PMA 8K 1st Qtr Earnings

-----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, RnmS6VkQ2aVMqELPrIy3M6H5ne9wLFvzySu27n5GA4tn0j1LgFqel0g25BVKFlIk DsDkuXhl6ECu6g4CYt3F3Q== 0000950159-06-000685.txt : 20060508 0000950159-06-000685.hdr.sgml : 20060508 20060508161246 ACCESSION NUMBER: 0000950159-06-000685 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Triggering Events That Accelerate or Increase a Direct Financial Obligation under an Off-Balance Sheet Arrangement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060508 DATE AS OF CHANGE: 20060508 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: 06816913 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 pma8k1strearn.htm PMA 8K 1ST QTR EARNINGS PMA 8K 1st Qtr Earnings

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) May 8, 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 May 8, 2006, PMA Capital Corporation ("the Registrant") issued a news release regarding its First Quarter 2006 results, a copy of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. Additionally, the Registrant’s First Quarter 2006 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 Item 2.02 of 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 2.04. Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

As disclosed in the Registrant’s news release dated May 8, 2006, the Registrant received an “extraordinary dividend” in the amount of $73.5 million (the “Extraordinary Dividend”) from its wholly-owned subsidiary, PMA Capital Insurance Company (“PMACIC”). Under the terms of the Indenture, dated November 15, 2004, between the Registrant and U.S. Bank National Association, as supplemented by those certain First and Second Supplemental Indentures, dated November 15, 2004 (collectively, the “Indenture”), establishing the Registrant’s 6.50% Senior Secured Convertible Debentures due 2022 (the “Debentures”), the Registrant is required to use a portion of the proceeds from the Extraordinary Dividend to redeem $35 million aggregate principal amount of the Debentures at a redemption price equal to 110% of the aggregate principal amount of the Debentures, plus accrued and unpaid interest through the date of redemption. The Registrant anticipates that the redemption will occur in June 2006. Holders of the Debentures being redeemed may, at their election, choose to receive the portion of the redemption price in excess of the par value of the Debentures in shares of Class A Common Stock, with such shares being valued at $8.00 per share.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1	PMA Capital Corporation News Release, dated May 8, 2006

Exhibit 99.2	PMA Capital Corporation First Quarter 2006 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

May 8, 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 May 8, 2006

Exhibit 99.2	PMA Capital Corporation First Quarter 2006 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 First Quarter 2006 Results

Blue Bell, PA, May 8, 2006 -- PMA Capital Corporation (NASDAQ: PMACA) today reported net income of $2.5 million, or 8 cents per diluted share, for the first quarter of 2006, compared to a net loss of $20.6 million, or 65 cents per share, for the same period of 2005. The net loss for the first quarter of 2005 included an 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.

PMA Capital also announced that on May 3 the Pennsylvania Insurance Department (the “Department”) approved its request for an extraordinary dividend in the amount of $73.5 million from its subsidiary, PMA Capital Insurance Company (“PMACIC”), which was placed into run-off in November 2003. PMA Capital has agreed with the Department to use the proceeds to reduce its debt obligations and to maintain liquidity at the holding company.

“The PMA Insurance Group’s key operating metrics continued to strengthen in the first quarter,” said Vincent T. Donnelly, President and Chief Executive Officer. “Pre-tax operating income for The PMA Insurance Group increased to $8.1 million for the first quarter of 2006 compared to $6.6 million in the first quarter of 2005. From a production standpoint, direct written premiums for the quarter increased 17% compared to the same period last year. New business increased 25% in 2006, to $30 million. Our workers’ compensation renewal retention rate was 83%, continuing the improvement that began in the second quarter of 2005, compared to 62% for the first quarter in 2005.”

Mr. Donnelly continued, “We are pleased with the Department’s approval of our extraordinary dividend request which, consistent with our strategy, allows us to reduce the amount of capital committed to our Run-off Operations. The insurance liabilities at our Run-off Operations decreased in the first quarter of 2006, compared to year-end, and we expect to be able to continue to reduce the liabilities associated with this business. We believe this will increase the excess capital that we have in our run-off operation, which should allow us to reduce our capital committed to this business further in 2007.”

Mr. Donnelly concluded, “I believe we are making progress in increasing corporate profitability to a level that will be acceptable to our shareholders by improving the profitability of our insurance operations. I also believe that by continuing to efficiently run-off the insurance liabilities and by reducing the capital

committed to the Run-off Operations, we will enhance our financial flexibility. We will continue to work on these goals.”

Consolidated net income for the first quarter of 2006 included after-tax net realized investment gains of $1.2 million, or four cents per diluted share, compared to $1.9 million, or six cents per share, for the same period last year. After-tax realized investment gains included $614,000 in 2006 and $1.6 million in 2005 for decreases in the fair value of the derivative component of our 6.50% Convertible Debt.

Consolidated revenues for the first three months of 2006 were $112.0 million, compared to $108.6 million for the same period a year ago. Direct written premiums for the first quarter of 2006 increased 17% to $127.4 million, compared to $108.9 million in the first quarter last year. Net premiums earned increased to $91.7 million in the first quarter of 2006 from $87.7 million during the same period last year.

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.

The following is a reconciliation of our segment operating results as discussed below to GAAP net income (loss).

	Three months ended
	March 31,
(in thousands)	2006			2005
Pre-tax operating income (loss):
The PMA Insurance Group	$	8,141		$	6,612
Run-off Operations		161			(29,646	)
Corporate & Other		(6,139	)		(6,167	)
Net realized investment gains		1,818			2,983
Pre-tax income (loss)		3,981			(26,218	)
Income tax expense (benefit)		1,500			(5,667	)
Net income (loss)	$	2,481		$	(20,551	)

The PMA Insurance Group

The PMA Insurance Group reported pre-tax operating income of $8.1 million for the first quarter of 2006, compared to $6.6 million for the same period last year. The increase between periods is due to both improved underwriting results and increased investment income.

Direct premiums written increased 17% to $127.6 million for the first quarter of 2006, compared with $108.9 million for the first quarter of 2005. We wrote $30.0 million of new business in the first quarter of 2006, up from $24.0 million for the same period last year. Our renewal retention rate on existing

workers’ compensation accounts was 83% in the first quarter of 2006, compared to 62% for the first quarter of 2005. Net premiums written increased to $113.4 million in the first quarter of 2006, compared to $105.5 million during the same period last year.

The combined ratio on a GAAP basis was 102.1% for the first quarter of 2006, compared to 103.4% for the same period last year. The improvement in this ratio for the first quarter of 2006 primarily reflects an improved loss and LAE ratio, which was partially offset by a related increase in the policyholders’ dividend ratio.

The improved loss and LAE ratio is primarily due to a lower current accident year loss and LAE ratio and improved loss experience on certain of our captive accounts business in the first quarter of 2006, compared to the same period in 2005. Price increases and payroll inflation for workers’ compensation have kept pace with overall loss trends. In addition, our loss ratio benefited from some modest changes in our geographic and product mix and a reduction in our estimated medical cost inflation. We estimated our medical cost inflation to be 9% in the first quarter of 2006, compared to our first quarter 2005 estimate of 11%. This decline was primarily due to our network and managed care initiatives. We expect that medical cost inflation will remain a significant component of our overall loss experience. The policyholders’ dividend ratio increased as a result of the improved loss experience on certain of our captive accounts business where the policyholders receive a dividend based, to a large extent, on their loss experience.

Net investment income increased to $8.6 million for the first quarter of 2006, compared to $7.5 million in the same period of 2005, primarily due to higher portfolio yields.

Run-off Operations

Our 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 $161,000 for the three months ended March 31, 2006, compared to a pre-tax operating loss of $29.6 million for the same period last year. The pre-tax operating loss for the first quarter of 2005 was primarily attributable to a $30 million charge for prior year loss development.

Corporate and Other

The Corporate and Other segment primarily includes corporate expenses, including debt service. Corporate and Other recorded pre-tax operating losses of $6.1 million for the three months ended March 31, 2006, compared to $6.2 million for the same period last year. The Corporate and Other segment does not benefit from the reduced level of consolidated interest expense as a result of the Company’s 2005 purchases of $25.7 million par value of its 6.50% Convertible Debt because these 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 back to their respective segments and reduces investment income in the Corporate and Other segment.

Financial Condition

Total assets were $2.9 billion as of March 31, 2006 and December 31, 2005. Shareholders’ equity was $399.6 million as of March 31, 2006, compared with $406.2 million as of December 31, 2005. Book value per share was $12.39 as of March 31, 2006, compared to $12.70 at year-end 2005. The decreases in shareholders’ equity and book value per share were primarily due to an increase in unrealized losses on our invested asset portfolio, which was partially offset by first quarter net income. Net unrealized holding losses on our invested asset portfolio were $13.9 million, or 44 cents per share, as of March 31, 2006,

compared to $2.8 million, or nine cents per share, at year-end 2005, mainly due to higher market interest rates. At March 31, 2006, we had $10.3 million in cash and short-term investments at the holding company and its non-regulated subsidiaries.

The components of our debt as of March 31, 2006 were as follows:

(dollar amounts in thousands)	Amount			Maturity
6.50% Convertible Debt	$	68,047			2022	¹
Derivative component of 6.50% Convertible Debt		10,973
4.25% Convertible Debt²		655			2022
8.50% Senior Notes		57,500			2018
Junior subordinated debt		43,816			2033
Surplus Notes		10,000			2035
Unamortized debt discount		(1,810	)
Total long-term debt	$	189,181

(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 $64.1 million principal amount and $15.891 per share for $3.9 million principal amount.

(2)

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

As of March 31, 2006, our total outstanding debt decreased to $189.2 million, compared to $196.2 million at December 31, 2005. The decrease was due to the retirement of a portion of our 6.50% Convertible Debt as well as the decrease in the fair value of the derivative component of the convertible debt. During the first quarter of 2006 we retired $5.4 million principal amount of our 6.50% Convertible Debt, through open market purchases by our holding company. We paid $6.0 million for these bond purchases, exclusive of accrued interest.

In the second quarter of 2006, the Company will be required to redeem $35 million principal amount of its 6.50% Convertible Debt at a price of 110% of the principal amount plus accrued and unpaid interest as a result of the extraordinary dividend.

The PMA Insurance Group had statutory capital and surplus of $316.7 million at March 31, 2006, compared to $315.1 million at December 31, 2005. 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 capital and surplus of PMACIC, PMA Capital Corporation’s wholly-owned run-off reinsurance subsidiary, was $203.3 million at March 31, 2006, compared to $204.9 million at December 31, 2005. Subsequent to March 31, 2006, PMACIC’s statutory capital and surplus was reduced by $73.5 million as a result of its payment of the extraordinary dividend to PMA Capital.

Conference Call with Investors

As a reminder, we will hold a conference call with investors beginning at 5:30 p.m. Eastern Time on Monday, May 8^th to review our 2006 first quarter 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
800-299-7089 (Domestic)	888-286-8010 (Domestic)
617-801-9714 (International)	617-801-6888 (International)
Passcode 14718738	Passcode 80274338

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 8:00 p.m. Eastern Time on Monday, May 8^th until 11:59 p.m. Eastern Time on Thursday, June 8^th.

Quarterly Statistical Supplement

Our First 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 Monday, May 8, 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 state or federal 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 March 31,
(dollars in thousands)	2006			2005
Direct premiums written:
The PMA Insurance Group	$	127,573		$	108,912
Run-off Operations		-			156
Corporate and Other		(168	)		(194	)
Consolidated direct premiums written	$	127,405		$	108,874

Net premiums written:
The PMA Insurance Group	$	113,390		$	105,474
Run-off Operations		606			4,929
Corporate and Other		(168	)		(194	)
Consolidated net premiums written	$	113,828		$	110,209

Revenues:
Net premiums earned:
The PMA Insurance Group	$	91,221		$	84,700
Run-off Operations		606			3,217
Corporate and Other		(168	)		(194	)
Consolidated net premiums earned		91,659			87,723
Net investment income		11,400			11,712
Realized gains		1,818			2,983
Other revenues		7,104			6,192
Consolidated revenues	$	111,981		$	108,610

Components of net income (loss):
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	8,141		$	6,612
Run-off Operations		161			(29,646	)
Corporate and Other		(6,139	)		(6,167	)
Realized gains		1,818			2,983
Pre-tax income (loss)		3,981			(26,218	)
Income tax expense (benefit)		1,500			(5,667	)
Net income (loss)	$	2,481		$	(20,551	)

Weighted average common shares outstanding:
Basic		31,894,366			31,393,684
Diluted		32,405,934			31,393,684

(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

GAAP Consolidated Balance Sheets

(Unaudited)

	March 31,			December 31,
(in thousands, except per share data)	2006			2005
Assets:
Investments:
Fixed maturities available for sale	$	994,972		$	1,049,254
Short-term investments		63,641			57,997
Short-term investments, loaned securities collateral		9,991			-
Total investments		1,068,604			1,107,251

Cash		13,667			30,239
Accrued investment income		11,395			11,528
Premiums receivable		209,354			197,582
Reinsurance receivables		1,086,830			1,094,674
Deferred income taxes		107,908			103,656
Deferred acquisition costs		39,308			34,236
Funds held by reinsureds		148,512			146,374
Other assets		179,061			162,505
Total assets	$	2,864,639		$	2,888,045

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,776,822		$	1,820,043
Unearned premiums		199,129			173,432
Debt		189,181			196,181
Accounts payable, accrued expenses
and other liabilities		205,114			209,654
Funds held under reinsurance treaties		79,815			78,058
Dividends to policyholders		4,998			4,452
Payable under securities loan agreements		10,005			2
Total liabilities		2,465,064			2,481,822

Shareholders' Equity:
Class A Common stock		171,090			171,090
Additional paid-in capital		110,042			109,331
Retained earnings		185,393			187,265
Accumulated other comprehensive loss		(33,358	)		(22,684	)
Treasury stock, at cost		(33,592	)		(38,779	)
Total shareholders' equity		399,575			406,223
Total liabilities and shareholders' equity	$	2,864,639		$	2,888,045

Shareholders' equity per share	$	12.39		$	12.70

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Three months ended March 31,
(in thousands, except per share data)	2006		2005

Gross premiums written	$	133,967	$	121,313

Net premiums written	$	113,828	$	110,209

Revenues:
Net premiums earned	$	91,659	$	87,723
Net investment income		11,400		11,712
Net realized investment gains		1,818		2,983
Other revenues		7,104		6,192
Total revenues		111,981		108,610

Expenses:
Losses and loss adjustment expenses		65,393		93,988
Acquisition expenses		17,325		18,671
Operating expenses		19,987		17,698
Dividends to policyholders		1,422		502
Interest expense		3,873		3,969
Total losses and expenses		108,000		134,828

Pre-tax income (loss)		3,981		(26,218	)

Income tax expense (benefit):
Deferred		1,500		(5,667	)
Total income tax expense (benefit)		1,500		(5,667	)

Net income (loss)	$	2,481	$	(20,551	)

Net income (loss) per share:

Basic	$	0.08	$	(0.65	)
Diluted	$	0.08	$	(0.65	)

EX-99.2 3 ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Statistical Supplement

First Quarter

2006

PMA Capital Corporation
Statistical Supplement
First Quarter - 2006

Table of Contents
	Page
*Consolidated Highlights:*
Selected Financial Data			1
Consolidated Statements of Operations - Per Share Data			2
Consolidated Statements of Operations			3
Consolidated Balance Sheets			4
Invested Assets and Net Investment Income; Debt			5

*Segment Information:*
Statements of Operations - Consolidating		6 -	7
Statements of Operations - PMA Insurance Group			8
Insurance Ratios - PMA Insurance Group			9
Statements of Operations - Run-off Operations			10
Statements of Operations - Corporate & Other			11

*Operating Cash Flow Information:*
Operating Cash Flows - Consolidated			12
Operating Cash Flows - PMA Insurance Group			13
Operating Cash Flows - Run-off Operations			14

*Statutory Financial Information:*
Statutory Surplus; Statutory Financial Information - PMA Pool			15

*Other Information:*
Industry Ratings and Market Information			16

*Legend:*
NM - Not Meaningful

	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 page 1 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)

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2005			2005			2005			2005			2006			Quarter
Net Premiums Written by Segment:
PMA Insurance Group	$	105,474		$	82,103		$	116,877		$	71,339		$	113,390			7.5	%
Run-off Operations		4,929			1,504			789			3,028			606			-87.7	%
Corporate & Other		(194	)		(220	)		(195	)		(209	)		(168	)		13.4	%
Net premiums written	$	110,209		$	83,387		$	117,471		$	74,158		$	113,828			3.3	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	6,612		$	4,941		$	6,600		$	3,867		$	8,141			23.1	%
Run-off Operations		(29,646	)		1,133			(258	)		1,838			161			NM
Corporate & Other		(6,167	)		(5,721	)		(5,609	)		(6,722	)		(6,139	)		0.5	%
Pre-tax operating income (loss)		(29,201	)		353			733			(1,017	)		2,163			NM
Net realized investment gains (losses)		2,983			(265	)		483			(1,084	)		1,818			-39.1	%
Pre-tax income (loss)		(26,218	)		88			1,216			(2,101	)		3,981			NM
Income tax expense (benefit)		(5,667	)		71			476			(875	)		1,500			NM
Net income (loss)	$	(20,551	)	$	17		$	740		$	(1,226	)	$	2,481			NM
After-tax operating income (loss)	$	(22,490	)	$	189		$	426		$	(521	)	$	1,299			NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.65	)	$	-		$	0.02		$	(0.04	)	$	0.08			NM
Less the impact of:
Realized gains (losses) after tax		0.06			(0.01	)		0.01			(0.02	)		0.04			-33.3	%
After-tax operating income (loss)	$	(0.71	)	$	0.01		$	0.01		$	(0.02	)	$	0.04			NM

Capitalization:
Debt	$	208,294		$	208,586		$	216,808		$	196,181		$	189,181			-9.2	%
Shareholders' equity excluding FAS 115 unrealized gain (loss)		412,349			412,330			413,513			409,019			413,516			0.3	%
Total capitalization excluding FAS 115 unrealized gain (loss)		620,643			620,916			630,321			605,200			602,697			-2.9	%
FAS 115 unrealized gain (loss)		1,539			17,266			1,151			(2,796	)		(13,941	)		NM
Total capitalization including FAS 115 unrealized gain (loss)	$	622,182		$	638,182		$	631,472		$	602,404		$	588,756			-5.4	%

Book Value Per Share:
Excluding FAS 115 unrealized gain (loss)	$	12.95		$	12.93		$	12.94		$	12.79		$	12.83			-0.9	%
Including FAS 115 unrealized gain (loss)	$	13.00		$	13.47		$	12.98		$	12.70		$	12.39			-4.7	%

Debt to Total Capital:
Excluding FAS 115 unrealized gain (loss)		33.6	%		33.6	%		34.4	%		32.4	%		31.4	%		-6.5	%
Including FAS 115 unrealized gain (loss)		33.5	%		32.7	%		34.3	%		32.6	%		32.1	%		-4.2	%

Interest Coverage:
Income before interest and income taxes
to interest expense		NM			1.02			1.30			0.47			2.03			NM

Operating income before interest and income taxes
to interest expense		NM			1.09			1.18			0.75			1.56			NM

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

	1st			2nd		3rd		4th			1st
	Quarter			Quarter		Quarter		Quarter			Quarter
	2005			2005		2005		2005			2006

Diluted Earnings (Loss) Per Share:

Net income (loss)	$	(0.65	)	$	-	$	0.02	$	(0.04	)	$	0.08

Pre-tax operating income (loss)	$	(0.93	)	$	0.01	$	0.02	$	(0.03	)	$	0.07

After-tax operating income (loss)	$	(0.71	)	$	0.01	$	0.01	$	(0.02	)	$	0.04

Diluted weighted average common
shares outstanding		31,393,684			32,015,127		32,244,295		31,833,384			32,405,934


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

Actual common shares issued
and outstanding		31,835,136			31,885,541		31,956,983		31,983,283			32,239,288


Class A Common Stock prices:
High	$	10.65		$	9.00	$	9.50	$	9.73		$	10.43
Low	$	7.05		$	5.91	$	7.83	$	7.99		$	8.68
Close	$	8.00		$	8.83	$	8.78	$	9.13		$	10.18

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	1st			2nd			3rd		4th			1st		% Change
	Quarter			Quarter			Quarter		Quarter			Quarter		1st
	2005			2005			2005		2005			2006		Quarter

Gross Premiums Written	$	121,313		$	95,069		$	130,106	$	87,240		$	133,967		10.4	%

Net Premiums Written	$	110,209		$	83,387		$	117,471	$	74,158		$	113,828		3.3	%

Revenues:
Net premiums earned	$	87,723		$	88,720		$	92,223	$	99,364		$	91,659		4.5	%
Net investment income		11,712			12,542			12,648		11,761			11,400		-2.7	%
Net realized investment gains (losses)		2,983			(265	)		483		(1,084	)		1,818		-39.1	%
Other revenues		6,192			4,939			6,209		6,946			7,104		14.7	%
Total revenues		108,610			105,936			111,563		116,987			111,981		3.1	%

Expenses:
Losses and loss adjustment expenses		93,988			63,261			68,112		69,713			65,393		-30.4	%
Acquisition expenses		18,671			17,983			19,691		19,536			17,325		-7.2	%
Operating expenses		17,698			18,802			17,872		23,499			19,987		12.9	%
Dividends to policyholders		502			1,762			567		2,343			1,422		NM
Interest expense		3,969			4,040			4,105		3,997			3,873		-2.4	%
Total losses and expenses		134,828			105,848			110,347		119,088			108,000		-19.9	%

Pre-tax income (loss)		(26,218	)		88			1,216		(2,101	)		3,981		NM

Income tax expense (benefit):
Current		-			-			-		-			-		NM
Deferred		(5,667	)		71			476		(875	)		1,500		NM

Total income tax expense (benefit)		(5,667	)		71			476		(875	)		1,500		NM

Net income (loss)	$	(20,551	)	$	17		$	740	$	(1,226	)	$	2,481		NM

Pre-tax operating income (loss)	$	(29,201	)	$	353		$	733	$	(1,017	)	$	2,163		NM

After-tax operating income (loss)	$	(22,490	)	$	189		$	426	$	(521	)	$	1,299		NM

PMA Capital Corporation
Consolidated Balance Sheets
(In Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006

Assets:
Investments in fixed maturities available for sale	$	1,283,406		$	1,256,169		$	1,184,301		$	1,049,254		$	994,972
Short-term investments		60,325			61,058			67,636			57,997			63,641
Short-term investments, loaned securities collateral		102,620			90,114			63,751			-			9,991
Total investments		1,446,351			1,407,341			1,315,688			1,107,251			1,068,604

Cash		49,921			30,464			43,282			30,239			13,667
Accrued investment income		15,188			14,147			13,703			11,528			11,395
Premiums receivable		208,748			183,713			212,847			197,582			209,354
Reinsurance receivables		1,129,507			1,129,857			1,115,953			1,094,674			1,086,830
Deferred income taxes		98,714			90,301			98,568			103,656			107,908
Deferred acquisition costs		35,138			34,655			39,432			34,236			39,308
Funds held by reinsureds		146,674			150,078			153,064			146,374			148,512
Other assets		167,200			169,028			167,192			162,505			179,061
Total assets	$	3,297,441		$	3,209,584		$	3,159,729		$	2,888,045		$	2,864,639

Liabilities:
Unpaid losses and loss adjustment expenses	$	2,077,599		$	2,005,386		$	1,966,907		$	1,820,043		$	1,776,822
Unearned premiums		177,415			175,025			199,153			173,432			199,129
Debt		208,294			208,586			216,808			196,181			189,181
Accounts payable, accrued expenses
and other liabilities		200,350			191,309			198,441			209,654			205,114
Funds held under reinsurance treaties		112,712			105,572			96,067			78,058			79,815
Dividends to policyholders		4,580			3,992			3,931			4,452			4,998
Payable under securities loan agreements		102,603			90,118			63,758			2			10,005
Total liabilities		2,883,553			2,779,988			2,745,065			2,481,822			2,465,064

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			110,042
Retained earnings		189,335			188,532			188,409			187,265			185,393
Accumulated other comprehensive income (loss)		(14,116	)		1,377			(14,861	)		(22,684	)		(33,358	)
Treasury stock, at cost		(41,752	)		(40,734	)		(39,305	)		(38,779	)		(33,592	)
Total shareholders' equity		413,888			429,596			414,664			406,223			399,575
Total liabilities and shareholders' equity	$	3,297,441		$	3,209,584		$	3,159,729		$	2,888,045		$	2,864,639

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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006

Total Investments & Cash
As reported	$	1,496,272		$	1,437,805		$	1,358,970		$	1,137,490		$	1,082,271
Less:
Securities lending activity		102,603			90,118			63,758			2			10,005
Unrealized gain (loss)		2,368			26,563			1,771			(4,302	)		(21,448	)
Total adjusted investments & cash	$	1,391,301		$	1,321,124		$	1,293,441		$	1,141,790		$	1,093,714

Net Investment Income
As reported	$	11,712		$	12,542		$	12,648		$	11,761		$	11,400
Funds held:
Assumed		187			129			535			545			335
Ceded		(2,437	)		(1,871	)		(1,694	)		(1,897	)		(1,519	)
Total funds held		(2,250	)		(1,742	)		(1,159	)		(1,352	)		(1,184	)

Total adjusted investment income	$	13,962		$	14,284		$	13,807		$	13,113		$	12,584

Yield
As reported		3.17	%		3.42	%		3.62	%		3.77	%		4.11	%
Investment portfolio		3.94	%		4.21	%		4.22	%		4.31	%		4.50	%

Duration (in years)		3.8			3.9			3.7			3.7			3.7

PMA Capital Corporation
Debt
(Dollars in Thousands)

	Amount
	Outstanding			Maturity
6.50% convertible debt	$	68,047			2022¹
Derivative component of 6.50% convertible debt		10,973
4.25% convertible debt		655			2022²
8.50% senior notes		57,500			2018
Junior subordinated debt³		43,816			2033
Surplus notes ⁴		10,000			2035
Unamortized debt discount		(1,810	)
Total long-term debt	$	189,181

¹	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 $64.1 million principal amount and $15.891 per share for $3.9 million principal amount.
²	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.
³	Weighted average interest rate on junior subordinated debt is 8.95% as of March 31, 2006.
⁴	Interest rate on surplus notes is 9.18% as of March 31, 2006.

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended March 31, 2006
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	133,737	$	(168	)	$	398		$	133,967

Net Premiums Written	$	113,390	$	(168	)	$	606		$	113,828

Revenues:
Net premiums earned	$	91,221	$	(168	)	$	606		$	91,659
Net investment income		8,559		(360	)		3,201			11,400
Other revenues		7,074		30			-			7,104
Operating revenues		106,854		(498	)		3,807			110,163

Losses and Expenses:
Losses and loss adjustment expenses		64,519		-			874			65,393
Acquisition expenses		18,219		-			(894	)		17,325
Operating expenses		14,325		1,996			3,666			19,987
Dividends to policyholders		1,422		-			-			1,422
Total losses and expenses		98,485		1,996			3,646			104,127

Operating income (loss) before income taxes
and interest expense		8,369		(2,494	)		161			6,036

Interest expense		228		3,645			-			3,873

Pre-tax operating income (loss)	$	8,141	$	(6,139	)	$	161			2,163

Net realized investment gains										1,818

Pre-tax income									$	3,981

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

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

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	116,272	$	(194	)	$	5,235		$	121,313

Net Premiums Written	$	105,474	$	(194	)	$	4,929		$	110,209

Revenues:
Net premiums earned	$	84,700	$	(194	)	$	3,217		$	87,723
Net investment income		7,541		271			3,900			11,712
Other revenues		5,965		227			-			6,192
Operating revenues		98,206		304			7,117			105,627

Losses and Expenses:
Losses and loss adjustment expenses		62,218		-			31,770			93,988
Acquisition expenses		16,767		-			1,904			18,671
Operating expenses		12,107		2,502			3,089			17,698
Dividends to policyholders		502		-			-			502
Total losses and expenses		91,594		2,502			36,763			130,859

Operating income (loss) before income taxes
and interest expense		6,612		(2,198	)		(29,646	)		(25,232	)

Interest expense		-		3,969			-			3,969

Pre-tax operating income (loss)	$	6,612	$	(6,167	)	$	(29,646	)		(29,201	)

Net realized investment gains										2,983

Pre-tax loss									$	(26,218	)

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)

	1st		2nd		3rd		4th		1st		% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		1st
	2005		2005		2005		2005		2006		Quarter

Gross Premiums Written	$	116,272	$	93,680	$	129,163	$	82,490	$	133,737		15.0	%

Net Premiums Written	$	105,474	$	82,103	$	116,877	$	71,339	$	113,390		7.5	%

Revenues:
Net premiums earned	$	84,700	$	85,541	$	92,214	$	96,187	$	91,221		7.7	%
Net investment income		7,541		7,716		8,160		8,328		8,559		13.5	%
Other revenues		5,965		4,906		6,172		6,837		7,074		18.6	%
Total revenues		98,206		98,163		106,546		111,352		106,854		8.8	%

Losses and Expenses:
Losses and loss adjustment expenses		62,218		61,331		67,995		68,732		64,519		3.7	%
Acquisition expenses		16,767		17,254		18,279		18,998		18,219		8.7	%
Operating expenses		12,107		12,875		13,100		17,191		14,325		18.3	%
Dividends to policyholders		502		1,762		567		2,343		1,422		NM
Total losses and expenses		91,594		93,222		99,941		107,264		98,485		7.5	%

Operating income before income taxes
and interest expense		6,612		4,941		6,605		4,088		8,369		26.6	%

Interest expense		-		-		5		221		228		NM

Pre-tax operating income	$	6,612	$	4,941	$	6,600	$	3,867	$	8,141		23.1	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

	1st			2nd			3rd			4th			1st			Point Chg.
	Quarter			Quarter			Quarter			Quarter			Quarter			1st Quarter
	2005			2005			2005			2005			2006			Better (Worse)

Ratios - GAAP Basis:

Loss and LAE ratio		73.5	%		71.7	%		73.7	%		71.5	%		70.7	%		2.8

Expense ratio:
Acquisition expenses		19.8	%		20.2	%		19.8	%		19.8	%		20.0	%		(0.2	)
Operating expenses¹		9.5	%		10.3	%		9.2	%		12.5	%		9.8	%		(0.3	)
Total expense ratio		29.3	%		30.5	%		29.0	%		32.3	%		29.8	%		(0.5	)

Policyholders' dividend ratio		0.6	%		2.1	%		0.6	%		2.4	%		1.6	%		(1.0	)
Combined ratio		103.4	%		104.3	%		103.3	%		106.2	%		102.1	%		1.3

Net investment income ratio		-8.9	%		-9.0	%		-8.8	%		-8.7	%		-9.4	%		0.5
Operating ratio		94.5	%		95.3	%		94.5	%		97.5	%		92.7	%		1.8

¹ The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $8.0 million, $8.9 million, $8.4 million, $12.1 million and $8.9 million for the first, second, third and fourth quarters of 2005 and the first quarter of 2006, respectively.

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

	1st			2nd		3rd			4th		1st			% Change
	Quarter			Quarter		Quarter			Quarter		Quarter			1st
	2005			2005		2005			2005		2006			Quarter

Gross Premiums Written	$	5,235		$	1,609	$	1,138		$	4,959	$	398			-92.4	%

Net Premiums Written	$	4,929		$	1,504	$	789		$	3,028	$	606			-87.7	%

Revenues:
Net premiums earned	$	3,217		$	3,399	$	204		$	3,386	$	606			-81.2	%
Net investment income		3,900			4,569		4,217			3,652		3,201			-17.9	%
Total revenues		7,117			7,968		4,421			7,038		3,807			-46.5	%

Losses and Expenses:
Losses and loss adjustment expenses		31,770			1,930		117			981		874			-97.2	%
Acquisition expenses		1,904			729		1,412			538		(894	)		NM
Operating expenses		3,089			4,176		3,150			3,681		3,666			18.7	%
Total losses and expenses		36,763			6,835		4,679			5,200		3,646			-90.1	%

Pre-tax operating income (loss)	$	(29,646	)	$	1,133	$	(258	)	$	1,838	$	161			NM

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

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2005			2005			2005			2005			2006			Quarter

Gross Premiums Written	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(168	)		13.4	%

Net Premiums Written	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(168	)		13.4	%

Revenues:
Net premiums earned	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(168	)		13.4	%
Net investment income		271			257			271			(219	)		(360	)		NM
Other revenues		227			33			37			109			30			-86.8	%
Total revenues		304			70			113			(319	)		(498	)		NM

Losses and Expenses:
Operating expenses		2,502			1,751			1,622			2,627			1,996			-20.2	%
Total losses and expenses		2,502			1,751			1,622			2,627			1,996			-20.2	%

Operating loss before income taxes,
and interest expense		(2,198	)		(1,681	)		(1,509	)		(2,946	)		(2,494	)		-13.5	%

Interest expense		3,969			4,040			4,100			3,776			3,645			-8.2	%

Pre-tax operating loss	$	(6,167	)	$	(5,721	)	$	(5,609	)	$	(6,722	)	$	(6,139	)		0.5	%

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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006

Receipts:
Premiums and other revenues collected	$	96,675		$	108,706		$	90,858		$	98,661		$	104,991
Investment income received		14,814			14,656			15,942			16,393			15,368
Total receipts		111,489			123,362			106,800			115,054			120,359

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,812			14,240			16,593			20,720			3,496
Losses and LAE paid - prior years		112,312			134,182			86,329			174,212			92,597
Total losses and LAE paid		116,124			148,422			102,922			194,932			96,093
Insurance operating expenses paid		38,632			39,585			39,009			27,271			46,203
Policyholders' dividends paid		2,115			1,284			820			531			246
Interest on corporate debt		4,387			1,987			5,327			2,197			4,791
Total disbursements		161,258			191,278			148,078			224,931			147,333

Net other		7,258			1,046			3,564			(15,349	)		(12,368	)

Net operating cash flows	$	(42,511	)	$	(66,870	)	$	(37,714	)	$	(125,226	)	$	(39,342	)

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

	1st		2nd			3rd		4th			1st
	Quarter		Quarter			Quarter		Quarter			Quarter
	2005		2005			2005		2005			2006

Receipts:
Premiums and other revenues collected	$	93,148	$	100,170		$	91,212	$	97,910		$	99,740
Investment income received		9,404		9,682			10,262		10,606			10,479
Total receipts		102,552		109,852			101,474		108,516			110,219

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,810		14,233			16,584		20,720			3,496
Losses and LAE paid - prior years		72,999		69,276			55,520		43,853			65,113
Losses and LAE		76,809		83,509			72,104		64,573			68,609
Insurance operating expenses paid		34,238		36,988			33,988		23,305			42,110
Policyholders' dividends paid		2,115		1,284			820		531			246
Total disbursements		113,162		121,781			106,912		88,409			110,965

Net other		13,760		2,002			6,012		(18,822	)		(6,600	)

Net operating cash flows	$	3,150	$	(9,927	)	$	574	$	1,285		$	(7,346	)

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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006

Receipts:
Premiums collected	$	3,527		$	8,536		$	(354	)	$	751		$	5,251
Investment income received		5,410			4,974			5,680			5,787			4,889
Total receipts		8,937			13,510			5,326			6,538			10,140

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		2			7			9			-			-
Losses and LAE paid - prior years		39,313			64,906			30,809			130,359			27,484
Total losses and LAE paid		39,315			64,913			30,818			130,359			27,484
Insurance operating expenses paid		4,394			2,597			5,021			3,966			4,093
Total disbursements		43,709			67,510			35,839			134,325			31,577

Net other		(74	)		(4,890	)		(1,912	)		4,004			1,083

Net operating cash flows	$	(34,846	)	$	(58,890	)	$	(32,425	)	$	(123,783	)	$	(20,354	)

PMA Capital Corporation

Statutory Surplus

(In Thousands)

1st

2nd

3rd

4th

1st

Quarter

2005

2006¹

PMA Pool ²

298,686

299,219

311,802

⁵

315,056

⁵

316,726

^{4,
5}

PMA Capital Insurance Company ³

218,322

215,348

210,663

204,920

203,261

⁴

PMA Capital Corporation

Statutory Financial Information - PMA Pool ²

(In Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006¹

Net Premiums Written:
Workers' Compensation & Integrated Disability	$	94,737		$	70,944		$	101,435		$	63,086		$	100,096
Other Commercial Lines		10,787			10,998			13,487			4,723			11,048
Total - PMA Pool	$	105,524		$	81,942		$	114,922		$	67,809		$	111,144

Statutory Ratios:
Loss and LAE ratio		73.3	%		73.0	%		73.3	%		73.0	%		71.5	%
Underwriting expense ratio		25.2	%		30.2	%		25.1	%		32.5	%		24.6	%
Policyholders' dividend ratio		0.9	%		0.8	%		0.8	%		1.1	%		0.9	%
Combined ratio		99.4	%		104.0	%		99.2	%		106.6	%		97.0	%
Operating ratio		91.2	%		95.2	%		91.2	%		98.6	%		88.4	%

¹	Estimated.

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

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

⁴	Includes unassigned surplus of $137.4 million and $9.7 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 5/05/2006):

	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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