-----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, DLHa8zdP47AwjhrsBq5HZPJtvJ7cY4NuViqcAyK111mHaw7jxmoygYpA6nTsD3zr z84a7ToSa6cR99c6UXDEGQ== 0000950159-07-000259.txt : 20070222 0000950159-07-000259.hdr.sgml : 20070222 20070222163333 ACCESSION NUMBER: 0000950159-07-000259 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070222 DATE AS OF CHANGE: 20070222 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: 07642645 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 pma8k2-22.htm PMA 8K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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, 2007

PMA Capital Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania		000-22761		22-2217932
(State or other jurisdiction of incorporation)		(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:

(610) 397-5298

(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, 2007, PMA Capital Corporation (the “Registrant”) issued a news release regarding its Fourth Quarter 2006 results, a copy of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. Additionally, the Registrant’s Fourth 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 Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1	PMA Capital Corporation News Release, dated February 22, 2007

Exhibit 99.2	PMA Capital Corporation Fourth 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

February 22, 2007	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, 2007

Exhibit 99.2	PMA Capital Corporation Fourth 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:

Contact:

Immediate

William Hitselberger

(610) 397-5298

PMA Capital Announces Fourth Quarter 2006 Results

Blue Bell, PA, February 22, 2007 -- PMA Capital Corporation (NASDAQ: PMACA) today announced financial results for the fourth quarter of 2006. PMA Capital reported net income of $831,000, or three cents per diluted share, for the fourth quarter of 2006, compared to a net loss of $1.2 million, or four cents per share, for the same period in 2005. Operating income, which the Company defines as net income excluding realized gains (losses), for the quarter increased to $848,000, compared to an operating loss of $521,000 in the fourth quarter of 2005.

For the year ended December 31, 2006, the Company reported net income of $4.1 million, or 12 cents per diluted share, compared to a net loss of $21.0 million, or 66 cents per share, for 2005. Operating income for the year ended December 31, 2006 improved to $4.7 million, compared to an operating loss of $22.4 million for the same period in 2005. The net loss and operating loss for full year 2005 included an after-tax charge of $23 million, or 73 cents per share, for prior year loss development at the Company’s Run-off Operations.

“We finished the year with positive momentum and are pleased with the improvements in our operating metrics in 2006,” said Vincent T. Donnelly, President and Chief Executive Officer. “The PMA Insurance Group’s pre-tax operating income increased to $5.7 million for the fourth quarter of 2006, compared to $3.9 million in the fourth quarter of 2005, and for the full year, pre-tax operating income increased $6.9 million to $28.9 million. Our 2006 direct premiums written improved by 8%, compared to the prior year. For the full year 2006, our workers’ compensation renewal retention rate improved to 85%, compared to 76% for the full year 2005.”

Mr. Donnelly added, “We are encouraged that our 2006 momentum continued to carry forward in our January 2007 business production. Our January 2007 direct premiums, excluding production from our agreement with Midwest Insurance Companies, were $89 million, up 16% from January 2006.

“Service revenues for PMA Management Corp., our Third Party Administrators (TPA) business, grew to $27.8 million in 2006, up 17% compared to the prior year. We expect PMA Management Corp.’s business to continue to grow and we will continue to look for ways to enhance the growth of this service business in 2007.”

Mr. Donnelly concluded, “At our Run-off Operations, we continued to make progress and are pleased to note that the insurance liabilities related to this business are down 25%, or $169 million, since the prior year end. We believe that this reduction in liabilities has left this business with excess capital and we intend to seek to reduce the capital committed to this operation in 2007.”

Net income (loss) for the quarter and full year periods included after-tax net realized gains (losses) of:

	Three months ended						Year ended
	December 31,						December 31,
(in thousands)	2006			2005			2006			2005
Net realized gains (losses) after tax:
Sales of investments	$	(269	)	$	728		$	(876	)	$	3,220
Change in fair value of debt derivative		254			(1,975	)		303			(2,400	)
Other		(2	)		542			(67	)		556
Net realized gains (losses) after tax	$	(17	)	$	(705	)	$	(640	)	$	1,376

Consolidated revenues for the fourth quarter and full year 2006 were $105.7 million and $440.9 million, compared to $117.0 million and $443.1 million for the same periods in 2005. Direct premiums written for the fourth quarter of 2006 improved 10% to $83.9 million from the same period of 2005, and direct premiums written in 2006 increased 8% to $430.9 million, compared to full year 2005. Net premiums earned for the fourth quarter and full year 2006 were $88.3 million and $370.2 million, compared to $99.4 million and $368.0 million in the same periods 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 and operating income (loss) to GAAP net income (loss).

	Three months ended						Year ended
	December 31,						December 31,
(in thousands)	2006			2005			2006			2005
Pre-tax operating income (loss):
The PMA Insurance Group	$	5,721		$	3,867		$	28,884		$	22,020
Run-off Operations		485			1,838			1,248			(26,933	)
Corporate & Other		(5,282	)		(6,722	)		(22,565	)		(24,219	)
Pre-tax operating income (loss)		924			(1,017	)		7,567			(29,132	)
Income tax expense (benefit) ¹		76			(496	)		2,876			(6,736	)
Operating income (loss)		848			(521	)		4,691			(22,396	)
Net realized gains (losses) after tax		(17	)		(705	)		(640	)		1,376
Net income (loss)	$	831		$	(1,226	)	$	4,051		$	(21,020	)

(1)

The changes in our effective tax rates between periods related primarily to changes in items that are not deductible for income tax purposes. In 2005, our effective tax rate was also impacted by the $3.5 million increase in the valuation allowance on our deferred tax assets which reduced our income tax benefit.

The PMA Insurance Group

The PMA Insurance Group reported pre-tax operating income of $5.7 million and $28.9 million for the fourth quarter and full year 2006, compared to $3.9 million and $22.0 million for the same periods last year. The 2006 increases for both the fourth quarter and full year periods were due to improved underwriting results and increased investment income.

Direct premiums written for the three months and year ended December 31, 2006 increased to $84.1 million and $431.6 million, compared to $76.3 million and $397.9 million for same periods a year ago. Our renewal retention rate on existing workers’ compensation accounts improved to 85% for the fourth quarter of 2006, compared to 83% for the same period in 2005, while our renewal retention rate for the full year 2006 improved to 85%, up from 76% for full year 2005. We wrote $31.7 million and $105.2 million of new business in the fourth quarter and full year 2006, compared to $18.5 million and $108.5 million for the same periods in 2005. Included in new business for the quarter and year ended December 31, 2006 was $12.7 million and $14.8 million of California workers’ compensation business written under our agreement with Midwest Insurance Companies (“Midwest”).

Net premiums written were $66.9 million and $373.7 million in the fourth quarter and full year 2006, compared to $71.3 million and $375.8 million during the same periods a year ago. Net premiums in the fourth quarter and full year 2006 trailed the increase in direct premiums, due primarily to our cession of the California workers’ compensation premiums written under our agreement with Midwest. Our full year 2006 net premiums also trailed the increase in direct premiums due to an increase in the amount of workers’ compensation business sold to captive accounts, where a substantial portion of the direct premiums are ceded.

The combined ratios on a GAAP basis were 102.1% for both the fourth quarter and full year 2006, compared to 106.2% and 104.3% for the same periods last year. The improvement in the combined ratio for the fourth quarter of 2006, compared to prior year, was primarily the result of improved operating expense and policyholders’ dividend ratios, and to a lesser extent, a lower loss and LAE ratio. The full year improvement in the combined ratio from 2005 primarily reflected an improved loss and LAE ratio.

The improved loss and LAE ratios were primarily due to a lower current accident year loss and LAE ratio in 2006, compared to 2005. Price changes and payroll inflation for workers’ compensation have kept pace with overall loss trends. Our loss and LAE ratio benefited from changes in workers’ compensation products selected by our insureds, modest changes in our geographic mix and a reduction in our estimate of medical cost inflation. We estimated our medical cost inflation to be 8.5% during 2006, compared to our estimate of 9% in 2005. We expect that medical cost inflation will remain a significant component of our overall loss experience.

The improved operating expense ratio in the fourth quarter of 2006, compared to the prior year quarter, was the result of lower loss based assessments in the fourth quarter of 2006. The policyholders’ dividend ratio was lower in the fourth quarter of 2006 due to slightly lower than expected losses in the prior year quarter which resulted in higher dividends on participating products in the fourth quarter of 2005.

Our TPA service revenues, which are included in other revenues, were $7.0 million for the fourth quarter of 2006, up from $6.8 million in the fourth quarter of 2005. For full year 2006, our service revenues increased to $27.8 million, up 17% from $23.8 million for the same period last year.

Net investment income increased to $9.2 million in the fourth quarter of 2006, compared to $8.3 million in the prior year quarter. For the full year 2006, net investment income increased by $3.8 million to $35.5 million, compared to the same period in 2005. The improvements in both periods were due primarily to higher yields of approximately 40 basis points on our investment portfolio, which had a book yield of 5.0% at December 31, 2006.

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 $485,000 and $1.2 million for the three months and year ended December 31, 2006, compared to pre-tax operating income of $1.8 million and a pre-tax operating loss of $26.9 million for the same periods last year. The pre-tax operating loss for full year 2005 included the first quarter charge of $30 million for prior year loss development. During 2006, we recorded $1.3 million in favorable development, net of discount accretion, including approximately $700,000 in the fourth quarter, largely due to commutations of reinsurance treaties with some of our ceding companies.

Corporate and Other

The Corporate and Other segment primarily includes corporate expenses, including debt service. Corporate and Other recorded pre-tax operating losses of $5.3 million during the fourth quarter of 2006 and $22.6 million for the full year 2006, compared to $6.7 million and $24.2 million for the same periods last year. The improvements for both the fourth quarter and full year periods were primarily due to lower interest expense, which was partially offset by higher stock-based compensation expense. The lower interest expense resulted from reduced principal balances on outstanding debt in 2006, compared to 2005. Although the Corporate and Other segment does not benefit from the reduced level of consolidated interest expense on the $19.4 million principal amount of the Company’s 6.50% Convertible Debt held by its operating segments, it does benefit from the reduced level of the Company’s outstanding 6.50% Convertible Debt due to the $35.0 million mandatory redemption which occurred in June 2006, as well as the $25.4 million of open market purchases made by PMA Capital Corporation in 2006.

Financial Condition

Total assets were $2.7 billion as of December 31, 2006, compared to $2.9 billion as of December 31, 2005. Shareholders’ equity was $419.1 million as of December 31, 2006, compared with $406.2 million as of December 31, 2005. Book value per share was $12.83 as of December 31, 2006, compared to $12.70 at year end 2005. Shareholders’ equity increased largely due to net income, a $5.2 million after-tax decrease to our pension liabilities, and the impact of the shares issued in lieu of cash for the mandatory debt redemption. These increases were partially offset by an increase in unrealized losses on our invested asset portfolio. Net unrealized holding losses on our invested asset portfolio increased to $6.0 million, or 19 cents per share, as of December 31, 2006, compared to $2.8 million, or nine cents per share, at year end 2005, mainly due to higher market interest rates. The increase in book value per share was due primarily to the increase in shareholders’ equity which was partially offset by the increase in shares outstanding, largely resulting from the shares issued during the mandatory debt redemption. As of December 31, 2006, we had $18.2 million in cash and short-term investments at the holding company and its non-regulated subsidiaries.

The components of our debt were as follows:

(dollar amounts in thousands)	As of December 31, 2006			As of December 31, 2005			Maturity
6.50% Convertible Debt ¹	$	19,326		$	73,435			2022
Derivative component of 6.50% Convertible Debt		3,115			12,881
4.25% Convertible Debt ²		455			655			2022
8.50% Senior Notes		54,900			57,500			2018
Junior subordinated debt		43,816			43,816			2033
Surplus Notes		10,000			10,000			2035
Unamortized debt discount		(401	)		(2,106	)
Total long-term debt	$	131,211		$	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 $18.4 million principal amount and $15.891 per share for $941,000 principal amount.

(2)

Holders required us to repurchase $200,000 of this debt in 2006. 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, 2006, our total outstanding debt was $131.2 million, compared to $196.2 million at December 31, 2005. In June 2006, the Company completed the redemption of $35 million principal amount of its 6.50% Convertible Debt, including $9.6 million held by its consolidated operating companies. This redemption reduced the par value of our consolidated convertible debt by $25.4 million. The mandatory redemption was triggered by the extraordinary dividend the Company received from PMA Capital Insurance Company (“PMACIC”). In conjunction with the redemption, PMA Capital Corporation paid $36.0 million, including $10.6 million to its consolidated operating companies, and issued 307,990 shares of its Class A Common stock from its treasury. As a result of the redemption, the Company recognized a loss of $231,000, which is included in net realized investment losses for the year ended December 31, 2006.

During 2006, we repurchased $28.7 million principal amount of our 6.50% Convertible Debt and $2.6 million principal amount of our 8.50% Senior Notes through open market purchases. All of the open market purchases were made by PMA Capital Corporation, except for $3.3 million which were made by one of the consolidated operating companies. We paid $32.3 million and $2.6 million, respectively, for

these purchases, exclusive of accrued interest. As the derivative component of convertible debt was already reflected in our debt balance, the repurchase activity did not result in any significant realized gain or loss. As a result of this activity, our debt-to-capital ratio decreased to 24% as of current year end, compared to 33% as of prior year end.

The PMA Insurance Group had statutory capital and surplus of $321.2 million as of December 31, 2006, compared to $315.1 million as of December 31, 2005. The PMA Insurance Group has the ability to pay $26.5 million in dividends during 2007 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 $121.6 million as of December 31, 2006, compared to $204.9 million as of December 31, 2005. The reduction in PMACIC’s statutory capital and surplus was largely due to its extraordinary dividend payment of $73.5 million to PMA Capital in May 2006. PMACIC’s risk-based capital was 506% of Authorized Control Level Capital at December 31, 2006, compared to 547% at the end of 2005.

Conference Call with Investors

As a reminder, we will hold a conference call with investors beginning at 8:30 a.m. Eastern Time on Friday, February 23^rd to review our fourth quarter 2006 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
866-271-0675 (Domestic)	888-286-8010 (Domestic)
617-213-8892 (International)	617-801-6888 (International)
Passcode 73710489	Passcode 29187857

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 10:30 a.m. Eastern Time on Friday, February 23^rd until 11:59 p.m. Eastern Time on Friday, 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

380 Sentry Parkway

Blue Bell, PA 19422

Attention: Investor Relations

Alternatively, you may submit your request by telephone (610-397-5298) 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 on a Form 8-K dated Thursday, February 22, 2007. 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 increase the amount of new and renewal business written by The PMA Insurance Group at adequate prices or service revenues of our TPA operations;

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;

·	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;

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)	2006			2005
Direct premiums written:
The PMA Insurance Group	$	84,128		$	76,336
Run-off Operations		(95	)		(16	)
Corporate and Other		(157	)		(209	)
Consolidated direct premiums written	$	83,876		$	76,111

Net premiums written:
The PMA Insurance Group	$	66,873		$	71,339
Run-off Operations		309			3,028
Corporate and Other		(157	)		(209	)
Consolidated net premiums written	$	67,025		$	74,158

Revenues:
Net premiums earned:
The PMA Insurance Group	$	87,379		$	96,187
Run-off Operations		1,094			3,386
Corporate and Other		(157	)		(209	)
Consolidated net premiums earned		88,316			99,364
Net investment income		10,333			11,761
Realized losses		(26	)		(1,084	)
Other revenues		7,107			6,946
Consolidated revenues	$	105,730		$	116,987

Components of net income (loss):
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	5,721		$	3,867
Run-off Operations		485			1,838
Corporate and Other		(5,282	)		(6,722	)
Pre-tax operating income (loss)		924			(1,017	)
Income tax expense (benefit)		76			(496	)
Operating income (loss)		848			(521	)
Realized losses after tax		(17	)		(705	)
Net income (loss)	$	831		$	(1,226	)

Weighted average common shares outstanding:
Basic		32,472,587			31,833,384
Diluted		32,916,423			31,833,384

(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)	2006			2005
Direct premiums written:
The PMA Insurance Group	$	431,627		$	397,876
Run-off Operations		(48	)		197
Corporate and Other		(696	)		(818	)
Consolidated direct premiums written	$	430,883		$	397,255

Net premiums written:
The PMA Insurance Group	$	373,697		$	375,793
Run-off Operations		2,143			10,250
Corporate and Other		(696	)		(818	)
Consolidated net premiums written	$	375,144		$	385,225

Revenues:
Net premiums earned:
The PMA Insurance Group	$	368,099		$	358,642
Run-off Operations		2,778			10,206
Corporate and Other		(696	)		(818	)
Consolidated net premiums earned		370,181			368,030
Net investment income		43,538			48,663
Realized gains (losses)		(985	)		2,117
Other revenues		28,121			24,286
Consolidated revenues	$	440,855		$	443,096

Components of net income (loss):
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	28,884		$	22,020
Run-off Operations		1,248			(26,933	)
Corporate and Other		(22,565	)		(24,219	)
Pre-tax operating income (loss)		7,567			(29,132	)
Income tax expense (benefit)		2,876			(6,736	)
Operating income (loss)		4,691			(22,396	)
Realized gains (losses) after tax		(640	)		1,376
Net income (loss)	$	4,051		$	(21,020	)

Weighted average common shares outstanding:
Basic		32,238,278			31,682,648
Diluted		32,731,360			31,682,648

(1)

PMA Capital Corporation

GAAP Consolidated Balance Sheets

(Unaudited)

	December 31,			December 31,
(in thousands, except per share data)	2006			2005
Assets:
Investments:
Fixed maturities available for sale	$	871,951		$	1,049,254
Short-term investments		86,448			57,997
Total investments		958,399			1,107,251

Cash		14,105			30,239
Accrued investment income		9,351			11,528
Premiums receivable		207,771			197,582
Reinsurance receivables		1,039,979			1,094,674
Deferred income taxes		100,019			103,656
Deferred acquisition costs		36,239			34,236
Funds held by reinsureds		130,214			146,374
Other assets		170,330			162,505
Total assets	$	2,666,407		$	2,888,045

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,634,865		$	1,820,043
Unearned premiums		202,973			173,432
Debt		131,211			196,181
Accounts payable, accrued expenses
and other liabilities		210,740			209,656
Funds held under reinsurance treaties		63,075			78,058
Dividends to policyholders		4,450			4,452
Total liabilities		2,247,314			2,481,822

Shareholders' Equity:
Class A Common Stock		171,090			171,090
Additional paid-in capital		109,922			109,331
Retained earnings		184,216			187,538
Accumulated other comprehensive loss		(20,624	)		(22,684	)
Treasury stock, at cost		(25,511	)		(38,779	)
Unearned restricted stock compensation		-			(273	)
Total shareholders' equity		419,093			406,223
Total liabilities and shareholders' equity	$	2,666,407		$	2,888,045

Shareholders' equity per share	$	12.83		$	12.70

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

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

Gross premiums written	$	89,429		$	87,240

Net premiums written	$	67,025		$	74,158

Revenues:
Net premiums earned	$	88,316		$	99,364
Net investment income		10,333			11,761
Net realized investment losses		(26	)		(1,084	)
Other revenues		7,107			6,946
Total revenues		105,730			116,987

Expenses:
Losses and loss adjustment expenses		60,695			69,713
Acquisition expenses		17,825			19,536
Operating expenses		22,966			23,499
Dividends to policyholders		510			2,343
Interest expense		2,836			3,997
Total losses and expenses		104,832			119,088

Pre-tax income (loss)		898			(2,101	)

Income tax expense (benefit):
Current		-			-
Deferred		67			(875	)
Total income tax expense (benefit)		67			(875	)

Net income (loss)	$	831		$	(1,226	)

Net income (loss) per share:

Basic	$	0.03		$	(0.04	)
Diluted	$	0.03		$	(0.04	)

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Year ended December 31,
(in thousands, except per share data)	2006			2005

Gross premiums written	$	457,742		$	433,728

Net premiums written	$	375,144		$	385,225

Revenues:
Net premiums earned	$	370,181		$	368,030
Net investment income		43,538			48,663
Net realized investment gains (losses)		(985	)		2,117
Other revenues		28,121			24,286
Total revenues		440,855			443,096

Expenses:
Losses and loss adjustment expenses		259,221			295,074
Acquisition expenses		74,513			75,881
Operating expenses		83,486			77,871
Dividends to policyholders		3,532			5,174
Interest expense		13,521			16,111
Total losses and expenses		434,273			470,111

Pre-tax income (loss)		6,582			(27,015	)

Income tax expense (benefit):
Current		-			-
Deferred		2,531			(5,995	)
Total income tax expense (benefit)		2,531			(5,995	)

Net income (loss)	$	4,051		$	(21,020	)

Net income (loss) per share:

Basic	$	0.13		$	(0.66	)
Diluted	$	0.12		$	(0.66	)

EX-99.2 3 supplement.htm EXHIBIT 99.2 Exhibit 99.2

PMA Capital Corporation
Statistical Supplement
Fourth Quarter - 2006

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


	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
	2005			2006			2006			2006			2006			Quarter

Gross Premiums Written by Segment:
PMA Insurance Group	$	82,490		$	133,737		$	99,328		$	133,903		$	89,484			8.5	%
Run-off Operations		4,959			398			960			526			102			-97.9	%
Corporate & Other		(209	)		(168	)		(213	)		(158	)		(157	)		24.9	%
Gross premiums written	$	87,240		$	133,967		$	100,075		$	134,271		$	89,429			2.5	%

Net Premiums Written by Segment:
PMA Insurance Group	$	71,339		$	113,390		$	85,639		$	107,795		$	66,873			-6.3	%
Run-off Operations		3,028			606			527			701			309			-89.8	%
Corporate & Other		(209	)		(168	)		(213	)		(158	)		(157	)		24.9	%
Net premiums written	$	74,158		$	113,828		$	85,953		$	108,338		$	67,025			-9.6	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	3,867		$	8,141		$	6,671		$	8,351		$	5,721			47.9	%
Run-off Operations		1,838			161			428			174			485			-73.6	%
Corporate & Other		(6,722	)		(6,139	)		(6,128	)		(5,016	)		(5,282	)		21.4	%
Pre-tax operating income (loss)		(1,017	)		2,163			971			3,509			924			NM
Net realized investment gains (losses)		(1,084	)		1,818			(1,978	)		(799	)		(26	)		97.6	%
Pre-tax income (loss)		(2,101	)		3,981			(1,007	)		2,710			898			NM
Income tax expense (benefit)		(875	)		1,500			(245	)		1,209			67			NM
Net income (loss)	$	(1,226	)	$	2,481		$	(762	)	$	1,501		$	831			NM
After-tax operating income (loss)	$	(521	)	$	1,299		$	524		$	2,020		$	848			NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.04	)	$	0.08		$	(0.02	)	$	0.05		$	0.03			NM
Less the impact of:
Realized gains (losses) after tax		(0.02	)		0.04			(0.04	)		(0.01	)		-			NM
After-tax operating income (loss)	$	(0.02	)	$	0.04		$	0.02		$	0.06		$	0.03			NM

Capitalization:
Debt	$	196,181		$	189,181		$	148,303		$	131,561		$	131,211			-33.1	%
Shareholders' equity excluding FAS 115 unrealized loss		409,019			413,516			417,064			418,372			425,132			3.9	%
Total capitalization excluding FAS 115 unrealized loss		605,200			602,697			565,367			549,933			556,343			-8.1	%
FAS 115 unrealized loss		(2,796	)		(13,941	)		(18,733	)		(6,169	)		(6,039	)		NM
Total capitalization including FAS 115 unrealized loss	$	602,404		$	588,756		$	546,634		$	543,764		$	550,304			-8.6	%

Book Value Per Share:
Excluding FAS 115 unrealized loss	$	12.79		$	12.83		$	12.79		$	12.82		$	13.02			1.8	%
Including FAS 115 unrealized loss	$	12.70		$	12.39		$	12.21		$	12.63		$	12.83			1.0	%

Debt to Total Capital:
Excluding FAS 115 unrealized loss		32.4	%		31.4	%		26.2	%		23.9	%		23.6	%		-27.2	%
Including FAS 115 unrealized loss		32.6	%		32.1	%		27.1	%		24.2	%		23.8	%		-27.0	%

Interest Coverage:
Income before interest and income taxes
to interest expense		0.47			2.03			0.73			1.89			1.32			NM

Operating income before interest and income taxes
to interest expense		0.75			1.56			1.26			2.15			1.33			77.3	%

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

	Twelve			Twelve			% Change
	Months			Months			Twelve
	2006			2005			Months

Gross Premiums Written by Segment:
PMA Insurance Group	$	456,452		$	421,605			8.3	%
Run-off Operations		1,986			12,941			-84.7	%
Corporate & Other		(696	)		(818	)		14.9	%
Gross premiums written	$	457,742		$	433,728			5.5	%

Net Premiums Written by Segment:
PMA Insurance Group	$	373,697		$	375,793			-0.6	%
Run-off Operations		2,143			10,250			-79.1	%
Corporate & Other		(696	)		(818	)		14.9	%
Net premiums written	$	375,144		$	385,225			-2.6	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	28,884		$	22,020			31.2	%
Run-off Operations		1,248			(26,933	)		NM
Corporate & Other		(22,565	)		(24,219	)		6.8	%
Pre-tax operating income (loss)		7,567			(29,132	)		NM
Net realized investment gains (losses)		(985	)		2,117			NM
Pre-tax income (loss)		6,582			(27,015	)		NM
Income tax expense (benefit)		2,531			(5,995	)		NM
Net income (loss)	$	4,051		$	(21,020	)		NM
After-tax operating income (loss)	$	4,691		$	(22,396	)		NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	0.12		$	(0.66	)		NM
Less the impact of:
Realized gains (losses) after tax		(0.02	)		0.05			NM
After-tax operating income (loss)	$	0.14		$	(0.71	)		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
	2005			2006		2006			2006		2006		2006		2005

Diluted Earnings (Loss) Per Share:

Net income (loss)	$	(0.04	)	$	0.08	$	(0.02	)	$	0.05	$	0.03	$	0.12	$	(0.66	)

Pre-tax operating income (loss)	$	(0.03	)	$	0.07	$	0.03		$	0.11	$	0.03	$	0.23	$	(0.92	)

After-tax operating income (loss)	$	(0.02	)	$	0.04	$	0.02		$	0.06	$	0.03	$	0.14	$	(0.71	)

Diluted weighted average common
shares outstanding		31,833,384			32,405,934		32,132,618			32,922,643		32,916,423		32,731,360		31,682,648


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

Actual common shares issued
and outstanding		31,983,283			32,239,288		32,613,234			32,646,689		32,659,194		32,659,194		31,983,283


Class A Common Stock prices:
High	$	9.73		$	10.43	$	10.49		$	10.75	$	10.15	$	10.75	$	10.65
Low	$	7.99		$	8.68	$	9.24		$	8.60	$	8.60	$	8.60	$	5.91
Close	$	9.13		$	10.18	$	10.30		$	8.82	$	9.22	$	9.22	$	9.13

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
	2005			2006		2006			2006			2006			Quarter

Gross Premiums Written	$	87,240		$	133,967	$	100,075		$	134,271		$	89,429			2.5	%

Net Premiums Written	$	74,158		$	113,828	$	85,953		$	108,338		$	67,025			-9.6	%

Revenues:
Net premiums earned	$	99,364		$	91,659	$	94,922		$	95,284		$	88,316			-11.1	%
Net investment income		11,761			11,400		11,058			10,747			10,333			-12.1	%
Net realized investment gains (losses)		(1,084	)		1,818		(1,978	)		(799	)		(26	)		97.6	%
Other revenues		6,946			7,104		7,286			6,624			7,107			2.3	%
Total revenues		116,987			111,981		111,288			111,856			105,730			-9.6	%

Expenses:
Losses and loss adjustment expenses		69,713			65,393		66,379			66,754			60,695			-12.9	%
Acquisition expenses		19,536			17,325		19,552			19,811			17,825			-8.8	%
Operating expenses		23,499			19,987		21,580			18,953			22,966			-2.3	%
Dividends to policyholders		2,343			1,422		1,011			589			510			-78.2	%
Interest expense		3,997			3,873		3,773			3,039			2,836			-29.0	%
Total losses and expenses		119,088			108,000		112,295			109,146			104,832			-12.0	%

Pre-tax income (loss)		(2,101	)		3,981		(1,007	)		2,710			898			NM

Income tax expense (benefit):
Current		-			-		-			-			-			NM
Deferred		(875	)		1,500		(245	)		1,209			67			NM

Total income tax expense (benefit)		(875	)		1,500		(245	)		1,209			67			NM

Net income (loss)	$	(1,226	)	$	2,481	$	(762	)	$	1,501		$	831			NM

Pre-tax operating income (loss)	$	(1,017	)	$	2,163	$	971		$	3,509		$	924			NM

After-tax operating income (loss)	$	(521	)	$	1,299	$	524		$	2,020		$	848			NM

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	Twelve			Twelve			% Change
	Months			Months			Twelve
	2006			2005			Months

Gross Premiums Written	$	457,742		$	433,728			5.5	%

Net Premiums Written	$	375,144		$	385,225			-2.6	%

Revenues:
Net premiums earned	$	370,181		$	368,030			0.6	%
Net investment income		43,538			48,663			-10.5	%
Net realized investment gains (losses)		(985	)		2,117			NM
Other revenues		28,121			24,286			15.8	%
Total revenues		440,855			443,096			-0.5	%

Expenses:
Losses and loss adjustment expenses		259,221			295,074			-12.2	%
Acquisition expenses		74,513			75,881			-1.8	%
Operating expenses		83,486			77,871			7.2	%
Dividends to policyholders		3,532			5,174			-31.7	%
Interest expense		13,521			16,111			-16.1	%
Total losses and expenses		434,273			470,111			-7.6	%

Pre-tax income (loss)		6,582			(27,015	)		NM

Income tax expense (benefit):
Current		-			-			NM
Deferred		2,531			(5,995	)		NM

Total income tax expense (benefit)		2,531			(5,995	)		NM

Net income (loss)	$	4,051		$	(21,020	)		NM

Pre-tax operating income (loss)	$	7,567		$	(29,132	)		NM

After-tax operating income (loss)	$	4,691		$	(22,396	)		NM

PMA Capital Corporation
Consolidated Balance Sheets
(In Thousands)


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

Assets:
Investments in fixed maturities available for sale	$	1,049,254		$	994,972		$	913,376		$	904,074		$	871,951
Short-term investments		57,997			63,641			70,994			59,227			86,448
Short-term investments, loaned securities collateral		-			9,991			4,771			-			-
Total investments		1,107,251			1,068,604			989,141			963,301			958,399

Cash		30,239			13,667			26,004			30,387			14,105
Accrued investment income		11,528			11,395			9,312			10,993			9,351
Premiums receivable		197,582			209,354			205,825			218,126			207,771
Reinsurance receivables		1,094,674			1,086,830			1,071,332			1,069,153			1,039,979
Deferred income taxes, net		103,656			107,908			110,452			102,986			100,019
Deferred acquisition costs		34,236			39,308			37,336			40,384			36,239
Funds held by reinsureds		146,374			148,512			151,873			133,222			130,214
Other assets		162,505			179,061			171,713			184,904			170,330
Total assets	$	2,888,045		$	2,864,639		$	2,772,988		$	2,753,456		$	2,666,407

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,820,043		$	1,776,822		$	1,727,369		$	1,690,483		$	1,634,865
Unearned premiums		173,432			199,129			189,140			217,506			202,973
Debt		196,181			189,181			148,303			131,561			131,211
Accounts payable, accrued expenses
and other liabilities		209,654			205,114			220,350			219,146			210,740
Funds held under reinsurance treaties		78,058			79,815			79,966			77,813			63,075
Dividends to policyholders		4,452			4,998			4,725			4,744			4,450
Payable under securities loan agreements		2			10,005			4,804			-			-
Total liabilities		2,481,822			2,465,064			2,374,657			2,341,253			2,247,314

Shareholders' Equity:
Class A Common Stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		109,331			110,042			110,552			111,116			109,922
Retained earnings		187,538			185,393			180,626			181,719			184,216
Accumulated other comprehensive loss		(22,684	)		(33,358	)		(37,630	)		(26,010	)		(20,624	)
Treasury stock, at cost		(38,779	)		(33,592	)		(26,307	)		(25,712	)		(25,511	)
Unearned restricted stock compensation		(273	)		-			-			-			-
Total shareholders' equity		406,223			399,575			398,331			412,203			419,093
Total liabilities and shareholders' equity	$	2,888,045		$	2,864,639		$	2,772,988		$	2,753,456		$	2,666,407

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
	2005			2006			2006			2006			2006			2006			2005

Total Investments & Cash
As reported	$	1,137,490		$	1,082,271		$	1,015,145		$	993,688		$	972,504		$	972,504		$	1,137,490
Less:
Securities lending activity		2			10,005			4,804			-			-			-			2
Unrealized loss		(4,302	)		(21,448	)		(28,820	)		(9,490	)		(9,291	)		(9,291	)		(4,302	)
Total adjusted investments & cash	$	1,141,790		$	1,093,714		$	1,039,161		$	1,003,178		$	981,795		$	981,795		$	1,141,790

Net Investment Income
As reported	$	11,761		$	11,400		$	11,058		$	10,747		$	10,333		$	43,538		$	48,663
Funds held:
Assumed		545			335			537			185			160			1,217			1,396
Ceded		(1,897	)		(1,519	)		(1,643	)		(1,482	)		(1,374	)		(6,018	)		(7,899	)
Total funds held		(1,352	)		(1,184	)		(1,106	)		(1,297	)		(1,214	)		(4,801	)		(6,503	)

Total adjusted investment income	$	13,113		$	12,584		$	12,164		$	12,044		$	11,547		$	48,339		$	55,166

Yield
As reported		3.77	%		4.11	%		4.22	%		4.28	%		4.20	%		4.19	%		3.53	%
Investment portfolio		4.31	%		4.50	%		4.56	%		4.72	%		4.65	%		4.60	%		4.19	%

Duration (in years)		3.7			3.7			3.5			3.4			3.3			3.3			3.7

PMA Capital Corporation
Debt
(Dollars in Thousands)

	Amount
	Outstanding			Maturity
6.50% convertible debt	$	19,326			2022¹
Derivative component of 6.50% convertible debt		3,115
4.25% convertible debt		455			2022²
8.50% senior notes		54,900			2018
Junior subordinated debt³		43,816			2033
Surplus notes ⁴		10,000			2035
Unamortized debt discount		(401	)
Total long-term debt	$	131,211

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 $18.4 million principal amount and $15.891 per share for $941,000 principal amount.

Holders of this debt, at their option, may require us to repurchase all or a portion of their debentures on September 30, 2008, 2010, 2012 and 2017. Holders required us to repurchase $200,000 of this debt on September 30, 2006. 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 junior subordinated debt is 9.49% as of December 31, 2006.

⁴

Interest rate on surplus notes is 9.87% as of December 31, 2006.

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


	4th Quarter 2006

Assets	Assumed			Ceded		Total
Funds held by reinsureds	$	(4,683	)	$	-	$	(4,683	)

Liabilities		Assumed			Ceded		Total
Unpaid loss and loss adjustment expenses	$	(5,442	)	$	-	$	(5,442	)
Other liabilities		(3,185	)		-		(3,185	)

		Twelve Months 2006

Assets		Assumed			Ceded		Total
Funds held by reinsureds	$	(24,931	)	$	-	$	(24,931	)

Liabilities		Assumed			Ceded		Total
Unpaid losses and loss adjustment expenses	$	(28,455	)	$	-	$	(28,455	)
Other liabilities		(3,185	)		-		(3,185	)

PMA Capital Corporation
Statements of Operations - Consolidating
Year Ended December 31, 2006
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	456,452	$	(696	)	$	1,986		$	457,742

Net Premiums Written	$	373,697	$	(696	)	$	2,143		$	375,144

Revenues:
Net premiums earned	$	368,099	$	(696	)	$	2,778		$	370,181
Net investment income		35,500		(658	)		8,696			43,538
Other revenues		27,877		244			-			28,121
Operating revenues		431,476		(1,110	)		11,474			441,840

Losses and Expenses:
Losses and loss adjustment expenses		262,297		-			(3,076	)		259,221
Acquisition expenses		73,726		-			787			74,513
Operating expenses		62,059		8,912			12,515			83,486
Dividends to policyholders		3,532		-			-			3,532
Total losses and expenses		401,614		8,912			10,226			420,752

Operating income (loss) before income taxes
and interest expense		29,862		(10,022	)		1,248			21,088

Interest expense		978		12,543			-			13,521

Pre-tax operating income (loss)	$	28,884	$	(22,565	)	$	1,248			7,567

Net realized investment losses										(985	)

Pre-tax income									$	6,582


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

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	)


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

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

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	89,484	$	(157	)	$	102		$	89,429

Net Premiums Written	$	66,873	$	(157	)	$	309		$	67,025

Revenues:
Net premiums earned	$	87,379	$	(157	)	$	1,094		$	88,316
Net investment income		9,190		(249	)		1,392			10,333
Other revenues		7,065		42			-			7,107
Operating revenues		103,634		(364	)		2,486			105,756

Losses and Expenses:
Losses and loss adjustment expenses		61,841		-			(1,146	)		60,695
Acquisition expenses		17,486		-			339			17,825
Operating expenses		17,821		2,337			2,808			22,966
Dividends to policyholders		510		-			-			510
Total losses and expenses		97,658		2,337			2,001			101,996

Operating income (loss) before income taxes
and interest expense		5,976		(2,701	)		485			3,760

Interest expense		255		2,581			-			2,836

Pre-tax operating income (loss)	$	5,721	$	(5,282	)	$	485			924

Net realized investment losses										(26	)

Pre-tax income									$	898


¹Corporate & Other includes the effect of eliminating transactions between the 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	)


¹Corporate & Other includes the effect of eliminating transactions between the 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
	2005		2006		2006		2006		2006		2006		2005		Quarter			Months

Gross Premiums Written	$	82,490	$	133,737	$	99,328	$	133,903	$	89,484	$	456,452	$	421,605		8.5	%		8.3	%

Net Premiums Written	$	71,339	$	113,390	$	85,639	$	107,795	$	66,873	$	373,697	$	375,793		-6.3	%		-0.6	%

Revenues:
Net premiums earned	$	96,187	$	91,221	$	94,803	$	94,696	$	87,379	$	368,099	$	358,642		-9.2	%		2.6	%
Net investment income		8,328		8,559		8,753		8,998		9,190		35,500		31,745		10.4	%		11.8	%
Other revenues		6,837		7,074		7,165		6,573		7,065		27,877		23,880		3.3	%		16.7	%
Total revenues		111,352		106,854		110,721		110,267		103,634		431,476		414,267		-6.9	%		4.2	%

Losses and Expenses:
Losses and loss adjustment expenses		68,732		64,519		67,682		68,255		61,841		262,297		260,276		-10.0	%		0.8	%
Acquisition expenses		18,998		18,219		18,923		19,098		17,486		73,726		71,298		-8.0	%		3.4	%
Operating expenses		17,191		14,325		16,193		13,720		17,821		62,059		55,273		3.7	%		12.3	%
Dividends to policyholders		2,343		1,422		1,011		589		510		3,532		5,174		-78.2	%		-31.7	%
Total losses and expenses		107,264		98,485		103,809		101,662		97,658		401,614		392,021		-9.0	%		2.4	%

Operating income before income taxes
and interest expense		4,088		8,369		6,912		8,605		5,976		29,862		22,246		46.2	%		34.2	%

Interest expense		221		228		241		254		255		978		226		15.4	%		NM

Pre-tax operating income	$	3,867	$	8,141	$	6,671	$	8,351	$	5,721	$	28,884	$	22,020		47.9	%		31.2	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

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

Ratios - GAAP Basis:

Loss and LAE ratio		71.5	%		70.7	%		71.4	%		72.1	%		70.8	%		71.3	%		72.6	%		0.7			1.3

Expense ratio:
Acquisition expenses		19.8	%		20.0	%		20.0	%		20.2	%		20.0	%		20.0	%		19.9	%		(0.2	)		(0.1	)
Operating expenses¹		12.5	%		9.8	%		10.4	%		8.5	%		10.7	%		9.8	%		10.4	%		1.8			0.6
Total expense ratio		32.3	%		29.8	%		30.4	%		28.7	%		30.7	%		29.8	%		30.3	%		1.6			0.5

Policyholders' dividend ratio		2.4	%		1.6	%		1.1	%		0.6	%		0.6	%		1.0	%		1.4	%		1.8			0.4
Combined ratio		106.2	%		102.1	%		102.9	%		101.4	%		102.1	%		102.1	%		104.3	%		4.1			2.2

Net investment income ratio		-8.7	%		-9.4	%		-9.2	%		-9.5	%		-10.5	%		-9.6	%		-8.9	%		1.8			0.7
Operating ratio		97.5	%		92.7	%		93.7	%		91.9	%		91.6	%		92.5	%		95.4	%		5.9			2.9

¹ The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $12.1 million, $8.9 million, $10.0 million, $8.1 million and $9.4 million for the fourth quarter of 2005 and the first, second, third and fourth quarters of 2006, 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
	2005		2006			2006			2006			2006			2006			2005			Quarter			Months

Gross Premiums Written	$	4,959	$	398		$	960		$	526		$	102		$	1,986		$	12,941			-97.9	%		-84.7	%

Net Premiums Written	$	3,028	$	606		$	527		$	701		$	309		$	2,143		$	10,250			-89.8	%		-79.1	%

Revenues:
Net premiums earned	$	3,386	$	606		$	332		$	746		$	1,094		$	2,778		$	10,206			-67.7	%		-72.8	%
Net investment income		3,652		3,201			2,408			1,695			1,392			8,696			16,338			-61.9	%		-46.8	%
Total revenues		7,038		3,807			2,740			2,441			2,486			11,474			26,544			-64.7	%		-56.8	%

Losses and Expenses:
Losses and loss adjustment expenses		981		874			(1,303	)		(1,501	)		(1,146	)		(3,076	)		34,798			NM			NM
Acquisition expenses		538		(894	)		629			713			339			787			4,583			-37.0	%		-82.8	%
Operating expenses		3,681		3,666			2,986			3,055			2,808			12,515			14,096			-23.7	%		-11.2	%
Total losses and expenses		5,200		3,646			2,312			2,267			2,001			10,226			53,477			-61.5	%		-80.9	%

Pre-tax operating income (loss)	$	1,838	$	161		$	428		$	174		$	485		$	1,248		$	(26,933	)		-73.6	%		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
	2005			2006			2006			2006			2006			2006			2005			Quarter			Months

Gross Premiums Written	$	(209	)	$	(168	)	$	(213	)	$	(158	)	$	(157	)	$	(696	)	$	(818	)		24.9	%		14.9	%

Net Premiums Written	$	(209	)	$	(168	)	$	(213	)	$	(158	)	$	(157	)	$	(696	)	$	(818	)		24.9	%		14.9	%

Revenues:
Net premiums earned	$	(209	)	$	(168	)	$	(213	)	$	(158	)	$	(157	)	$	(696	)	$	(818	)		24.9	%		14.9	%
Net investment income		(219	)		(360	)		(103	)		54			(249	)		(658	)		580			-13.7	%		NM
Other revenues		109			30			121			51			42			244			406			-61.5	%		-39.9	%
Total revenues		(319	)		(498	)		(195	)		(53	)		(364	)		(1,110	)		168			-14.1	%		NM

Losses and Expenses:
Operating expenses		2,627			1,996			2,401			2,178			2,337			8,912			8,502			-11.0	%		4.8	%
Total losses and expenses		2,627			1,996			2,401			2,178			2,337			8,912			8,502			-11.0	%		4.8	%

Operating loss before income taxes
and interest expense		(2,946	)		(2,494	)		(2,596	)		(2,231	)		(2,701	)		(10,022	)		(8,334	)		8.3	%		-20.3	%

Interest expense		3,776			3,645			3,532			2,785			2,581			12,543			15,885			-31.6	%		-21.0	%

Pre-tax operating loss	$	(6,722	)	$	(6,139	)	$	(6,128	)	$	(5,016	)	$	(5,282	)	$	(22,565	)	$	(24,219	)		21.4	%		6.8	%

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

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

Receipts:
Premiums and other revenues collected	$	98,661		$	104,991		$	96,652		$	108,027		$	93,253		$	402,923		$	394,900
Investment income received		16,393			15,368			14,890			11,795			13,730			55,783			61,805
Total receipts		115,054			120,359			111,542			119,822			106,983			458,706			456,705

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		20,720			3,496			17,337			17,034			22,696			60,563			55,365
Losses and LAE paid - prior years		174,212			92,597			92,004			65,455			90,825			340,881			507,035
Total losses and LAE paid		194,932			96,093			109,341			82,489			113,521			401,444			562,400
Insurance operating expenses paid		27,271			46,203			39,618			26,899			30,327			143,047			144,497
Policyholders' dividends paid		531			246			397			451			812			1,906			4,750
Interest on corporate debt		2,197			4,791			2,965			3,470			2,461			13,687			13,898
Total disbursements		224,931			147,333			152,321			113,309			147,121			560,084			725,545

Net other		(15,349	)		(12,368	)		7,406			(9,204	)		19,380			5,214			(3,481	)

Net operating cash flows	$	(125,226	)	$	(39,342	)	$	(33,373	)	$	(2,691	)	$	(20,758	)	$	(96,164	)	$	(272,321	)

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
	2005			2006			2006			2006			2006		2006			2005

Receipts:
Premiums and other revenues collected	$	97,910		$	99,740		$	94,320		$	107,102		$	92,720	$	393,882		$	382,440
Investment income received		10,606			10,479			10,598			8,831			10,564		40,472			39,954
Total receipts		108,516			110,219			104,918			115,933			103,284		434,354			422,394

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		20,720			3,496			17,337			17,034			22,696		60,563			55,347
Losses and LAE paid - prior years		43,853			65,113			57,537			45,463			44,787		212,900			241,648
Total losses and LAE paid		64,573			68,609			74,874			62,497			67,483		273,463			296,995
Insurance operating expenses paid		23,305			42,110			35,129			24,446			26,521		128,206			128,519
Policyholders' dividends paid		531			246			397			451			812		1,906			4,750
Interest on corporate debt		80			224			227			246			255		952			80
Total disbursements		88,489			111,189			110,627			87,640			95,071		404,527			430,344

Net other		(18,742	)		(6,376	)		1,955			(1,939	)		4,615		(1,745	)		3,032

Net operating cash flows	$	1,285		$	(7,346	)	$	(3,754	)	$	26,354		$	12,828	$	28,082		$	(4,918	)

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
	2005			2006			2006			2006			2006			2006			2005

Receipts:
Premiums collected	$	751		$	5,251		$	2,332		$	925		$	533		$	9,041		$	12,460
Investment income received		5,787			4,889			4,292			2,964			3,166			15,311			21,851
Total receipts		6,538			10,140			6,624			3,889			3,699			24,352			34,311

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		-			-			-			-			-			-			18
Losses and LAE paid - prior years		130,359			27,484			34,467			19,992			46,038			127,981			265,387
Total losses and LAE paid		130,359			27,484			34,467			19,992			46,038			127,981			265,405
Insurance operating expenses paid		3,966			4,093			4,489			2,453			3,806			14,841			15,978
Total disbursements		134,325			31,577			38,956			22,445			49,844			142,822			281,383

Net other		4,004			1,083			1,775			(5,500	)		8,071			5,429			(2,872	)

Net operating cash flows	$	(123,783	)	$	(20,354	)	$	(30,557	)	$	(24,056	)	$	(38,074	)	$	(113,041	)	$	(249,944	)

PMA Capital Corporation
Statutory Surplus
(In Thousands)

	4th			1st			2nd			3rd			4th
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2006			2006			2006			2006¹


PMA Pool ²	$	315,056		$	316,726		$	321,114		$	325,242		$	321,245⁴
PMA Capital Insurance Company ³		204,920			203,261			125,989	⁵		123,428			121,566 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
		2005			2006			2006			2006			2006¹			2006¹			2005

Net Premiums Written:
Workers' Compensation & Integrated
Disability	$	63,086		$	100,096		$	76,602		$	95,437		$	58,731		$	330,866		$	330,202
Other Commercial Lines		4,723			11,048			6,687			6,067			4,637			28,439			39,995
Total - PMA Pool	$	67,809		$	111,144		$	83,289		$	101,504		$	63,368		$	359,305		$	370,197

Statutory Ratios:
Loss and LAE ratio		73.0	%		71.5	%		72.5	%		72.1	%		71.3	%		71.9	%		73.1	%
Underwriting expense ratio		32.5	%		24.6	%		31.6	%		26.3	%		37.5	%		29.0	%		27.6	%
Policyholders' dividend ratio		1.1	%		0.9	%		0.1	%		0.5	%		0.6	%		0.5	%		0.9	%
Combined ratio		106.6	%		97.0	%		104.2	%		98.9	%		109.4	%		101.4	%		101.6	%
Operating ratio		98.6	%		88.4	%		96.0	%		90.5	%		99.8	%		92.7	%		93.4	%

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 $141.9 million and $1.5 million for the PMA Pool and PMA Capital Insurance Company, respectively.

⁵

In May 2006, PMA Capital Insurance Company paid an extraordinary dividend in the amount of $73.5 million to its parent, PMA Capital Corporation.

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:				610.397.5298
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 2/21/2007):
	A.M. Best			Moody's
PMA Pool ¹		A- (4th of 16	)		Baa3 (10th 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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