PMA 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, Cjnrpm5BIAvSD8o39EWPsjuRJWss/aAGPGJHvo4rtwFo81xtmTP6ezuy4LYeVVkd 7HvZ/HAugOoPPORbW4RFMw== 0000950159-06-000322.txt : 20060222 0000950159-06-000322.hdr.sgml : 20060222 20060222161830 ACCESSION NUMBER: 0000950159-06-000322 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060222 DATE AS OF CHANGE: 20060222 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: 06636427 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 pma8k.htm PMA 8K PMA 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) February 22, 2006

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 February 22, 2006, the registrant issued a news release regarding its Fourth Quarter 2005 results, a copy of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. Additionally, the registrant’s Fourth Quarter 2005 Statistical Supplement is furnished as Exhibit 99.2 hereto 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 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On February 21, 2006, the Board of Directors elected J. Gregory Driscoll to the Board of Directors. Mr. Driscoll was elected to the class of directors that will stand for re-election at the 2007 Annual Meeting of Shareholders and to fill the vacancy created by the death of Thomas J. Gallen in November 2005. Additionally, the Board of Directors has appointed Mr. Driscoll to serve on the Compensation Committee.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1	PMA Capital Corporation News Release, dated February 22, 2006

Exhibit 99.2	PMA Capital Corporation Fourth 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

February 22, 2006	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 February 22, 2006

Exhibit 99.2	PMA Capital Corporation Fourth Quarter 2005 Statistical Supplement

EX-99.1 2 ex99-1.htm 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 Fourth Quarter 2005 Results

Blue Bell, PA, February 22, 2006 -- PMA Capital Corporation (NASDAQ: PMACA) today reported a net loss of $1.2 million, or four cents per share, for the fourth quarter of 2005, compared to a net loss of $10.3 million, or 33 cents per share, for the same period of 2004. For the year ended December 31, 2005, the Company had a net loss of $21.0 million, or 66 cents per share, compared to net income of $1.8 million, or six cents per diluted share, for 2004. The net loss for full year 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 Company’s Run-off Operations.

Vincent T. Donnelly, President and Chief Executive Officer commented, “During the fourth quarter, we continued to restore the business platform at The PMA Insurance Group with pre-tax operating income increasing to $3.9 million for the fourth quarter compared to $261,000 for the same period last year. We are pleased with the continued increase in new business written at The PMA Insurance Group, which increased to $108.5 million in 2005 from $46.4 million in the previous year, while direct written premiums were up over 16% for the fourth quarter of 2005, compared to the same period last year.”

“At the Run-off Operations, we reduced our insurance liabilities by $80 million through commutations with several ceding company groups in the fourth quarter of 2005, which we believe will reduce the volatility of the Run-off reserves. The continued reduction of insurance liabilities on our Run-off Operations’ balance sheet since November 2003 has, in our opinion, left this business with excess capital and we intend to seek to reduce our capital committed to this business in 2006,” Mr. Donnelly said.

“While we are pleased with the improvement in many of our operating metrics at The PMA Insurance Group, we recognize that we need to improve our overall results in 2006 and beyond,” Mr. Donnelly concluded.

PMA Capital also announced today the election of J. Gregory Driscoll to the Board of Directors. Mr. Driscoll was elected to fill the vacancy created by the death of Thomas J. Gallen in November 2005. Mr. Driscoll is President and Chief Executive Officer of Prince Telecom, New Castle, Delaware, the largest independent cable installation business in the country. Mr. Donnelly noted, “I am happy to welcome Greg to our Board. Greg’s experience and participation on the Board will help us as we continue to focus

on measured premium growth, improved profitability and executing our business plan. I look forward to working with him in the future.”

Included in the net losses for the fourth quarters of 2005 and 2004 were after-tax net realized investment losses of $705,000, or two cents per share, and $5.1 million, or 16 cents per share. After-tax net realized investment losses for the fourth quarter of 2005 included a $2.0 million loss compared to a $2.5 million loss in the fourth quarter of 2004 due to increases in the fair value of the derivative component of our 6.50% Convertible Debt. For the year ended December 31, 2005, we had after-tax net realized investment gains of $1.4 million, or five cents per share, compared to gains of $4.2 million, or 14 cents per diluted share, in the prior year. The after-tax net realized gains for full years of 2005 and 2004 were reduced by $2.4 million and $2.5 million due to increases in the fair value of the derivative component of our 6.50% Convertible Debt. Our outstanding 6.50% Convertible Debt has been reduced by $25.7 million, to $73.4 million principal amount at December 31, 2005 through open market purchases that we made in the third and fourth quarters.

Consolidated revenues for the fourth quarter of 2005 were $117.0 million, compared to $106.2 million for the same period a year ago. For the full year 2005, revenues were $443.1 million, compared to $612.7 million for the full year 2004. During the three months ended December 31, 2005 we had a 16% increase in direct written premiums at The PMA Insurance Group compared to the same period of 2004. Direct premiums written in 2005 were 3% higher than in 2004. The decrease in revenues for 2005 compared to 2004 was primarily due to lower net premiums earned at The PMA Insurance Group and lower earned premiums resulting from placing our reinsurance business into run-off in November 2003.

Segment Operating Results

Operating income (loss), which we define as net income (loss) under accounting principles generally accepted in the United States (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 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						Year ended
	December 31,						December 31,
(in thousands)	2005			2004			2005			2004
Pre-tax operating income (loss):
The PMA Insurance Group	$	3,867		$	261		$	22,020		$	13,166
Run-off Operations		1,838			(1,946	)		(26,933	)		5,509
Corporate & Other		(6,722	)		(5,423	)		(24,219	)		(21,223	)
Net realized investment gains (losses)		(1,084	)		(7,870	)		2,117			6,493
Pre-tax income (loss)		(2,101	)		(14,978	)		(27,015	)		3,945
Income tax expense (benefit)		(875	)		(4,665	)		(5,995	)		2,115
Net income (loss)	$	(1,226	)	$	(10,313	)	$	(21,020	)	$	1,830

The PMA Insurance Group

The PMA Insurance Group reported pre-tax operating income of $3.9 million and $22.0 million for the fourth quarter and full year 2005, compared to $261,000 and $13.2 million for the same periods last year.

Direct premiums written were $76.3 million for the fourth quarter of 2005, compared with $65.7 million for the fourth quarter of 2004. Direct premiums written were $397.9 million for full year 2005, compared with $387.0 million in 2004. We wrote $18.5 million and $108.5 million of new business in the fourth quarter and full year 2005, up from $10.0 million and $46.4 million for the same periods last year. Our renewal retention rate on existing workers’ compensation accounts was 83% in the fourth quarter of 2005, compared to 63% for the fourth quarter of 2004 and 76% for full year 2005, compared to 62% for the full year 2004. Net premiums written were $71.3 million for the fourth quarter of 2005, compared with $62.9 million for the fourth quarter of 2004. Net premiums written were $375.8 million for full year 2005, compared with $377.8 million for the same period last year. During 2005, our assumed premiums decreased by $12.3 million, primarily related to involuntary market business, compared to 2004, which reduced our net premiums written. The PMA Insurance Group continues to obtain price increases in most commercial lines of business, with average increases in workers’ compensation rates of approximately 4% in 2005.

The combined ratio on a GAAP basis in 2005 was 106.2% for the fourth quarter and 104.3% for the year, compared to 108.5% and 105.4% for the same periods last year. The improvement in the combined ratio for the fourth quarter, compared to the same period last year, primarily reflects an improved loss and LAE ratio. The improvement in the combined ratio for full year 2005, compared to the same period of 2004, primarily reflects an improved loss and LAE ratio which was partially offset by an increase in the expense ratio.

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 slightly outpaced 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 9%, compared to our third quarter 2005 and full year 2004 estimates of 11%. The medical cost inflation rate has declined mainly due to our network and managed care initiatives throughout 2005 which has benefited our current year loss ratio. We do not expect the rate of decline in medical cost inflation to be as significant in 2006. The loss ratio has also benefited from a change in the geographic mix of our business.

Net investment income increased to $8.3 million for the fourth quarter of 2005, compared to $6.5 million in the same period of 2004, primarily due to higher yields on a higher invested asset base. For full year 2005, net investment income increased by $761,000, to $31.7 million compared to the same period of 2004.

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 $1.8 million and a pre-tax operating loss of $26.9 million for the three months and year ended December 31, 2005, compared to a pre-tax operating loss of $1.9 million and pre-tax operating income of $5.5 million for the same periods last year. Results for full year 2005 included the first quarter charge of $30 million for prior year loss development. Pre-tax operating income for the year ended December 31, 2004 included a $6.0 million charge for the reinsurance agreement covering potential adverse loss development. Net premiums earned, losses and LAE, and acquisition expenses decreased significantly for full year 2005, compared to 2004, due to our

exit from the reinsurance business. During the fourth quarter of 2005, we reduced our insurance liabilities by $80 million through commutations, which reduced the gross loss reserves of this segment by 10%.

Corporate and Other

The Corporate and Other segment primarily includes corporate expenses, including debt service. Corporate and Other recorded pre-tax operating losses of $6.7 million and $24.2 million for the three months and year ended December 31, 2005, compared to $5.4 million and $21.2 million for the same periods last year, reflecting higher interest expense, partially offset by lower operating expenses. Pre-tax operating losses for the three and twelve month periods ended December 31, 2004 included a gain of $6.6 million in other revenues for the sale of a real estate partnership interest which was partially offset by a loss of $6.0 million related to our convertible debt exchange. Interest expense for the three months and year ended December 31, 2005 increased by $294,000 and $3.5 million over the comparable periods last year, due to a higher average amount of debt outstanding and higher interest rates on our convertible debt. Although the Company purchased $25.7 million par of its convertible debt during the third and fourth quarters of 2005, the Corporate and Other segment will not benefit from the reduced level of consolidated interest expense because the bonds were purchased and held by its operating companies. For segment reporting purposes, the Company allocates interest income for the bonds owned by its operating companies and reduces its investment income in Corporate and Other.

Financial Condition

Total assets were $2.9 billion as of December 31, 2005, compared to $3.3 billion at December 31, 2004. Shareholders’ equity was $406.2 million as of December 31, 2005, compared with $445.5 million as of December 31, 2004. Book value per share was $12.70 as of December 31, 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 and a decrease in the unrealized holding position of our invested asset portfolio. Net unrealized holding losses were $2.8 million, or nine cents per share, as of December 31, 2005, compared to unrealized gains of $13.6 million, or 43 cents per share, at year-end 2004, mainly due to higher market interest rates. Book value also decreased by $3.3 million, or ten cents per share, for a fourth quarter non-cash charge to equity to increase our minimum pension liability. At December 31, 2005, we had $22.5 million in cash and short-term investments at the holding company and its non-regulated subsidiaries.

The components of our debt as of December 31, 2005 were as follows:

(dollar amounts in thousands)	Amount			Maturity
6.50% Convertible Debt	$	73,435			2022	¹
Derivative component of 6.50% Convertible Debt		12,881
4.25% Convertible Debt²		655			2022
8.50% Senior Notes		57,500			2018
Trust preferred debt		43,816			2033
Surplus Notes		10,000			2035
Unamortized debt discount		(2,106	)
Total long-term debt	$	196,181

(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 $68.4 million principal amount and $15.891 per share for $5.0 million principal amount.
(2)	We retired $270,000 of this debt through open market purchases in 2005. This debt may be converted at any time, at the holder's option, at a current price of $16.368 per share.

As of December 31, 2005, our total outstanding debt had decreased to $196.2 million, compared to $210.8 million at December 31, 2004, primarily due to the open market purchases of $25.7 million principal amount of our 6.50% Convertible Debt, partially offset by the issuance of $10.0 million of Floating Rate Surplus Notes due 2035 (“Surplus Notes”) by one of our insurance subsidiaries. We financed these purchases through the issuance of the Surplus Notes at The PMA Insurance Group, and also directly purchased a portion of these bonds at our run-off company. We paid $27.9 million for these bond purchases, exclusive of accrued interest.

The PMA Insurance Group had statutory surplus of $315.1 million at December 31, 2005, including $10.0 million related to the issuance of Surplus Notes in September 2005, compared to $300.0 million at December 31, 2004. The PMA Insurance Group has the ability to pay $25.1 million in dividends during 2006 without the prior approval of the Pennsylvania Insurance Department. The statutory surplus of PMA Capital Insurance Company (“PMACIC”), PMA Capital Corporation’s directly held reinsurance subsidiary, was $204.9 million at December 31, 2005, compared to $224.5 million at December 31, 2004. PMACIC’s risk-based capital increased to 547% of Authorized Control Level Capital at December 31, 2005, compared to 379% at the end of 2004.

Conference Call with Investors

As a reminder, we will hold a conference call with investors beginning at 8:30 a.m. Eastern Time on Thursday, February 23^rd to review our 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
866-761-0749 (Domestic)	888-286-8010 (Domestic)
617-614-2707 (International)	617-801-6888 (International)
Passcode 32458874	Passcode 48338779

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 Thursday, February 23^rd until 11:59 p.m. Eastern Time on Thursday, March 23^rd.

Quarterly Statistical Supplement

Our Fourth 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 Wednesday, February 22, 2006. 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 and changing judicial interpretations of available coverage for certain insured losses;
·	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;
·	whether national asbestos liability legislation is enacted and the impact of such legislation on us;
·	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 TRIEA is extended beyond its December 31, 2007 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 December 31,
(dollars in thousands)	2005			2004
Direct premiums written:
The PMA Insurance Group	$	76,336		$	65,699
Run-off Operations		(16	)		98
Corporate and Other		(209	)		(264	)
Consolidated direct premiums written	$	76,111		$	65,533

Net premiums written:
The PMA Insurance Group	$	71,339		$	62,910
Run-off Operations		3,028			(5,974	)
Corporate and Other		(209	)		(264	)
Consolidated net premiums written	$	74,158		$	56,672

Revenues:
Net premiums earned:
The PMA Insurance Group	$	96,187		$	89,373
Run-off Operations		3,386			649
Corporate and Other		(209	)		(264	)
Consolidated net premiums earned		99,364			89,758
Net investment income		11,761			12,142
Realized losses		(1,084	)		(7,870	)
Other revenues		6,946			12,125
Consolidated revenues	$	116,987		$	106,155

Components of net loss:
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	3,867		$	261
Run-off Operations		1,838			(1,946	)
Corporate and Other		(6,722	)		(5,423	)
Realized losses		(1,084	)		(7,870	)
Pre-tax loss		(2,101	)		(14,978	)
Income tax benefit		(875	)		(4,665	)
Net loss	$	(1,226	)	$	(10,313	)

Weighted average common shares outstanding:
Basic		31,833,384			31,350,825
Diluted		31,833,384			31,350,825

(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 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)

	Year ended December 31,
(dollars in thousands)	2005			2004
Direct premiums written:
The PMA Insurance Group	$	397,876		$	387,043
Run-off Operations		197			42
Corporate and Other		(818	)		(825	)
Consolidated direct premiums written	$	397,255		$	386,260

Net premiums written:
The PMA Insurance Group	$	375,793		$	377,795
Run-off Operations		10,250			(75,360	)
Corporate and Other		(818	)		(825	)
Consolidated net premiums written	$	385,225		$	301,610

Revenues:
Net premiums earned:
The PMA Insurance Group	$	358,642		$	442,343
Run-off Operations		10,206			77,067
Corporate and Other		(818	)		(825	)
Consolidated net premiums earned		368,030			518,585
Net investment income		48,663			56,945
Realized gains		2,117			6,493
Other revenues		24,286			30,701
Consolidated revenues	$	443,096		$	612,724

Components of net income (loss):
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	22,020		$	13,166
Run-off Operations		(26,933	)		5,509
Corporate and Other		(24,219	)		(21,223	)
Realized gains		2,117			6,493
Pre-tax income (loss)		(27,015	)		3,945
Income tax expense (benefit)		(5,995	)		2,115
Net income (loss)	$	(21,020	)	$	1,830

Weighted average common shares outstanding:
Basic		31,682,648			31,344,858
Diluted		31,682,648			31,729,061

(1)

PMA Capital Corporation

GAAP Consolidated Balance Sheets

(Unaudited)

	December 31,			December 31,
(in thousands, except per share data)	2005			2004
Assets:
Investments:
Fixed maturities available for sale	$	1,049,254		$	1,304,086
Short-term investments		57,997			123,746
Total investments		1,107,251			1,427,832

Cash		30,239			35,537
Accrued investment income		11,528			15,517
Premiums receivable		197,582			197,831
Reinsurance receivables		1,094,674			1,142,552
Deferred income taxes		103,656			86,501
Deferred acquisition costs		34,236			31,426
Funds held by reinsureds		146,374			142,064
Other assets		162,505			171,042
Total assets	$	2,888,045		$	3,250,302

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,820,043		$	2,111,598
Unearned premiums		173,432			158,489
Debt		196,181			210,784
Accounts payable, accrued expenses
and other liabilities		209,656			196,769
Funds held under reinsurance treaties		78,058			121,234
Dividends to policyholders		4,452			5,977
Total liabilities		2,481,822			2,804,851

Shareholders' Equity:
Class A Common stock		171,090			171,090
Additional paid-in capital		109,331			109,331
Retained earnings		187,538			213,313
Accumulated other comprehensive loss		(22,684	)		(1,959	)
Treasury stock, at cost		(38,779	)		(45,573	)
Unearned restricted stock compensation		(273	)		(751	)
Total shareholders' equity		406,223			445,451
Total liabilities and shareholders' equity	$	2,888,045		$	3,250,302

Shareholders' equity per share	$	12.70		$	14.06

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Three months ended December 31,
(in thousands, except per share data)	2005			2004

Gross premiums written	$	87,240		$	69,940

Net premiums written	$	74,158		$	56,672

Revenues:
Net premiums earned	$	99,364		$	89,758
Net investment income		11,761			12,142
Net realized investment losses		(1,084	)		(7,870	)
Other revenues		6,946			12,125
Total revenues		116,987			106,155

Expenses:
Losses and loss adjustment expenses		69,713			70,189
Acquisition expenses		19,536			18,935
Operating expenses		23,499			20,735
Dividends to policyholders		2,343			1,819
Interest expense		3,997			3,482
Loss on debt exchange		-			5,973
Total losses and expenses		119,088			121,133

Pre-tax loss		(2,101	)		(14,978	)

Income tax benefit:
Current		-			(272	)
Deferred		(875	)		(4,393	)
Total income tax benefit		(875	)		(4,665	)

Net loss	$	(1,226	)	$	(10,313	)

Net loss per share:

Basic	$	(0.04	)	$	(0.33	)
Diluted	$	(0.04	)	$	(0.33	)

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Year ended December 31,
(in thousands, except per share data)	2005			2004

Gross premiums written	$	433,728		$	352,262

Net premiums written	$	385,225		$	301,610

Revenues:
Net premiums earned	$	368,030		$	518,585
Net investment income		48,663			56,945
Net realized investment gains		2,117			6,493
Other revenues		24,286			30,701
Total revenues		443,096			612,724

Expenses:
Losses and loss adjustment expenses		295,074			380,556
Acquisition expenses		75,881			115,225
Operating expenses		77,871			89,672
Dividends to policyholders		5,174			4,999
Interest expense		16,111			12,354
Loss on debt exchange		-			5,973
Total losses and expenses		470,111			608,779

Pre-tax income (loss)		(27,015	)		3,945

Income tax expense (benefit):
Deferred		(5,995	)		2,115
Total income tax expense (benefit)		(5,995	)		2,115

Net income (loss)	$	(21,020	)	$	1,830

Net income (loss) per share:

Basic	$	(0.66	)	$	0.06
Diluted	$	(0.66	)	$	0.06

EX-99.2 3 ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Statistical Supplement

Fourth Quarter

2005


PMA Capital Corporation
Statistical Supplement
Fourth Quarter - 2005

Table of Contents
	Page
*Consolidated Highlights:*
Selected Financial Data - Fourth Quarter			1
Selected Financial Data - Year-to-date			2
Consolidated Statements of Operations - Per Share Data			3
Consolidated Statements of Operations - Fourth 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 - Full Year	9	-	10
Statements of Operations - Consolidating - Fourth 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 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
	2004			2005			2005			2005			2005			Quarter

Net Premiums Written by Segment:
PMA Insurance Group	$	62,910		$	105,474		$	82,103		$	116,877		$	71,339			13.4	%
Run-off Operations		(5,974	)		4,929			1,504			789			3,028			NM
Corporate & Other		(264	)		(194	)		(220	)		(195	)		(209	)		20.8	%
Net premiums written	$	56,672		$	110,209		$	83,387		$	117,471		$	74,158			30.9	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	261		$	6,612		$	4,941		$	6,600		$	3,867			NM
Run-off Operations		(1,946	)		(29,646	)		1,133			(258	)		1,838			NM
Corporate & Other		(5,423	)		(6,167	)		(5,721	)		(5,609	)		(6,722	)		-24.0	%
Pre-tax operating income (loss)		(7,108	)		(29,201	)		353			733			(1,017	)		85.7	%
Net realized investment gains (losses)		(7,870	)		2,983			(265	)		483			(1,084	)		86.2	%
Pre-tax income (loss)		(14,978	)		(26,218	)		88			1,216			(2,101	)		86.0	%
Income tax expense (benefit)		(4,665	)		(5,667	)		71			476			(875	)		81.2	%
Net income (loss)	$	(10,313	)	$	(20,551	)	$	17		$	740		$	(1,226	)		88.1	%
After-tax operating income (loss)	$	(5,198	)	$	(22,490	)	$	189		$	426		$	(521	)		90.0	%

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.33	)	$	(0.65	)	$	-		$	0.02		$	(0.04	)		87.9	%
Less the impact of:
Realized gains (losses) after tax		(0.16	)		0.06			(0.01	)		0.01			(0.02	)		87.5	%
After-tax operating income (loss)	$	(0.17	)	$	(0.71	)	$	0.01		$	0.01		$	(0.02	)		88.2	%

Capitalization:
Debt	$	210,784		$	208,294		$	208,586		$	216,808		$	196,181			-6.9	%
Shareholders' equity excluding FAS 115 unrealized gain (loss)		431,828			412,349			412,330			413,513			409,019			-5.3	%
Total capitalization excluding FAS 115 unrealized gain (loss)		642,612			620,643			620,916			630,321			605,200			-5.8	%
FAS 115 unrealized gain (loss)		13,623			1,539			17,266			1,151			(2,796	)		NM
Total capitalization including FAS 115 unrealized gain (loss)	$	656,235		$	622,182		$	638,182		$	631,472		$	602,404			-8.2	%

Book Value Per Share:
Excluding FAS 115 unrealized gain (loss)	$	13.63		$	12.95		$	12.93		$	12.94		$	12.79			-6.2	%
Including FAS 115 unrealized gain (loss)	$	14.06		$	13.00		$	13.47		$	12.98		$	12.70			-9.7	%

Debt to Total Capital:
Excluding FAS 115 unrealized gain (loss)		32.8	%		33.6	%		33.6	%		34.4	%		32.4	%		-1.2	%
Including FAS 115 unrealized gain (loss)		32.1	%		33.5	%		32.7	%		34.3	%		32.6	%		1.6	%

Interest Coverage:
Income before interest and income taxes
to interest expense		NM			NM			1.02			1.30			0.47			NM

Operating income before interest and income taxes
to interest expense		NM			NM			1.09			1.18			0.75			NM

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

	Twelve			Twelve			% Change
	Months			Months			Twelve
	2005			2004			Months

Net Premiums Written by Segment:
PMA Insurance Group	$	375,793		$	377,795			-0.5	%
Run-off Operations		10,250			(75,360	)		NM
Corporate & Other		(818	)		(825	)		0.8	%
Net premiums written	$	385,225		$	301,610			27.7	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	22,020		$	13,166			67.2	%
Run-off Operations		(26,933	)		5,509			NM
Corporate & Other		(24,219	)		(21,223	)		-14.1	%
Pre-tax operating loss		(29,132	)		(2,548	)		NM
Net realized investment gains		2,117			6,493			-67.4	%
Pre-tax income (loss)		(27,015	)		3,945			NM
Income tax expense (benefit)		(5,995	)		2,115			NM
Net income (loss)	$	(21,020	)	$	1,830			NM
After-tax operating loss	$	(22,396	)	$	(2,391	)		NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.66	)	$	0.06			NM
Less the impact of:
Realized gains after tax		0.05			0.14			-64.3	%
After-tax operating loss	$	(0.71	)	$	(0.08	)		NM

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

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

Diluted Earnings (Loss) Per Share:

Net income (loss)	$	(0.33	)	$	(0.65	)	$	-	$	0.02	$	(0.04	)	$	(0.66	)	$	0.06

Pre-tax operating income (loss)	$	(0.23	)	$	(0.93	)	$	0.01	$	0.02	$	(0.03	)	$	(0.92	)	$	(0.08	)

After-tax operating income (loss)	$	(0.17	)	$	(0.71	)	$	0.01	$	0.01	$	(0.02	)	$	(0.71	)	$	(0.08	)

Diluted weighted average common
shares outstanding		31,350,825			31,393,684			32,015,127		32,244,295		31,833,384			31,682,648			31,729,061


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

Actual common shares issued
and outstanding		31,676,851			31,835,136			31,885,541		31,956,983		31,983,283			31,983,283			31,676,851


Class A Common Stock prices:
High	$	10.85		$	10.65		$	9.00	$	9.50	$	9.73		$	10.65		$	10.85
Low	$	6.74		$	7.05		$	5.91	$	7.83	$	7.99		$	5.91		$	4.70
Close	$	10.35		$	8.00		$	8.83	$	8.78	$	9.13		$	9.13		$	10.35

This Page Intentionally Left Blank

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

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

Gross Premiums Written	$	69,940		$	121,313		$	95,069		$	130,106	$	87,240			24.7	%

Net Premiums Written	$	56,672		$	110,209		$	83,387		$	117,471	$	74,158			30.9	%

Revenues:
Net premiums earned	$	89,758		$	87,723		$	88,720		$	92,223	$	99,364			10.7	%
Net investment income		12,142			11,712			12,542			12,648		11,761			-3.1	%
Net realized investment gains (losses)		(7,870	)		2,983			(265	)		483		(1,084	)		86.2	%
Other revenues		12,125			6,192			4,939			6,209		6,946			-42.7	%
Total revenues		106,155			108,610			105,936			111,563		116,987			10.2	%

Expenses:
Losses and loss adjustment expenses		70,189			93,988			63,261			68,112		69,713			-0.7	%
Acquisition expenses		18,935			18,671			17,983			19,691		19,536			3.2	%
Operating expenses		20,735			17,698			18,802			17,872		23,499			13.3	%
Dividends to policyholders		1,819			502			1,762			567		2,343			28.8	%
Interest expense		3,482			3,969			4,040			4,105		3,997			14.8	%
Loss on debt exchange		5,973			-			-			-		-			NM
Total losses and expenses		121,133			134,828			105,848			110,347		119,088			-1.7	%

Pre-tax income (loss)		(14,978	)		(26,218	)		88			1,216		(2,101	)		86.0	%

Income tax expense (benefit):
Current		(272	)		-			-			-		-			NM
Deferred		(4,393	)		(5,667	)		71			476		(875	)		80.1	%

Total income tax expense (benefit)		(4,665	)		(5,667	)		71			476		(875	)		81.2	%

Net income (loss)	$	(10,313	)	$	(20,551	)	$	17		$	740	$	(1,226	)		88.1	%

Pre-tax operating income (loss)	$	(7,108	)	$	(29,201	)	$	353		$	733	$	(1,017	)		85.7	%

After-tax operating income (loss)	$	(5,198	)	$	(22,490	)	$	189		$	426	$	(521	)		90.0	%

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	Twelve			Twelve			% Change
	Months			Months			Twelve
	2005			2004			Months

Gross Premiums Written	$	433,728		$	352,262			23.1	%

Net Premiums Written	$	385,225		$	301,610			27.7	%

Revenues:
Net premiums earned	$	368,030		$	518,585			-29.0	%
Net investment income		48,663			56,945			-14.5	%
Net realized investment gains		2,117			6,493			-67.4	%
Other revenues		24,286			30,701			-20.9	%
Total revenues		443,096			612,724			-27.7	%

Expenses:
Losses and loss adjustment expenses		295,074			380,556			-22.5	%
Acquisition expenses		75,881			115,225			-34.1	%
Operating expenses		77,871			89,672			-13.2	%
Dividends to policyholders		5,174			4,999			3.5	%
Interest expense		16,111			12,354			30.4	%
Loss on debt exchange		-			5,973			NM
Total losses and expenses		470,111			608,779			-22.8	%

Pre-tax income (loss)		(27,015	)		3,945			NM

Income tax expense (benefit):
Deferred		(5,995	)		2,115			NM

Total income tax expense (benefit)		(5,995	)		2,115			NM

Net income (loss)	$	(21,020	)	$	1,830			NM

Pre-tax operating loss	$	(29,132	)	$	(2,548	)		NM

After-tax operating loss	$	(22,396	)	$	(2,391	)		NM

PMA Capital Corporation
Consolidated Balance Sheets
(In Thousands)

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

Assets:
Investments in fixed maturities available for sale	$	1,304,086		$	1,283,406		$	1,256,169		$	1,184,301		$	1,049,254
Short-term investments		123,746			60,325			61,058			67,636			57,997
Short-term investments, loaned securities collateral		-			102,620			90,114			63,751			-
Total investments		1,427,832			1,446,351			1,407,341			1,315,688			1,107,251

Cash		35,537			49,921			30,464			43,282			30,239
Accrued investment income		15,517			15,188			14,147			13,703			11,528
Premiums receivable		197,831			208,748			183,713			212,847			197,582
Reinsurance receivables		1,142,552			1,129,507			1,129,857			1,115,953			1,094,674
Deferred income taxes		86,501			98,714			90,301			98,568			103,656
Deferred acquisition costs		31,426			35,138			34,655			39,432			34,236
Funds held by reinsureds		142,064			146,674			150,078			153,064			146,374
Other assets		171,042			167,200			169,028			167,192			162,505
Total assets	$	3,250,302		$	3,297,441		$	3,209,584		$	3,159,729		$	2,888,045

Liabilities:
Unpaid losses and loss adjustment expenses	$	2,111,598		$	2,077,599		$	2,005,386		$	1,966,907		$	1,820,043
Unearned premiums		158,489			177,415			175,025			199,153			173,432
Debt		210,784			208,294			208,586			216,808			196,181
Accounts payable, accrued expenses
and other liabilities		196,744			200,350			191,309			198,441			209,654
Funds held under reinsurance treaties		121,234			112,712			105,572			96,067			78,058
Dividends to policyholders		5,977			4,580			3,992			3,931			4,452
Payable under securities loan agreements		25			102,603			90,118			63,758			2
Total liabilities		2,804,851			2,883,553			2,779,988			2,745,065			2,481,822

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		213,313			189,787			189,109			188,834			187,538
Accumulated other comprehensive income (loss)		(1,959	)		(14,116	)		1,377			(14,861	)		(22,684	)
Treasury stock, at cost		(45,573	)		(41,752	)		(40,734	)		(39,305	)		(38,779	)
Unearned restricted stock compensation		(751	)		(452	)		(577	)		(425	)		(273	)
Total shareholders' equity		445,451			413,888			429,596			414,664			406,223
Total liabilities and shareholders' equity	$	3,250,302		$	3,297,441		$	3,209,584		$	3,159,729		$	2,888,045

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
	2004			2005			2005			2005			2005			2005			2004

Total Investments & Cash
As reported	$	1,463,369		$	1,496,272		$	1,437,805		$	1,358,970		$	1,137,490		$	1,137,490		$	1,463,369
Less:
Securities lending activity		25			102,603			90,118			63,758			2			2			25
Unrealized gain (loss)		20,958			2,368			26,563			1,771			(4,302	)		(4,302	)		20,958
Total adjusted investments & cash	$	1,442,386		$	1,391,301		$	1,321,124		$	1,293,441		$	1,141,790		$	1,141,790		$	1,442,386

Net Investment Income
As reported	$	12,142		$	11,712		$	12,542		$	12,648		$	11,761		$	48,663		$	56,945
Funds held:
Assumed		846			187			129			535			545			1,396			1,015
Ceded		(2,026	)		(2,437	)		(1,871	)		(1,694	)		(1,897	)		(7,899	)		(11,909	)
Total funds held		(1,180	)		(2,250	)		(1,742	)		(1,159	)		(1,352	)		(6,503	)		(10,894	)

Total adjusted investment income	$	13,322		$	13,962		$	14,284		$	13,807		$	13,113		$	55,166		$	67,839

Yield
As reported		3.15	%		3.17	%		3.42	%		3.62	%		3.77	%		3.53	%		3.18	%
Investment portfolio		3.62	%		3.94	%		4.21	%		4.22	%		4.31	%		4.19	%		4.02	%

Duration (in years)		3.6			3.8			3.9			3.7			3.7			3.7			3.6

PMA Capital Corporation
Debt
(Dollars in Thousands)


	Amount
	Outstanding			Maturity
6.50% convertible debt	$	73,435			2022¹
Derivative component of 6.50% convertible debt		12,881
4.25% convertible debt		655			2022²
8.50% senior notes		57,500			2018
Trust preferred debt³		43,816			2033
Surplus notes ⁴		10,000			2035
Unamortized debt discount		(2,106	)
Total long-term debt	$	196,181

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 $68.4 million principal amount and $15.891 per share for $5.0 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 8.53% as of December 31, 2005.

⁴

Interest rate on surplus notes is 8.76% as of December 31, 2005.

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

	4th Quarter 2005
Assets	Assumed			Ceded		Total
Funds held by reinsureds	$	(4,163	)	$	-	$	(4,163	)

Liabilities		Assumed			Ceded		Total
Unpaid loss and loss adjustment expenses	$	(75,907	)	$	-	$	(75,907	)
Other liabilities		(3,347	)		-		(3,347	)

	Twelve Months 2005
Assets		Assumed			Ceded		Total
Funds held by reinsureds	$	(4,163	)	$	-	$	(4,163	)

Liabilities		Assumed			Ceded		Total
Unpaid loss and loss adjustment expenses	$	(85,384	)	$	-	$	(85,384	)
Funds held under reinsurance treaties		(219	)		-		(219	)
Other liabilities		(3,347	)		-		(3,347	)

PMA Capital Corporation
Statements of Operations - Consolidating
Year Ended December 31, 2005
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	421,605	$	(818	)	$	12,941		$	433,728

Net Premiums Written	$	375,793	$	(818	)	$	10,250		$	385,225

Revenues:
Net premiums earned	$	358,642	$	(818	)	$	10,206		$	368,030
Net investment income		31,745		580			16,338			48,663
Other revenues		23,880		406			-			24,286
Operating revenues		414,267		168			26,544			440,979

Losses and Expenses:
Losses and loss adjustment expenses		260,276		-			34,798			295,074
Acquisition expenses		71,298		-			4,583			75,881
Operating expenses		55,273		8,502			14,096			77,871
Dividends to policyholders		5,174		-			-			5,174
Total losses and expenses		392,021		8,502			53,477			454,000

Operating income (loss) before income taxes
and interest expense		22,246		(8,334	)		(26,933	)		(13,021	)

Interest expense		226		15,885			-			16,111

Pre-tax operating income (loss)	$	22,020	$	(24,219	)	$	(26,933	)		(29,132	)

Net realized investment gains										2,117

Pre-tax loss									$	(27,015	)

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

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

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			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		23,768		6,933			-			30,701
Operating revenues		497,095		7,414			101,722			606,231

Losses and Expenses:
Losses and loss adjustment expenses		331,181		-			49,375			380,556
Acquisition expenses		86,078		-			29,147			115,225
Operating expenses		61,671		10,310			17,691			89,672
Dividends to policyholders		4,999		-			-			4,999
Total losses and expenses		483,929		10,310			96,213			590,452

Operating income (loss) before income taxes
and interest expense		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

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

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended December 31, 2005
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations		Consolidated

Gross Premiums Written	$	82,490	$	(209	)	$	4,959	$	87,240

Net Premiums Written	$	71,339	$	(209	)	$	3,028	$	74,158

Revenues:
Net premiums earned	$	96,187	$	(209	)	$	3,386	$	99,364
Net investment income		8,328		(219	)		3,652		11,761
Other revenues		6,837		109			-		6,946
Operating revenues		111,352		(319	)		7,038		118,071

Losses and Expenses:
Losses and loss adjustment expenses		68,732		-			981		69,713
Acquisition expenses		18,998		-			538		19,536
Operating expenses		17,191		2,627			3,681		23,499
Dividends to policyholders		2,343		-			-		2,343
Total losses and expenses		107,264		2,627			5,200		115,091

Operating income (loss) before income taxes
and interest expense		4,088		(2,946	)		1,838		2,980

Interest expense		221		3,776			-		3,997

Pre-tax operating income (loss)	$	3,867	$	(6,722	)	$	1,838		(1,017	)

Net realized investment losses									(1,084	)

Pre-tax loss								$	(2,101	)

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

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

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			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		5,511		6,614			-			12,125
Operating revenues		101,393		6,768			5,864			114,025

Losses and Expenses:
Losses and loss adjustment expenses		66,284		-			3,905			70,189
Acquisition expenses		18,550		-			385			18,935
Operating expenses		14,479		2,736			3,520			20,735
Dividends to policyholders		1,819		-			-			1,819
Total losses and expenses		101,132		2,736			7,810			111,678

Operating income (loss) before income taxes
and interest expense		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	)

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

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
	2004		2005		2005		2005		2005		2005		2004		Quarter			Months

Gross Premiums Written	$	72,380	$	116,272	$	93,680	$	129,163	$	82,490	$	421,605	$	423,054		14.0	%		-0.3	%

Net Premiums Written	$	62,910	$	105,474	$	82,103	$	116,877	$	71,339	$	375,793	$	377,795		13.4	%		-0.5	%

Revenues:
Net premiums earned	$	89,373	$	84,700	$	85,541	$	92,214	$	96,187	$	358,642	$	442,343		7.6	%		-18.9	%
Net investment income		6,509		7,541		7,716		8,160		8,328		31,745		30,984		27.9	%		2.5	%
Other revenues		5,511		5,965		4,906		6,172		6,837		23,880		23,768		24.1	%		0.5	%
Total revenues		101,393		98,206		98,163		106,546		111,352		414,267		497,095		9.8	%		-16.7	%

Losses and Expenses:
Losses and loss adjustment expenses		66,284		62,218		61,331		67,995		68,732		260,276		331,181		3.7	%		-21.4	%
Acquisition expenses		18,550		16,767		17,254		18,279		18,998		71,298		86,078		2.4	%		-17.2	%
Operating expenses		14,479		12,107		12,875		13,100		17,191		55,273		61,671		18.7	%		-10.4	%
Dividends to policyholders		1,819		502		1,762		567		2,343		5,174		4,999		28.8	%		3.5	%
Total losses and expenses		101,132		91,594		93,222		99,941		107,264		392,021		483,929		6.1	%		-19.0	%

Operating income before income taxes
and interest expense		261		6,612		4,941		6,605		4,088		22,246		13,166		NM			69.0	%

Interest expense		-		-		-		5		221		226		-		NM			NM

Pre-tax operating income	$	261	$	6,612	$	4,941	$	6,600	$	3,867	$	22,020	$	13,166		NM			67.2	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

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

Ratios - GAAP Basis:


Loss and LAE ratio		74.2	%		73.5	%		71.7	%		73.7	%		71.5	%		72.6	%		74.9	%		2.7			2.3

Expense ratio:
Acquisition expenses		20.8	%		19.8	%		20.2	%		19.8	%		19.8	%		19.9	%		19.5	%		1.0			(0.4	)
Operating expenses¹		11.5	%		9.5	%		10.3	%		9.2	%		12.5	%		10.4	%		9.9	%		(1.0	)		(0.5	)
Total expense ratio		32.3	%		29.3	%		30.5	%		29.0	%		32.3	%		30.3	%		29.4	%		-			(0.9	)

Policyholders' dividend ratio		2.0	%		0.6	%		2.1	%		0.6	%		2.4	%		1.4	%		1.1	%		(0.4	)		(0.3	)
Combined ratio		108.5	%		103.4	%		104.3	%		103.3	%		106.2	%		104.3	%		105.4	%		2.3			1.1

Net investment income ratio		-7.3	%		-8.9	%		-9.0	%		-8.8	%		-8.7	%		-8.9	%		-7.0	%		1.4			1.9
Operating ratio		101.2	%		94.5	%		95.3	%		94.5	%		97.5	%		95.4	%		98.4	%		3.7			3.0

The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $10.3 million, $8.0 million, $8.9 million, $8.4 million and $12.1 million for the fourth quarter of 2004 and the first, second, third and fourth quarters of 2005, respectively.

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

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

Gross Premiums Written	$	(2,176	)	$	5,235		$	1,609	$	1,138		$	4,959	$	12,941		$	(69,967	)		NM			NM

Net Premiums Written	$	(5,974	)	$	4,929		$	1,504	$	789		$	3,028	$	10,250		$	(75,360	)		NM			NM

Revenues:
Net premiums earned	$	649		$	3,217		$	3,399	$	204		$	3,386	$	10,206		$	77,067			NM			-86.8	%
Net investment income		5,215			3,900			4,569		4,217			3,652		16,338			24,655			-30.0	%		-33.7	%
Total revenues		5,864			7,117			7,968		4,421			7,038		26,544			101,722			20.0	%		-73.9	%

Losses and Expenses:
Losses and loss adjustment expenses		3,905			31,770			1,930		117			981		34,798			49,375			-74.9	%		-29.5	%
Acquisition expenses		385			1,904			729		1,412			538		4,583			29,147			39.7	%		-84.3	%
Operating expenses		3,520			3,089			4,176		3,150			3,681		14,096			17,691			4.6	%		-20.3	%
Total losses and expenses		7,810			36,763			6,835		4,679			5,200		53,477			96,213			-33.4	%		-44.4	%

Pre-tax operating income (loss)	$	(1,946	)	$	(29,646	)	$	1,133	$	(258	)	$	1,838	$	(26,933	)	$	5,509			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
	2004			2005			2005			2005			2005			2005			2004			Quarter			Months

Gross Premiums Written	$	(264	)	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(818	)	$	(825	)		20.8	%		0.8	%

Net Premiums Written	$	(264	)	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(818	)	$	(825	)		20.8	%		0.8	%

Revenues:
Net premiums earned	$	(264	)	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(818	)	$	(825	)		20.8	%		0.8	%
Net investment income		418			271			257			271			(219	)		580			1,306			NM			-55.6	%
Other revenues		6,614			227			33			37			109			406			6,933			NM			NM
Total revenues		6,768			304			70			113			(319	)		168			7,414			NM			NM

Losses and Expenses:
Operating expenses		2,736			2,502			1,751			1,622			2,627			8,502			10,310			-4.0	%		-17.5	%
Total losses and expenses		2,736			2,502			1,751			1,622			2,627			8,502			10,310			-4.0	%		-17.5	%

Operating income (loss) before income taxes,
interest expense, and loss on debt exchange		4,032			(2,198	)		(1,681	)		(1,509	)		(2,946	)		(8,334	)		(2,896	)		NM			NM

Interest expense		3,482			3,969			4,040			4,100			3,776			15,885			12,354			8.4	%		28.6	%

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

Pre-tax operating loss	$	(5,423	)	$	(6,167	)	$	(5,721	)	$	(5,609	)	$	(6,722	)	$	(24,219	)	$	(21,223	)		-24.0	%		-14.1	%

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

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

Receipts:
Premiums and other revenues collected	$	102,749		$	96,675		$	108,706		$	90,858		$	98,661		$	394,900		$	485,073
Investment income received		18,986			14,814			14,656			15,942			16,393			61,805			88,274
Total receipts		121,735			111,489			123,362			106,800			115,054			456,705			573,347

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		34,520			3,812			14,240			16,593			20,720			55,365			122,256
Losses and LAE paid - prior years		87,203			112,312			134,182			86,329			174,212			507,035			755,306
Total losses and LAE paid		121,723			116,124			148,422			102,922			194,932			562,400			877,562
Insurance operating expenses paid		28,824			38,632			39,585			39,009			27,271			144,497			201,968
Policyholders' dividends paid		765			2,115			1,284			820			531			4,750			5,356
Interest on corporate debt		2,371			4,387			1,987			5,327			2,197			13,898			11,607
Total disbursements		153,683			161,258			191,278			148,078			224,931			725,545			1,096,493

Net other		(56,713	)		7,258			1,046			3,564			(15,349	)		(3,481	)		(80,121	)

Net operating cash flows	$	(88,661	)	$	(42,511	)	$	(66,870	)	$	(37,714	)	$	(125,226	)	$	(272,321	)	$	(603,267	)

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
	2004			2005		2005			2005		2005			2005			2004

Receipts:
Premiums and other revenues collected	$	112,258		$	93,148	$	100,170		$	91,212	$	97,910		$	382,440		$	463,337
Investment income received		9,851			9,404		9,682			10,262		10,606			39,954			39,540
Total receipts		122,109			102,552		109,852			101,474		108,516			422,394			502,877

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		31,304			3,810		14,233			16,584		20,720			55,347			86,446
Losses and LAE paid - prior years		31,086			72,999		69,276			55,520		43,853			241,648			226,809
Losses and LAE		62,390			76,809		83,509			72,104		64,573			296,995			313,255
Insurance operating expenses paid		30,639			34,238		36,988			33,988		23,305			128,519			158,191
Policyholders' dividends paid		765			2,115		1,284			820		531			4,750			5,356
Total disbursements		93,794			113,162		121,781			106,912		88,409			430,264			476,802

Net other		(21,974	)		13,760		2,002			6,012		(18,822	)		2,952			(30,713	)

Net operating cash flows	$	6,341		$	3,150	$	(9,927	)	$	574	$	1,285		$	(4,918	)	$	(4,638	)

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

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

Receipts:
Premiums collected	$	(9,509	)	$	3,527		$	8,536		$	(354	)	$	751		$	12,460		$	21,736
Investment income received		9,135			5,410			4,974			5,680			5,787			21,851			48,734
Total receipts		(374	)		8,937			13,510			5,326			6,538			34,311			70,470

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,216			2			7			9			-			18			35,810
Losses and LAE paid - prior years		56,117			39,313			64,906			30,809			130,359			265,387			528,497
Total losses and LAE paid		59,333			39,315			64,913			30,818			130,359			265,405			564,307
Insurance operating expenses paid		(1,815	)		4,394			2,597			5,021			3,966			15,978			43,777
Total disbursements		57,518			43,709			67,510			35,839			134,325			281,383			608,084

Net other		(34,482	)		(74	)		(4,890	)		(1,912	)		4,004			(2,872	)		(45,651	)

Net operating cash flows	$	(92,374	)	$	(34,846	)	$	(58,890	)	$	(32,425	)	$	(123,783	)	$	(249,944	)	$	(583,265	)

PMA Capital Corporation

Statutory Surplus

(In Thousands)

4th

1st

2nd

3rd

4th

Quarter

2004

2005

2005¹

PMA Pool ²

300,034

298,686

299,219

311,802

⁵

315,056

^{4,
5}

PMA Capital Insurance Company ³

224,511

218,322

215,348

210,663

204,920

⁴

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
	2004			2005			2005			2005			2005¹			2005¹			2004

Net Premiums Written:
Workers Compensation & Integrated
Disability	$	54,556		$	94,737		$	70,944		$	101,435		$	63,086		$	330,202		$	306,324
Other Commercial Lines		3,700			10,787			10,998			13,487			4,723			39,995			32,852
Total - PMA Pool	$	58,256		$	105,524		$	81,942		$	114,922		$	67,809		$	370,197		$	339,176

Statutory Ratios:
Loss and LAE ratio		75.2	%		73.3	%		73.0	%		73.3	%		73.0	%		73.1	%		75.3	%
Underwriting expense ratio		37.5	%		25.2	%		30.2	%		25.1	%		32.5	%		27.6	%		31.9	%
Policyholders' dividend ratio		0.4	%		0.9	%		0.8	%		0.8	%		1.1	%		0.9	%		0.7	%
Combined ratio		113.1	%		99.4	%		104.0	%		99.2	%		106.6	%		101.6	%		107.9	%
Operating ratio		104.2	%		91.2	%		95.2	%		91.2	%		98.6	%		93.4	%		100.5	%

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 $135.8 million and $11.4 million for the PMA Pool and PMA Capital Insurance Company, respectively.

⁵

Includes $10 million related to surplus notes.

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	\|
	\|		Investor Relations
Phone Inquiries:	\|		215.665.5046
800.937.5449	\|		investorrelations@pmacapital.com
	\|
Email Inquiries:	\|		Company Website:
info@amstock.com	\|		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 2/21/2006):

		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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