM
Net realized investment gains		2,718			10,848			-74.9	%
Pre-tax income (loss)		(26,130	)		18,968			NM
Income tax expense (benefit)		(5,596	)		6,751			NM
Net income (loss)	$	(20,534	)	$	12,217			NM
After-tax operating income (loss)	$	(22,301	)	$	5,166			NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.65	)	$	0.36			NM
Less the impact of:
Realized gains after tax		0.06			0.19			-68.4	%
After-tax operating income (loss)	$	(0.71	)	$	0.17			NM

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

	2nd			3rd			4th			1st			2nd		Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter		Months			Months
	2004			2004			2004			2005			2005		2005			2004

Diluted Earnings (Loss) Per Share:

Net income (loss)	$	-		$	-		$	(0.33	)	$	(0.65	)	$	-	$	(0.65	)	$	0.36

Pre-tax operating income (loss)	$	(0.07	)	$	(0.11	)	$	(0.23	)	$	(0.93	)	$	0.01	$	(0.91	)	$	0.27

After-tax operating income (loss)	$	(0.04	)	$	(0.08	)	$	(0.17	)	$	(0.71	)	$	0.01	$	(0.71	)	$	0.17

Diluted weighted average common
shares outstanding		31,741,827			31,350,825			31,350,825			31,393,684			32,015,127		31,559,468			36,798,188


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

Actual common shares issued
and outstanding		31,692,351			31,681,751			31,676,851			31,835,136			31,885,541		31,885,541			31,692,351


Class A Common Stock prices:
High	$	9.13		$	9.16		$	10.85		$	10.65		$	9.00	$	10.65		$	9.13
Low	$	6.01		$	5.70		$	6.74		$	7.05		$	5.91	$	5.91		$	4.78
Close	$	9.00		$	7.55		$	10.35		$	8.00		$	8.83	$	8.83		$	9.00

This Page Intentionally Left Blank

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	2nd			3rd			4th			1st			2nd			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			2nd
	2004			2004			2004			2005			2005			Quarter

Gross Premiums Written	$	24,449		$	100,013		$	69,940		$	121,313		$	95,069			288.8	%

Net Premiums Written	$	2,873		$	83,567		$	56,672		$	110,209		$	83,387			NM

Revenues:
Net premiums earned	$	118,348		$	104,210		$	89,758		$	87,723		$	88,720			-25.0	%
Net investment income		14,807			13,238			12,142			11,712			12,542			-15.3	%
Net realized investment gains (losses)		2,248			3,515			(7,870	)		2,983			(265	)		NM
Other revenues		5,872			5,881			12,125			6,192			4,939			-15.9	%
Total revenues		141,275			126,844			106,155			108,610			105,936			-25.0	%

Expenses:
Losses and loss adjustment expenses		87,471			80,706			70,189			93,988			63,261			-27.7	%
Acquisition expenses		24,968			24,087			18,935			18,671			17,983			-28.0	%
Operating expenses		24,755			18,318			20,735			17,698			18,802			-24.0	%
Dividends to policyholders		946			805			1,819			502			1,762			86.3	%
Interest expense		2,960			2,973			3,482			3,969			4,040			36.5	%
Loss on debt exchange		-			-			5,973			-			-			NM
Total losses and expenses		141,100			126,889			121,133			134,828			105,848			-25.0	%

Pre-tax income (loss)		175			(45	)		(14,978	)		(26,218	)		88			-49.7	%

Income tax expense (benefit):
Current		64			(117	)		(272	)		-			-			NM
Deferred		47			146			(4,393	)		(5,667	)		71			51.1	%

Total income tax expense (benefit)		111			29			(4,665	)		(5,667	)		71			-36.0	%

Net income (loss)	$	64		$	(74	)	$	(10,313	)	$	(20,551	)	$	17			-73.4	%

Pre-tax operating income (loss)	$	(2,073	)	$	(3,560	)	$	(7,108	)	$	(29,201	)	$	353			NM

After-tax operating income (loss)	$	(1,397	)	$	(2,359	)	$	(5,198	)	$	(22,490	)	$	189			NM

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	Six			Six		% Change
	Months			Months		Six
	2005			2004		Months

Gross Premiums Written	$	216,382		$	182,309		18.7	%

Net Premiums Written	$	193,596		$	161,371		20.0	%

Revenues:
Net premiums earned	$	176,443		$	324,617		-45.6	%
Net investment income		24,254			31,565		-23.2	%
Net realized investment gains		2,718			10,848		-74.9	%
Other revenues		11,131			12,695		-12.3	%
Total revenues		214,546			379,725		-43.5	%

Expenses:
Losses and loss adjustment expenses		157,249			229,661		-31.5	%
Acquisition expenses		36,654			72,203		-49.2	%
Operating expenses		36,500			50,619		-27.9	%
Dividends to policyholders		2,264			2,375		-4.7	%
Interest expense		8,009			5,899		35.8	%
Total losses and expenses		240,676			360,757		-33.3	%

Pre-tax income (loss)		(26,130	)		18,968		NM

Income tax expense (benefit):
Current		-			389		NM
Deferred		(5,596	)		6,362		NM

Total income tax expense (benefit)		(5,596	)		6,751		NM

Net income (loss)	$	(20,534	)	$	12,217		NM

Pre-tax operating income (loss)	$	(28,848	)	$	8,120		NM

After-tax operating income (loss)	$	(22,301	)	$	5,166		NM

PMA Capital Corporation
Consolidated Balance Sheets
(In Thousands)

	2nd			3rd			4th			1st			2nd
	Quarter			Quarter			Quarter			Quarter			Quarter
	2004			2004			2004			2005			2005

Assets:
Investments in fixed maturities available for sale	$	1,469,027		$	1,381,788		$	1,304,086		$	1,283,406		$	1,256,169
Short-term investments		88,664			98,761			123,746			60,325			61,058
Short-term investments, loaned securities collateral		129,999			96,606			-			102,620			90,114
Total investments		1,687,690			1,577,155			1,427,832			1,446,351			1,407,341

Cash		66,100			48,046			35,537			49,921			30,464
Accrued investment income		17,913			16,407			15,517			15,188			14,147
Premiums receivable		249,112			219,111			197,831			208,748			183,713
Reinsurance receivables		1,210,765			1,170,004			1,142,552			1,129,507			1,129,857
Deferred income taxes		88,250			80,541			86,501			98,714			90,301
Deferred acquisition costs		41,321			37,800			31,426			35,138			34,655
Funds held by reinsureds		107,804			134,978			142,064			146,674			150,078
Other assets		248,578			219,536			174,725			167,200			169,028
Total assets	$	3,717,533		$	3,503,578		$	3,253,985		$	3,297,441		$	3,209,584

Liabilities:
Unpaid losses and loss adjustment expenses	$	2,292,281		$	2,179,900		$	2,111,598		$	2,077,599		$	2,005,386
Unearned premiums		216,155			193,221			158,489			177,415			175,025
Debt		187,566			187,566			214,467			211,769			211,853
Accounts payable, accrued expenses
and other liabilities		277,457			254,467			196,744			196,875			188,042
Funds held under reinsurance treaties		162,293			127,239			121,234			112,712			105,572
Dividends to policyholders		8,121			6,424			5,977			4,580			3,992
Payable under securities loan agreements		129,997			96,614			25			102,603			90,118
Total liabilities		3,273,870			3,045,431			2,808,534			2,883,553			2,779,988

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		223,442			223,519			213,313			189,787			189,109
Accumulated other comprehensive income (loss)		(13,160	)		885			(1,959	)		(14,116	)		1,377
Notes receivable from officers		(59	)		-			-			-			-
Treasury stock, at cost		(45,261	)		(45,474	)		(45,573	)		(41,752	)		(40,734	)
Unearned restricted stock compensation		(1,720	)		(1,204	)		(751	)		(452	)		(577	)
Total shareholders' equity		443,663			458,147			445,451			413,888			429,596
Total liabilities and shareholders' equity	$	3,717,533		$	3,503,578		$	3,253,985		$	3,297,441		$	3,209,584

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

	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2004			2004			2004			2005			2005			2005			2004

Total Investments & Cash
As reported	$	1,753,790		$	1,625,201		$	1,463,369		$	1,496,272		$	1,437,805		$	1,437,805		$	1,753,790
Less:
Securities lending activity		129,997			96,614			25			102,603			90,118			90,118			129,997
Unrealized gain		45			23,615			20,958			2,368			26,563			26,563			45
Total adjusted investments & cash	$	1,623,748		$	1,504,972		$	1,442,386		$	1,391,301		$	1,321,124		$	1,321,124		$	1,623,748

Net Investment Income
As reported	$	14,807		$	13,238		$	12,142		$	11,712		$	12,542		$	24,254		$	31,565
Funds held:
Assumed		109			73			846			187			129			316			96
Ceded		(3,962	)		(2,140	)		(1,394	)		(2,125	)		(1,134	)		(3,259	)		(6,184	)
Total funds held		(3,853	)		(2,067	)		(548	)		(1,938	)		(1,005	)		(2,943	)		(6,088	)

Total adjusted investment income	$	18,660		$	15,305		$	12,690		$	13,650		$	13,547		$	27,197		$	37,653

Yield
As reported		3.11	%		3.13	%		3.15	%		3.17	%		3.42	%		3.31	%		3.24	%
Investment portfolio		4.10	%		3.91	%		3.44	%		3.85	%		4.00	%		3.93	%		4.02	%

Duration (in years)		3.4			3.6			3.6			3.8			3.9			3.9			3.4

PMA Capital Corporation
Debt
(Dollars in Thousands)

	Amount
	Outstanding		Maturity
6.50% convertible debt	$	99,140		2022¹
Derivative component of 6.50% convertible debt		10,742
4.25% convertible debt		655		2022²
8.50% senior notes		57,500		2018
Trust preferred debt³		43,816		2033
Total long-term debt	$	211,853

Holders of this 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. This debt may be converted at any time, at the holder's option, at a current price of $16.368 per share for $84.1 million principal amount and $15.891 per share for $15.0 million principal amount.

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

Weighted average interest rate on trust preferred debt is 7.47% as of June 30, 2005.

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

	2nd Quarter 2005
Liabilities	Assumed			Ceded		Total
Unpaid loss and loss adjustment expenses	$	(1,200	)	$	-	$	(1,200	)

		Six Months 2005
Liabilities		Assumed			Ceded		Total
Unpaid loss and loss adjustment expenses	$	(5,393	)	$	-	$	(5,393	)

PMA Capital Corporation
Statements of Operations - Consolidating
Six Months Ended June 30, 2005
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	209,952	$	(414	)	$	6,844		$	216,382

Net Premiums Written	$	187,577	$	(414	)	$	6,433		$	193,596

Revenues:
Net premiums earned	$	170,241	$	(414	)	$	6,616		$	176,443
Net investment income		15,257		528			8,469			24,254
Other revenues		10,871		260			-			11,131
Operating revenues		196,369		374			15,085			211,828

Losses and Expenses:
Losses and loss adjustment expenses		123,549		-			33,700			157,249
Acquisition expenses		34,021		-			2,633			36,654
Operating expenses		24,982		4,253			7,265			36,500
Dividends to policyholders		2,264		-			-			2,264
Total losses and expenses		184,816		4,253			43,598			232,667

Operating income (loss) before income taxes
and interest expense		11,553		(3,879	)		(28,513	)		(20,839	)

Interest expense		-		8,009			-			8,009

Pre-tax operating income (loss)	$	11,553	$	(11,888	)	$	(28,513	)		(28,848	)

Net realized investment gains										2,718

Pre-tax loss									$	(26,130	)

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

PMA Capital Corporation
Statements of Operations - Consolidating
Six Months Ended June 30, 2004
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	240,886	$	(375	)	$	(58,202	)	$	182,309

Net Premiums Written	$	217,248	$	(375	)	$	(55,502	)	$	161,371

Revenues:
Net premiums earned	$	249,938	$	(375	)	$	75,054		$	324,617
Net investment income		16,392		617			14,556			31,565
Other revenues		12,401		294			-			12,695
Operating revenues		278,731		536			89,610			368,877

Losses and Expenses:
Losses and loss adjustment expenses		186,903		-			42,758			229,661
Acquisition expenses		45,652		-			26,551			72,203
Operating expenses		34,433		5,455			10,731			50,619
Dividends to policyholders		2,375		-			-			2,375
Total losses and expenses		269,363		5,455			80,040			354,858

Operating income (loss) before income taxes
and interest expense		9,368		(4,919	)		9,570			14,019

Interest expense		-		5,899			-			5,899

Pre-tax operating income (loss)	$	9,368	$	(10,818	)	$	9,570			8,120

Net realized investment gains										10,848

Pre-tax income									$	18,968

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

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended June 30, 2005
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations		Consolidated

Gross Premiums Written	$	93,680	$	(220	)	$	1,609	$	95,069

Net Premiums Written	$	82,103	$	(220	)	$	1,504	$	83,387

Revenues:
Net premiums earned	$	85,541	$	(220	)	$	3,399	$	88,720
Net investment income		7,716		257			4,569		12,542
Other revenues		4,906		33			-		4,939
Operating revenues		98,163		70			7,968		106,201

Losses and Expenses:
Losses and loss adjustment expenses		61,331		-			1,930		63,261
Acquisition expenses		17,254		-			729		17,983
Operating expenses		12,875		1,751			4,176		18,802
Dividends to policyholders		1,762		-			-		1,762
Total losses and expenses		93,222		1,751			6,835		101,808

Operating income (loss) before income taxes
and interest expense		4,941		(1,681	)		1,133		4,393

Interest expense		-		4,040			-		4,040

Pre-tax operating income (loss)	$	4,941	$	(5,721	)	$	1,133		353

Net realized investment losses									(265	)

Pre-tax income								$	88

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

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended June 30, 2004
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	94,400	$	(225	)	$	(69,726	)	$	24,449

Net Premiums Written	$	81,962	$	(225	)	$	(78,864	)	$	2,873

Revenues:
Net premiums earned	$	118,288	$	(225	)	$	285		$	118,348
Net investment income		8,364		273			6,170			14,807
Other revenues		5,581		291			-			5,872
Operating revenues		132,233		339			6,455			139,027

Losses and Expenses:
Losses and loss adjustment expenses		88,072		-			(601	)		87,471
Acquisition expenses		22,620		-			2,348			24,968
Operating expenses		17,786		2,885			4,084			24,755
Dividends to policyholders		946		-			-			946
Total losses and expenses		129,424		2,885			5,831			138,140

Operating income (loss) before income taxes
and interest expense		2,809		(2,546	)		624			887

Interest expense		-		2,960			-			2,960

Pre-tax operating income (loss)	$	2,809	$	(5,506	)	$	624			(2,073	)

Net realized investment gains										2,248

Pre-tax income									$	175

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

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

	2nd		3rd		4th		1st		2nd		Six		Six		% Change			% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		Months		Months		2nd			Six
	2004		2004		2004		2005		2005		2005		2004		Quarter			Months

Gross Premiums Written	$	94,400	$	109,788	$	72,380	$	116,272	$	93,680	$	209,952	$	240,886		-0.8	%		-12.8	%

Net Premiums Written	$	81,962	$	97,637	$	62,910	$	105,474	$	82,103	$	187,577	$	217,248		0.2	%		-13.7	%

Revenues:
Net premiums earned	$	118,288	$	103,032	$	89,373	$	84,700	$	85,541	$	170,241	$	249,938		-27.7	%		-31.9	%
Net investment income		8,364		8,083		6,509		7,541		7,716		15,257		16,392		-7.7	%		-6.9	%
Other revenues		5,581		5,856		5,511		5,965		4,906		10,871		12,401		-12.1	%		-12.3	%
Total revenues		132,233		116,971		101,393		98,206		98,163		196,369		278,731		-25.8	%		-29.5	%

Losses and Expenses:
Losses and loss adjustment expenses		88,072		77,994		66,284		62,218		61,331		123,549		186,903		-30.4	%		-33.9	%
Acquisition expenses		22,620		21,876		18,550		16,767		17,254		34,021		45,652		-23.7	%		-25.5	%
Operating expenses		17,786		12,759		14,479		12,107		12,875		24,982		34,433		-27.6	%		-27.4	%
Dividends to policyholders		946		805		1,819		502		1,762		2,264		2,375		86.3	%		-4.7	%
Total losses and expenses		129,424		113,434		101,132		91,594		93,222		184,816		269,363		-28.0	%		-31.4	%

Pre-tax operating income	$	2,809	$	3,537	$	261	$	6,612	$	4,941	$	11,553	$	9,368		75.9	%		23.3	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

	2nd Quarter 2004			3rd Quarter 2004			4th Quarter 2004			1st Quarter 2005			2nd Quarter 2005			Six Months 2005			Six Months 2004			Point Chg. 2nd Quarter Better (Worse)			Point Chg. Six Months Better (Worse)

Ratios - GAAP Basis:

Loss and LAE ratio		74.5	%		75.7	%		74.2	%		73.5	%		71.7	%		72.6	%		74.8	%		2.8			2.2

Expense ratio:
Acquisition expenses		19.1	%		21.2	%		20.8	%		19.8	%		20.2	%		20.0	%		18.3	%		(1.1	)		(1.7	)
Operating expenses¹		11.2	%		7.8	%		11.5	%		9.5	%		10.3	%		9.9	%		10.1	%		0.9			0.2
Total expense ratio		30.3	%		29.0	%		32.3	%		29.3	%		30.5	%		29.9	%		28.4	%		(0.2	)		(1.5	)

Policyholders' dividend ratio		0.8	%		0.8	%		2.0	%		0.6	%		2.1	%		1.3	%		1.0	%		(1.3	)		(0.3	)
Combined ratio		105.6	%		105.5	%		108.5	%		103.4	%		104.3	%		103.8	%		104.2	%		1.3			0.4

Net investment income ratio		-7.1	%		-7.8	%		-7.3	%		-8.9	%		-9.0	%		-9.0	%		-6.6	%		1.9			2.4
Operating ratio		98.5	%		97.7	%		101.2	%		94.5	%		95.3	%		94.8	%		97.6	%		3.2			2.8

¹ The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $13.2 million, $8.1 million, $10.3 million, $8.0 million and $8.9 million for the second, third and fourth quarters of 2004 and the first and second quarters of 2005, respectively.

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

	2nd			3rd			4th			1st			2nd		Six			Six			% Change			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter		Months			Months			2nd			Six
	2004			2004			2004			2005			2005		2005			2004			Quarter			Months

Gross Premiums Written	$	(69,726	)	$	(9,589	)	$	(2,176	)	$	5,235		$	1,609	$	6,844		$	(58,202	)		NM			NM

Net Premiums Written	$	(78,864	)	$	(13,884	)	$	(5,974	)	$	4,929		$	1,504	$	6,433		$	(55,502	)		NM			NM

Revenues:
Net premiums earned	$	285		$	1,364		$	649		$	3,217		$	3,399	$	6,616		$	75,054			NM			-91.2	%
Net investment income		6,170			4,884			5,215			3,900			4,569		8,469			14,556			-25.9	%		-41.8	%
Total revenues		6,455			6,248			5,864			7,117			7,968		15,085			89,610			23.4	%		-83.2	%

Losses and Expenses:
Losses and loss adjustment expenses		(601	)		2,712			3,905			31,770			1,930		33,700			42,758			NM			-21.2	%
Acquisition expenses		2,348			2,211			385			1,904			729		2,633			26,551			-69.0	%		-90.1	%
Operating expenses		4,084			3,440			3,520			3,089			4,176		7,265			10,731			2.3	%		-32.3	%
Total losses and expenses		5,831			8,363			7,810			36,763			6,835		43,598			80,040			17.2	%		-45.5	%

Pre-tax operating income (loss)	$	624		$	(2,115	)	$	(1,946	)	$	(29,646	)	$	1,133	$	(28,513	)	$	9,570			81.6	%		NM

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

	2nd			3rd			4th			1st			2nd			Six			Six			% Change			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months			2nd			Six
	2004			2004			2004			2005			2005			2005			2004			Quarter			Months

Gross Premiums Written	$	(225	)	$	(186	)	$	(264	)	$	(194	)	$	(220	)	$	(414	)	$	(375	)		2.2	%		-10.4	%

Net Premiums Written	$	(225	)	$	(186	)	$	(264	)	$	(194	)	$	(220	)	$	(414	)	$	(375	)		2.2	%		-10.4	%

Revenues:
Net premiums earned	$	(225	)	$	(186	)	$	(264	)	$	(194	)	$	(220	)	$	(414	)	$	(375	)		2.2	%		-10.4	%
Net investment income		273			271			418			271			257			528			617			-5.9	%		-14.4	%
Other revenues		291			25			6,614			227			33			260			294			-88.7	%		-11.6	%
Total revenues		339			110			6,768			304			70			374			536			-79.4	%		-30.2	%

Losses and Expenses:
Operating expenses		2,885			2,119			2,736			2,502			1,751			4,253			5,455			-39.3	%		-22.0	%
Total losses and expenses		2,885			2,119			2,736			2,502			1,751			4,253			5,455			-39.3	%		-22.0	%

Operating income (loss) before income taxes,
interest expense, and loss on debt exchange		(2,546	)		(2,009	)		4,032			(2,198	)		(1,681	)		(3,879	)		(4,919	)		34.0	%		21.1	%

Interest expense		2,960			2,973			3,482			3,969			4,040			8,009			5,899			36.5	%		35.8	%

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

Pre-tax operating loss	$	(5,506	)	$	(4,982	)	$	(5,423	)	$	(6,167	)	$	(5,721	)	$	(11,888	)	$	(10,818	)		-3.9	%		-9.9	%

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

	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2004			2004			2004			2005			2005			2005			2004

Receipts:
Premiums and other revenues collected	$	103,266		$	91,121		$	101,641		$	95,437		$	109,944		$	205,381		$	289,827
Investment income received		26,520			20,627			18,986			14,814			14,656			29,470			48,661
Total receipts		129,786			111,748			120,627			110,251			124,600			234,851			338,488

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		37,839			43,406			34,520			3,812			14,240			18,052			44,330
Losses and LAE paid - prior years		272,164			178,193			87,203			112,312			134,182			246,494			489,910
Total losses and LAE paid		310,003			221,599			121,723			116,124			148,422			264,546			534,240
Insurance operating expenses paid		54,695			43,228			27,716			37,394			40,823			78,217			128,540
Policyholders' dividends paid		873			2,145			765			2,115			1,284			3,399			2,446
Interest on corporate debt		1,856			3,694			2,371			4,387			1,987			6,374			5,542
Total disbursements		367,427			270,666			152,575			160,020			192,516			352,536			670,768

Net other		(22,894	)		6,997			(56,713	)		7,258			1,046			8,304			(30,405	)

Net operating cash flows	$	(260,535	)	$	(151,921	)	$	(88,661	)	$	(42,511	)	$	(66,870	)	$	(109,381	)	$	(362,685	)

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

	2nd			3rd			4th			1st		2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter		Quarter			Months			Months
	2004			2004			2004			2005		2005			2005			2004

Receipts:
Premiums and other revenues collected	$	123,944		$	97,543		$	111,150		$	91,910	$	101,408		$	193,318		$	252,160
Investment income received		9,869			9,574			9,851			9,404		9,682			19,086			20,115
Total receipts		133,813			107,117			121,001			101,314		111,090			212,404			272,275

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		19,158			29,827			31,304			3,810		14,233			18,043			25,315
Losses and LAE paid - prior years		63,116			57,160			31,086			72,999		69,276			142,275			138,563
Losses and LAE		82,274			86,987			62,390			76,809		83,509			160,318			163,878
Insurance operating expenses paid		38,931			34,600			29,531			33,000		38,226			71,226			91,576
Policyholders' dividends paid		873			2,145			765			2,115		1,284			3,399			2,446
Total disbursements		122,078			123,732			92,686			111,924		123,019			234,943			257,900

Net other		(8,535	)		8,102			(21,974	)		13,760		2,002			15,762			(16,841	)

Net operating cash flows	$	3,200		$	(8,513	)	$	6,341		$	3,150	$	(9,927	)	$	(6,777	)	$	(2,466	)

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

	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2004			2004			2004			2005			2005			2005			2004

Receipts:
Premiums collected	$	(20,678	)	$	(6,422	)	$	(9,509	)	$	3,527		$	8,536		$	12,063		$	37,667
Investment income received		16,651			11,053			9,135			5,410			4,974			10,384			28,546
Total receipts		(4,027	)		4,631			(374	)		8,937			13,510			22,447			66,213

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		18,681			13,579			3,216			2			7			9			19,015
Losses and LAE paid - prior years		209,048			121,033			56,117			39,313			64,906			104,219			351,347
Total losses and LAE paid		227,729			134,612			59,333			39,315			64,913			104,228			370,362
Insurance operating expenses paid		15,764			8,628			(1,815	)		4,394			2,597			6,991			36,964
Total disbursements		243,493			143,240			57,518			43,709			67,510			111,219			407,326

Net other		(13,311	)		282			(34,482	)		(74	)		(4,890	)		(4,964	)		(11,451	)

Net operating cash flows	$	(260,831	)	$	(138,327	)	$	(92,374	)	$	(34,846	)	$	(58,890	)	$	(93,736	)	$	(352,564	)

PMA Capital Corporation
Statutory Surplus
(In Thousands)

	2nd		3rd		4th		1st		2nd
	Quarter		Quarter		Quarter		Quarter		Quarter
	2004		2004		2004		2005		2005¹


PMA Pool ²	$	305,074	$	294,587	$	300,034	$	298,686	$	299,219	⁴
PMA Capital Insurance Company ³		236,247		236,443		224,511		218,322		215,348	⁴

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

	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2004			2004			2004			2005			2005¹			2005¹			2004

Net Premiums Written:
Workers Compensation & Integrated
Disability	$	56,764		$	88,814		$	54,556		$	94,737		$	70,944		$	165,681		$	162,954
Other Commercial Lines		8,275			8,962			3,700			10,787			10,998			21,785			20,190
Total - PMA Pool	$	65,039		$	97,776		$	58,256		$	105,524		$	81,942		$	187,466		$	183,144

Statutory Ratios:
Loss and LAE ratio		75.2	%		75.9	%		75.2	%		73.3	%		73.0	%		73.2	%		75.0	%
Underwriting expense ratio		39.0	%		29.5	%		37.5	%		25.2	%		30.2	%		27.4	%		31.4	%
Policyholders' dividend ratio		0.7	%		0.4	%		0.4	%		0.9	%		0.8	%		0.9	%		1.0	%
Combined ratio		114.9	%		105.8	%		113.1	%		99.4	%		104.0	%		101.5	%		107.4	%
Operating ratio		107.4	%		98.9	%		104.2	%		91.2	%		95.2	%		93.0	%		100.3	%

Estimated.

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

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 unassigned surplus of $129.9 million and $21.8 million for the PMA Pool and PMA Capital Insurance Company, respectively.

PMA Capital Corporation
Industry Ratings and Market Information

Transfer Agent and Registrar:		Inquiries:
American Stock Transfer & Trust Company		William E. Hitselberger
Shareholder Relations		Chief Financial Officer
59 Maiden Lane – Plaza Level		215.665.5070
New York, NY 10038		e-mail: bhitselberger@pmacapital.com
www.amstock.com

Phone Inquiries:		Investor Relations
800.937.5449		215.665.5046
		investorrelations@pmacapital.com
Email Inquiries:
info@amstock.com		Company Website:
		www.pmacapital.com

Securities Listing:
The Corporation's Class A Common Stock is listed
on the NASDAQ Stock Market^®. It trades under
the stock symbol: PMACA.



Financial Strength Ratings (as of 7/29/2005):

	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 in run-off.

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