pma8k.htm

-----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, EbABrvtvSAfJCcIV720GhxYWpNkrl2+ZD5Sy7DkmuLSDXPDcgvXYU8Q/di0EUHBY pzf1HPq2mKcbaq9xY61e3w== 0000950159-07-000947.txt : 20070802 0000950159-07-000947.hdr.sgml : 20070802 20070802161103 ACCESSION NUMBER: 0000950159-07-000947 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070802 DATE AS OF CHANGE: 20070802 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: 071020648 BUSINESS ADDRESS: STREET 1: 380 SENTRY PARKWAY CITY: BLUE BELL STATE: PA ZIP: 19422 BUSINESS PHONE: 610-397-5298 MAIL ADDRESS: STREET 1: 380 SENTRY PARKWAY CITY: BLUE BELL STATE: PA ZIP: 19422 FORMER COMPANY: FORMER CONFORMED NAME: PENNSYLVANIA MANUFACTURERS CORP DATE OF NAME CHANGE: 19970702 8-K 1 pma8k.htm PMA 8K pma8k.htm

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) August 2, 2007

PMA Capital Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania		001-31706		23-2217932
(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 August 2, 2007, PMA Capital Corporation (the “Registrant”) issued a news release regarding its Second Quarter 2007 results, a copy of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. Additionally, the Registrant’s Second Quarter 2007 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 August 2, 2007

	Exhibit 99.2	PMA Capital Corporation Second Quarter 2007 Statistical Supplement

SIGNATURES

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

	PMA Capital Corporation

August 2, 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 August 2, 2007

Exhibit 99.2	PMA Capital Corporation Second Quarter 2007 Statistical Supplement

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

Exhibit 99.1

380 Sentry Parkway Blue Bell, PA 19422
	PRESS RELEASE
For Release: Immediate Contact: William E. Hitselberger (610) 397-5298

PMA Capital Announces Improved Second Quarter 2007 Results

Blue Bell, PA, August 2, 2007 -- PMA Capital Corporation (NASDAQ: PMACA) today announced financial results for the second quarter of 2007. PMA Capital reported net income of $491,000, or one cent per diluted share, for the second quarter of 2007, compared to a net loss of $762,000, or two cents per share, for the same period in 2006. Operating income, which the Company defines as net income excluding realized gains and losses, increased to $1.6 million, or 5 cents per diluted share, from $524,000, or 2 cents per share, in the second quarter of 2006.

For the six months ended June 30, 2007, the Company reported net income of $3.8 million, or 12 cents per diluted share, compared to net income of $1.7 million, or 5 cents per diluted share, for the same period last year. Operating income for the first six months of 2007 increased to $5.3 million, or 16 cents per diluted share, compared to operating income of $1.8 million, or 6 cents per diluted share, in the first half of 2006.

“Our positive momentum at PMA Capital continued through the second quarter and we are pleased to report another consecutive quarter of revenue growth and improving operating results,” said Vincent T. Donnelly, President and Chief Executive Officer.

“The PMA Insurance Group’s pre-tax operating income increased to $8.4 million for the second quarter of 2007, compared to $6.7 million in the second quarter of 2006, as we increased our premiums while improving our loss and expense ratios. In spite of a challenging pricing environment, our year-to-date direct premiums written, excluding business produced for Midwest Insurance Companies under our partnership, were up 9% to $239.3 million and our second quarter premiums increased 5% to $96.8 million, compared to the same periods a year ago. Our new business written, excluding business produced for Midwest, increased by $15.2 million to $65.3 million year-to-date and by $6.1 million to $26.2 million in the second quarter, compared to the same periods last year. For the first six months of 2007, our workers’ compensation renewal retention rate improved to 85%, compared to 83% for the same period of 2006,” Mr. Donnelly added.

Mr. Donnelly continued, “During the quarter, our holding company financial flexibility improved as a result of the $37.5 million extraordinary dividend received from our Run-off Operations. In May, our Board authorized us to repurchase up to $10 million of our Class A Common Stock, and to date we have

purchased 581,556 shares at a total cost of $6.3 million. In June, we issued $20.6 million of new junior subordinated debt, and so far have used a portion of the proceeds to retire $14.7 million principal amount of our 6.50% Convertible Debt, including $8.1 million subsequent to June 30, 2007. We currently have less than $5 million principal amount of the convertible debt outstanding.”

“We continue to execute our plan of reducing the insurance liabilities at our Run-off Operations. Our insurance liabilities have decreased by $100.2 million, or 19%, since year end 2006, which includes $28.2 million as a result of commutation activity,” Mr. Donnelly concluded.

Net income (loss) included the following after-tax net realized gains (losses):

	Three months ended						Six months ended
	June 30,						June 30,
(dollar amounts in thousands)	2007			2006			2007			2006
Net realized gains (losses) after tax:
Sales of investments	$	(593	)	$	(1,285	)	$	(638	)	$	(717	)
Change in fair value of debt derivative		(507	)		6			(228	)		620
Change in fair value of trading securities		59			-			(455	)		-
Other		(99	)		(7	)		(99	)		(7	)
Net realized losses after tax	$	(1,140	)	$	(1,286	)	$	(1,420	)	$	(104	)

Consolidated revenues for the second quarter and first six months of 2007 increased to $114.5 million and $227.4 million, compared to $111.3 million and $223.3 million for the same periods in 2006. Direct premiums written for the second quarter of 2007 improved to $111.0 million, up from $92.3 million in the second quarter last year, while year-to-date premiums written increased by $52.1 million to $271.7 million, compared to the same period a year ago. Included in the increases in direct premiums written were $14.3 million and $32.7 million for the second quarter and first six months of 2007 related to business produced for Midwest Insurance Companies (“Midwest”) under our partnership. Net premiums earned for the second quarter and first six months of 2007 increased 3% during each period to $97.5 million and $192.6 million, respectively, compared to the same periods last year.

Segment Operating Results

Operating income, 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 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 to GAAP net income (loss).

	Three months ended						Six months ended
	June 30,						June 30,
(dollar amounts in thousands)	2007			2006			2007			2006
Pre-tax operating income (loss):
The PMA Insurance Group	$	8,400		$	6,671		$	20,123		$	14,812
Run-off Operations		(707	)		428			(1,445	)		589
Corporate & Other		(5,129	)		(6,128	)		(10,438	)		(12,267	)
Pre-tax operating income		2,564			971			8,240			3,134
Income tax expense		933			447			2,983			1,311
Operating income		1,631			524			5,257			1,823
Realized losses after tax		(1,140	)		(1,286	)		(1,420	)		(104	)
Net income (loss)	$	491		$	(762	)	$	3,837		$	1,719

The PMA Insurance Group

The PMA Insurance Group reported pre-tax operating income of $8.4 million for the second quarter, compared to $6.7 million for the same period last year. Year-to-date pre-tax operating income was $20.1 million, compared to $14.8 million for the first half of 2006. The increases in both periods were due to improved underwriting results and increased investment income.

Direct premiums written were $111.1 million for the second quarter of 2007, up from $92.4 million for the second quarter of 2006. For the six months ended June 30, 2007, direct premiums written increased to $272.0 million, compared to $220.0 million for the same period last year. We wrote $40.5 million of new business in the second quarter of 2007, compared to $20.1 million during the same period last year. Our year-to-date new business increased to $98.0 million, compared to $50.1 million in the first half of 2006. Included in direct premiums written and new business for the second quarter and first six months of 2007 were $14.3 million and $32.7 million of California workers’ compensation business produced for Midwest under our partnership. Our renewal retention rate on existing workers’ compensation accounts was 84% for the second quarter of 2007, consistent with that retained for the same period in 2006, while our renewal retention rate for the first six months of 2007 improved to 85%, up from 83% for the comparable period last year.

Net premiums written were $81.8 million and $207.7 million for the second quarter and first six months of 2007, compared to $85.6 million and $199.0 million during the same periods in 2006. Ceded premiums written increased for the second quarter and first six months of 2007 primarily due to our cession of the California workers’ compensation premiums written under our partnership with Midwest and increases in the amount of workers’ compensation business sold to captive accounts, where a substantial portion of the direct premiums are ceded. Effective April 1, 2007, the Company began retaining 5% of the Midwest business.

For the second quarter and first six months of 2007, the combined ratios on a GAAP basis were 101.6% and 99.9%, compared to 102.5% and 101.7% for the same periods last year. The improvements in the combined ratios for the second quarter and first six months of 2007, compared to the same periods last year, primarily reflected lower loss and LAE and acquisition expense ratios, partially offset by higher policyholders’ dividend ratios. The year-to-date combined ratio was also impacted by an improved operating expense ratio.

The improved loss and LAE ratios for both periods were primarily due to lower current accident year loss and LAE ratios, compared to 2006. While our underwriting criteria remained consistent in 2007, our current accident year loss and LAE ratios benefited from changes in workers’ compensation products selected by our insureds and a reduced amount of integrated disability and assumed premiums in 2007. Pricing changes coupled with payroll inflation for rate sensitive workers’ compensation business were slightly below overall estimated loss trends. We estimated our medical cost inflation to be 8% during the first six months of 2007, compared to our estimate of 8.5% through the first six months of 2006. We expect that medical cost inflation will continue to be a significant component of our overall loss experience.

The policyholders’ dividend ratios were higher in the second quarter and first six months of 2007 than in the prior year periods. The prior year periods reflected slightly higher than expected losses which resulted in lower than expected dividends on participating products where the policyholders may receive a dividend based, to a large extent, on their loss experience.

Fees earned under our partnership with Midwest reduced the 2007 acquisition expense ratios by 70 and 60 basis points for the quarter and year-to-date periods. The improved operating expense ratio in the first six months of 2007 reflected lower loss based state assessments, compared to the same period last year. Controllable expenses, which we define as salaries, benefits and other headcount related expenses, grew by 3% in the first six months of 2007, compared to the 9% growth rate in direct premiums written.

Revenues from our third party administrator (“TPA”) business, which are included in other revenues, increased to $7.5 million for the three months ended June 30, 2007, from $7.1 million in the same period last year. On a year-to-date basis, TPA revenues increased $1.0 million to $15.2 million compared to the first half of 2006.

Net investment income increased to $9.7 million in the second quarter of 2007, compared to $8.8 million in the prior year quarter. For the first six months of 2007, net investment income increased $2.1 million to $19.4 million, compared to the first half of 2006. The improvement in 2007 was due primarily to higher yields on an increased invested asset base.

Run-off Operations

Our Run-off Operations, consisting of our former reinsurance and excess and surplus lines businesses, had pre-tax operating losses of $707,000 and $1.4 million for the three and six months ended June 30, 2007, compared to pre-tax operating income of $428,000 and $589,000 for the same periods last year. Net investment income and operating expenses continue to decline as we run-off this business. Net investment income decreased to $2.5 million for the first six months of 2007, from $5.6 million during the same period last year, due to a reduction in average invested assets of approximately $184 million, or 53%.

Corporate and Other

The Corporate and Other segment, which includes primarily corporate expenses, including debt service, recorded net expenses of $5.1 million during the second quarter of 2007, down from $6.1 million during the same period last year. Net expenses were $10.4 million during the first six months of 2007, which decreased from $12.3 million for the same period in 2006. The improvements for both the second quarter and first six months were primarily due to lower interest expense. The lower interest expense resulted from a lower level of debt outstanding in 2007, compared to last year.

Financial Condition

Total assets were $2.7 billion as of June 30, 2007 and December 31, 2006. Shareholders’ equity was $411.0 million as of June 30, 2007, compared with $419.1 million as of December 31, 2006. Book value per share was $12.78 as of June 30, 2007, compared to $12.83 at year end 2006. The decrease in book value per share was primarily due to a decline in the unrealized position on our invested asset portfolio, partially offset by net income and the positive impact of the share repurchases. During the first six months of 2007, the net unrealized holding position on our available for sale asset portfolio decreased by $7.1 million, or 22 cents per share, due to an increase in market interest rates. Share repurchases made during the second quarter contributed to the decline in shareholders’ equity.

In May 2007, our Board of Directors authorized the repurchase of up to $10 million of our Class A Common Stock. During the second quarter, we repurchased 581,556 shares at a total cost of $6.3 million. Decisions regarding share repurchases are subject to prevailing market conditions and an evaluation of the costs and benefits associated with alternative uses of capital. At June 30, 2007, we had $66.8 million in cash and investments at the holding company and its non-regulated subsidiaries.

The components of our debt as of June 30, 2007 were as follows:

(dollar amounts in thousands)	Amount			Maturity
6.50% Convertible Debt ¹	$	12,693		2022
Derivative component of 6.50% Convertible Debt		2,356
4.25% Convertible Debt ²		455		2022
8.50% Senior Notes		54,900		2018
Junior subordinated debt		64,435		2033-2037
Surplus Notes		10,000		2035
Unamortized debt discount		(210	)
Total long-term debt	$	144,629

(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.

(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 June 30, 2007, our total outstanding debt was $144.6 million, compared to $131.2 million at December 31, 2006. The increase was primarily due to the issuance of $20.6 million principal amount of junior subordinated debt, partially offset by open market purchases of our 6.50% Convertible Debt.

In June 2007, we issued $20.6 million of 30-year floating rate junior subordinated securities to a wholly-owned statutory trust subsidiary. A portion of the net proceeds of $20.0 million have been used to purchase, in the open market, our 6.50% Convertible Debt.

During the second quarter of 2007, we retired $6.6 million principal amount of our 6.50% Convertible Debt through open market purchases by PMA Capital Corporation. We paid $7.7 million for these bond purchases, exclusive of accrued interest. In July 2007, we retired another $8.1 million principal amount of our 6.50% Convertible Debt for which we paid $9.6 million, exclusive of accrued interest. Our debt-to-capital ratio following this debt activity was 25%.

The PMA Insurance Group had statutory capital and surplus of $333.1 million as of June 30, 2007, compared to $321.2 million as of December 31, 2006. 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 PMA Capital Insurance Company ("PMACIC"), PMA Capital Corporation’s wholly-owned run-off reinsurance subsidiary, was $75.6 million as of June 30, 2007, compared to $121.6 million as of December 31, 2006. The reduction in PMACIC’s statutory capital and surplus was due primarily to its extraordinary dividend payment of $37.5 million to PMA Capital in April 2007.

Conference Call with Investors

As a reminder, we will hold a conference call with investors beginning at 8:30 a.m. Eastern Time on Friday, August 3^rd to review our second quarter 2007 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
866-314-4865 (Domestic)	888-286-8010 (Domestic)
617-213-8050 (International)	617-801-6888 (International)
Passcode 15281988	Passcode 11798665

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, August 3^rd until 11:59 p.m. Eastern Time on Friday, September 7th.

Quarterly Statistical Supplement

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

PMA Capital Corporation

380 Sentry Parkway

Blue Bell, PA 19422

Attention: Investor Relations

Alternatively, you may make a request by telephone (610-397-5298) or by e-mail to InvestorRelations@pmacapital.com. We will also furnish a copy of this news release and the Statistical Supplement to the SEC on a Form 8-K. A copy of the Form 8-K will be 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 that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

These forward-looking statements may include estimates, assumptions or projections and are based on currently available financial, competitive and economic data and the Company’s current operating plans. Although the Company’s management believes that its expectations are reasonable, there can be no assurance that the Company’s actual results will not differ materially from those expected. The factors that could cause actual results to differ materially from those in 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;

·	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 forward-looking statements in this press release. Forward-looking statements are not generally required to be publicly revised as circumstances change and we do not intend to update the forward-looking statements in this press release to reflect circumstances after the date hereof or to reflect the occurrence of unanticipated events.

PMA Capital Corporation

Selected Financial Data

(Unaudited)

	Three months ended June 30,
(dollars amounts in thousands)	2007			2006
Direct premiums written:
The PMA Insurance Group	$	111,118		$	92,434
Run-off Operations		-			47
Corporate and Other		(160	)		(213	)
Consolidated direct premiums written	$	110,958		$	92,268

Net premiums written:
The PMA Insurance Group	$	81,816		$	85,639
Run-off Operations		1,994			527
Corporate and Other		(160	)		(213	)
Consolidated net premiums written	$	83,650		$	85,953

Revenues:
Net premiums earned:
The PMA Insurance Group	$	97,174		$	94,803
Run-off Operations		517			332
Corporate and Other		(160	)		(213	)
Consolidated net premiums earned		97,531			94,922
Net investment income		11,125			11,058
Realized losses		(1,754	)		(1,978	)
Other revenues		7,614			7,286
Consolidated revenues	$	114,516		$	111,288

Components of net income (loss):
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	8,400		$	6,671
Run-off Operations		(707	)		428
Corporate and Other		(5,129	)		(6,128	)
Pre-tax operating income		2,564			971
Income tax expense		933			447
Operating income		1,631			524
Realized losses after tax		(1,140	)		(1,286	)
Net income (loss)	$	491		$	(762	)

Weighted average common shares outstanding:
Basic		32,418,525			32,132,618
Diluted		32,838,046			32,132,618

(1)

Operating income, 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 and 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 and losses that do not relate to the operations of the individual segments. Operating income does not replace net income (loss) as the GAAP measure of our consolidated results of operations.

PMA Capital Corporation

Selected Financial Data

(Unaudited)

	Six months ended June 30,
(dollars amounts in thousands)	2007			2006
Direct premiums written:
The PMA Insurance Group	$	272,049		$	220,007
Run-off Operations		-			47
Corporate and Other		(316	)		(381	)
Consolidated direct premiums written	$	271,733		$	219,673

Net premiums written:
The PMA Insurance Group	$	207,709		$	199,029
Run-off Operations		3,489			1,133
Corporate and Other		(316	)		(381	)
Consolidated net premiums written	$	210,882		$	199,781

Revenues:
Net premiums earned:
The PMA Insurance Group	$	191,169		$	186,024
Run-off Operations		1,710			938
Corporate and Other		(316	)		(381	)
Consolidated net premiums earned		192,563			186,581
Net investment income		21,650			22,458
Realized losses		(2,184	)		(160	)
Other revenues		15,401			14,390
Consolidated revenues	$	227,430		$	223,269

Components of net income:
Pre-tax operating income (loss) ⁽¹⁾:
The PMA Insurance Group	$	20,123		$	14,812
Run-off Operations		(1,445	)		589
Corporate and Other		(10,438	)		(12,267	)
Pre-tax operating income		8,240			3,134
Income tax expense		2,983			1,311
Operating income		5,257			1,823
Realized losses after-tax		(1,420	)		(104	)
Net income	$	3,837		$	1,719

Weighted average common shares outstanding:
Basic		32,458,259			32,014,150
Diluted		32,872,801			32,540,905

(1)

Operating income, which is GAAP net income 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 and 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 and losses that do not relate to the operations of the individual segments. Operating income does not replace net income as the GAAP measure of our consolidated results of operations.

PMA Capital Corporation

GAAP Consolidated Balance Sheets

(Unaudited)

	June 30,			December 31,
(dollar amounts in thousands, except per share data)	2007			2006
Assets:
Investments:
Fixed maturities available for sale	$	733,083		$	871,951
Fixed maturities trading		84,714			-
Short-term investments		100,788			86,448
Total investments		918,585			958,399

Cash		8,494			14,105
Accrued investment income		5,469			9,351
Premiums receivable		253,215			207,771
Reinsurance receivables		1,051,269			1,039,979
Prepaid reinsurance premiums		42,435			26,730
Deferred income taxes, net		101,696			100,019
Deferred acquisition costs		37,889			36,239
Funds held by reinsureds		102,519			130,214
Other assets		157,416			143,600
Total assets	$	2,678,987		$	2,666,407

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,563,324		$	1,634,865
Unearned premiums		235,356			202,973
Debt		144,629			131,211
Accounts payable, accrued expenses
and other liabilities		214,240			191,540
Reinsurance funds held and balances payable		106,288			82,275
Dividends to policyholders		4,179			4,450
Total liabilities		2,268,016			2,247,314

Shareholders' Equity:
Class A Common Stock		171,090			171,090
Additional paid-in capital		110,318			109,922
Retained earnings		183,019			184,216
Accumulated other comprehensive loss		(23,569	)		(20,624	)
Treasury stock, at cost		(29,887	)		(25,511	)
Total shareholders' equity		410,971			419,093
Total liabilities and shareholders' equity	$	2,678,987		$	2,666,407

Shareholders' equity per share	$	12.78		$	12.83

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Three months ended June 30,
(dollar amounts in thousands, except per share data)	2007			2006

Gross premiums written	$	117,252		$	100,075

Net premiums written	$	83,650		$	85,953

Revenues:
Net premiums earned	$	97,531		$	94,922
Net investment income		11,125			11,058
Net realized investment losses		(1,754	)		(1,978	)
Other revenues		7,614			7,286
Total revenues		114,516			111,288

Expenses:
Losses and loss adjustment expenses		68,150			66,379
Acquisition expenses		19,013			19,552
Operating expenses		21,653			21,580
Dividends to policyholders		2,047			1,011
Interest expense		2,843			3,773
Total losses and expenses		113,706			112,295

Pre-tax income (loss)		810			(1,007	)

Income tax expense (benefit):
Current		200			-
Deferred		119			(245	)
Total income tax expense (benefit)		319			(245	)

Net income (loss)	$	491		$	(762	)

Net income (loss) per share:

Basic	$	0.02		$	(0.02	)
Diluted	$	0.01		$	(0.02	)

PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Six months ended June 30,
(dollar amounts in thousands, except per share data)	2007			2006

Gross premiums written	$	283,323		$	234,042

Net premiums written	$	210,882		$	199,781

Revenues:
Net premiums earned	$	192,563		$	186,581
Net investment income		21,650			22,458
Net realized investment losses		(2,184	)		(160	)
Other revenues		15,401			14,390
Total revenues		227,430			223,269

Expenses:
Losses and loss adjustment expenses		135,176			131,772
Acquisition expenses		38,151			36,877
Operating expenses		38,719			41,567
Dividends to policyholders		3,669			2,433
Interest expense		5,659			7,646
Total losses and expenses		221,374			220,295

Pre-tax income		6,056			2,974

Income tax expense:
Current		200			-
Deferred		2,019			1,255
Total income tax expense		2,219			1,255

Net income	$	3,837		$	1,719

Net income per share:

Basic	$	0.12		$	0.05
Diluted	$	0.12		$	0.05

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

Exhibit 99.2

Statistical Supplement

Second Quarter

2007

PMA Capital Corporation
Statistical Supplement
Second Quarter - 2007

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

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

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

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

*Other Information:*
Industry Ratings and Market Information		21

*Legend:*
NM - Not Meaningful


	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)

	2nd			3rd			4th			1st			2nd			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			2nd
	2006			2006			2006			2007			2007			Quarter

Gross Premiums Written by Segment:
PMA Insurance Group	$	99,328		$	133,903		$	89,484		$	164,720		$	115,418			16.2	%
Run-off Operations		960			526			102			1,507			1,994		NM
Corporate & Other		(213	)		(158	)		(157	)		(156	)		(160	)		24.9	%
Gross premiums written	$	100,075		$	134,271		$	89,429		$	166,071		$	117,252			17.2	%

Net Premiums Written by Segment:
PMA Insurance Group	$	85,639		$	107,795		$	66,873		$	125,893		$	81,816			-4.5	%
Run-off Operations		527			701			309			1,495			1,994		NM
Corporate & Other		(213	)		(158	)		(157	)		(156	)		(160	)		24.9	%
Net premiums written	$	85,953		$	108,338		$	67,025		$	127,232		$	83,650			-2.7	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	6,671		$	8,351		$	5,721		$	11,723		$	8,400			25.9	%
Run-off Operations		428			174			485			(738	)		(707	)	NM
Corporate & Other		(6,128	)		(5,016	)		(5,282	)		(5,309	)		(5,129	)		16.3	%
Pre-tax operating income		971			3,509			924			5,676			2,564		NM
Net realized investment losses		(1,978	)		(799	)		(26	)		(430	)		(1,754	)		11.3	%
Pre-tax income (loss)		(1,007	)		2,710			898			5,246			810		NM
Income tax expense (benefit)		(245	)		1,209			67			1,900			319		NM
Net income (loss)	$	(762	)	$	1,501		$	831		$	3,346		$	491		NM
After-tax operating income	$	524		$	2,020		$	848		$	3,626		$	1,631		NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.02	)	$	0.05		$	0.03		$	0.10		$	0.01		NM
Less the impact of:
Realized losses after tax		(0.04	)		(0.01	)		-			(0.01	)		(0.04	)		0.0	%
After-tax operating income	$	0.02		$	0.06		$	0.03		$	0.11		$	0.05		NM

Capitalization:
Debt	$	148,303		$	131,561		$	131,211		$	130,822		$	144,629			-2.5	%
Shareholders' equity excluding FAS 115 unrealized loss		417,064			418,372			425,132			424,894			420,150			0.7	%
Total capitalization excluding FAS 115 unrealized loss		565,367			549,933			556,343			555,716			564,779			-0.1	%
FAS 115 unrealized loss		(18,733	)		(6,169	)		(6,039	)		(1,084	)		(9,179	)		51.0	%
Total capitalization including FAS 115 unrealized loss	$	546,634		$	543,764		$	550,304		$	554,632		$	555,600			1.6	%

Book Value Per Share:
Excluding FAS 115 unrealized loss	$	12.79		$	12.82		$	13.02		$	13.02		$	13.06			2.1	%
Including FAS 115 unrealized loss	$	12.21		$	12.63		$	12.83		$	12.99		$	12.78			4.7	%

Debt to Total Capital:
Excluding FAS 115 unrealized loss		26.2	%		23.9	%		23.6	%		23.5	%		25.6	%		-2.3	%
Including FAS 115 unrealized loss		27.1	%		24.2	%		23.8	%		23.6	%		26.0	%		-4.1	%

Interest Coverage:
Income before interest and income taxes
to interest expense		0.73			1.89			1.32			2.86			1.28			75.3	%

Operating income before interest and income taxes to interest expense		1.26			2.15			1.33			3.02			1.90			50.8	%

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

	Six			Six			% Change
	Months			Months			Six
	2007			2006			Months

Gross Premiums Written by Segment:
PMA Insurance Group	$	280,138		$	233,065			20.2	%
Run-off Operations		3,501			1,358		NM
Corporate & Other		(316	)		(381	)		17.1	%
Gross premiums written	$	283,323		$	234,042			21.1	%

Net Premiums Written by Segment:
PMA Insurance Group	$	207,709		$	199,029			4.4	%
Run-off Operations		3,489			1,133		NM
Corporate & Other		(316	)		(381	)		17.1	%
Net premiums written	$	210,882		$	199,781			5.6	%

Major Components of Net Income:
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	20,123		$	14,812			35.9	%
Run-off Operations		(1,445	)		589		NM
Corporate & Other		(10,438	)		(12,267	)		14.9	%
Pre-tax operating income		8,240			3,134		NM
Net realized investment losses		(2,184	)		(160	)	NM
Pre-tax income		6,056			2,974		NM
Income tax expense		2,219			1,255			76.8	%
Net income	$	3,837		$	1,719		NM
After-tax operating income	$	5,257		$	1,823		NM

Diluted Earnings Per Share:
Net income	$	0.12		$	0.05		NM
Less the impact of:
Realized losses after tax		(0.04	)		(0.01	)	NM
After-tax operating income	$	0.16		$	0.06		NM

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

	2nd			3rd		4th		1st		2nd		Six		Six
	Quarter			Quarter		Quarter		Quarter		Quarter		Months		Months
	2006			2006		2006		2007		2007		2007		2006

Diluted Earnings (Loss) Per Share:

Net income (loss)	$	(0.02	)	$	0.05	$	0.03	$	0.10	$	0.01	$	0.12	$	0.05

Pre-tax operating income	$	0.03		$	0.11	$	0.03	$	0.17	$	0.08	$	0.25	$	0.10

After-tax operating income	$	0.02		$	0.06	$	0.03	$	0.11	$	0.05	$	0.16	$	0.06

Diluted weighted average common
shares outstanding		32,132,618			32,922,643		32,916,423		32,900,397		32,838,046		32,872,801		32,540,905


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

Actual common shares
issued and outstanding		32,613,234			32,646,689		32,659,194		32,630,669		32,163,072		32,163,072		32,613,234


Class A Common Stock prices:
High	$	10.49		$	10.75	$	10.15	$	9.77	$	11.40	$	11.40	$	10.49
Low	$	9.24		$	8.60	$	8.60	$	8.40	$	9.12	$	8.40	$	8.68
Close	$	10.30		$	8.82	$	9.22	$	9.39	$	10.69	$	10.69	$	10.30

This Page Intentionally Left Blank

PMA Capital Corporation
Consolidated Statements of Operations
(Dollar Amounts in Thousands)

	2nd			3rd			4th			1st			2nd			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			2nd
	2006			2006			2006			2007			2007			Quarter

Gross Premiums Written	$	100,075		$	134,271		$	89,429		$	166,071		$	117,252			17.2	%

Net Premiums Written	$	85,953		$	108,338		$	67,025		$	127,232		$	83,650			-2.7	%

Revenues:
Net premiums earned	$	94,922		$	95,284		$	88,316		$	95,032		$	97,531			2.7	%
Net investment income		11,058			10,747			10,333			10,525			11,125			0.6	%
Net realized investment losses		(1,978	)		(799	)		(26	)		(430	)		(1,754	)		11.3	%
Other revenues		7,286			6,624			7,107			7,787			7,614			4.5	%
Total revenues		111,288			111,856			105,730			112,914			114,516			2.9	%

Expenses:
Losses and loss adjustment expenses		66,379			66,754			60,695			67,026			68,150			2.7	%
Acquisition expenses		19,552			19,811			17,825			19,138			19,013			-2.8	%
Operating expenses		21,580			18,953			22,966			17,066			21,653			0.3	%
Dividends to policyholders		1,011			589			510			1,622			2,047		NM
Interest expense		3,773			3,039			2,836			2,816			2,843			-24.6	%
Total losses and expenses		112,295			109,146			104,832			107,668			113,706			1.3	%

Pre-tax income (loss)		(1,007	)		2,710			898			5,246			810		NM

Income tax expense (benefit):
Current		-			-			-			-			200		NM
Deferred		(245	)		1,209			67			1,900			119		NM

Total income tax expense (benefit)		(245	)		1,209			67			1,900			319		NM

Net income (loss)	$	(762	)	$	1,501		$	831		$	3,346		$	491		NM

Pre-tax operating income	$	971		$	3,509		$	924		$	5,676		$	2,564		NM

After-tax operating income	$	524		$	2,020		$	848		$	3,626		$	1,631		NM

PMA Capital Corporation
Consolidated Statements of Operations
(Dollar Amounts in Thousands)

	Six			Six			% Change
	Months			Months			Six
	2007			2006			Months

Gross Premiums Written	$	283,323		$	234,042			21.1	%

Net Premiums Written	$	210,882		$	199,781			5.6	%

Revenues:
Net premiums earned	$	192,563		$	186,581			3.2	%
Net investment income		21,650			22,458			-3.6	%
Net realized investment losses		(2,184	)		(160	)	NM
Other revenues		15,401			14,390			7.0	%
Total revenues		227,430			223,269			1.9	%

Expenses:
Losses and loss adjustment expenses		135,176			131,772			2.6	%
Acquisition expenses		38,151			36,877			3.5	%
Operating expenses		38,719			41,567			-6.9	%
Dividends to policyholders		3,669			2,433			50.8	%
Interest expense		5,659			7,646			-26.0	%
Total losses and expenses		221,374			220,295			0.5	%

Pre-tax income		6,056			2,974		NM

Income tax expense:
Current		200			-		NM
Deferred		2,019			1,255			60.9	%

Total income tax expense		2,219			1,255			76.8	%

Net income	$	3,837		$	1,719		NM

Pre-tax operating income	$	8,240		$	3,134		NM

After-tax operating income	$	5,257		$	1,823		NM

PMA Capital Corporation
Consolidated Balance Sheets
(Dollar Amounts in Thousands)


	2nd			3rd			4th			1st			2nd
	Quarter			Quarter			Quarter			Quarter			Quarter
	2006			2006			2006			2007			2007

Assets:
Investments in fixed maturities available for sale	$	913,376		$	904,074		$	871,951		$	735,048		$	733,083
Investments in fixed maturities trading		-			-			-			122,669			84,714
Short-term investments		70,994			59,227			86,448			93,385			100,788
Short-term investments, loaned securities collateral		4,771			-			-			-			-
Total investments		989,141			963,301			958,399			951,102			918,585

Cash		26,004			30,387			14,105			9,924			8,494
Accrued investment income		9,312			10,993			9,351			5,407			5,469
Premiums receivable		205,825			218,126			207,771			257,445			253,215
Reinsurance receivables		1,071,332			1,069,153			1,039,979			1,042,478			1,051,269
Prepaid reinsurance premiums		4,851			20,618			26,730			41,410			42,435
Deferred income taxes, net		110,452			102,986			100,019			97,565			101,696
Deferred acquisition costs		37,336			40,384			36,239			41,726			37,889
Funds held by reinsureds		151,873			133,222			130,214			132,926			102,519
Other assets		166,862			164,286			143,600			148,022			157,416
Total assets	$	2,772,988		$	2,753,456		$	2,666,407		$	2,728,005		$	2,678,987

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,727,369		$	1,690,483		$	1,634,865		$	1,620,952		$	1,563,324
Unearned premiums		189,140			217,506			202,973			249,689			235,356
Debt		148,303			131,561			131,211			130,822			144,629
Accounts payable, accrued expenses
and other liabilities		215,918			208,854			191,540			195,228			214,240
Reinsurance funds held and balances payable		84,398			88,105			82,275			103,021			106,288
Dividends to policyholders		4,725			4,744			4,450			4,483			4,179
Payable under securities loan agreements		4,804			-			-			-			-
Total liabilities		2,374,657			2,341,253			2,247,314			2,304,195			2,268,016

Shareholders' Equity:
Class A Common Stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		110,552			111,116			109,922			110,527			110,318
Retained earnings		180,626			181,719			184,216			183,611			183,019
Accumulated other comprehensive loss		(37,630	)		(26,010	)		(20,624	)		(15,675	)		(23,569	)
Treasury stock, at cost		(26,307	)		(25,712	)		(25,511	)		(25,743	)		(29,887	)
Total shareholders' equity		398,331			412,203			419,093			423,810			410,971
Total liabilities and shareholders' equity	$	2,772,988		$	2,753,456		$	2,666,407		$	2,728,005		$	2,678,987

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

	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2006			2006			2006			2007			2007			2007			2006

Total Investments & Cash
As reported	$	1,015,145		$	993,688		$	972,504		$	961,026		$	927,079		$	927,079		$	1,015,145
Less:
Securities lending activity		4,804			-			-			-			-			-			4,804
Unrealized loss		(28,820	)		(9,490	)		(9,291	)		(1,668	)		(14,121	)		(14,121	)		(28,820	)
Unrealized loss and accrued income - trading		-			-			-			(5,858	)		(5,282	)		(5,282	)		-
Total adjusted investments & cash	$	1,039,161		$	1,003,178		$	981,795		$	968,552		$	946,482		$	946,482		$	1,039,161

Net Investment Income
As reported	$	11,058		$	10,747		$	10,333		$	10,525		$	11,125		$	21,650		$	22,458
Funds held:
Assumed		537			185			160			246			212			458			872
Ceded		(1,643	)		(1,482	)		(1,374	)		(1,560	)		(931	)		(2,491	)		(3,162	)
Total funds held		(1,106	)		(1,297	)		(1,214	)		(1,314	)		(719	)		(2,033	)		(2,290	)

Total adjusted investment income	$	12,164		$	12,044		$	11,547		$	11,839		$	11,844		$	23,683		$	24,748

Yield
As reported		4.22	%		4.28	%		4.20	%		4.35	%		4.71	%		4.54	%		4.17	%
Investment portfolio		4.56	%		4.72	%		4.65	%		4.86	%		4.95	%		4.91	%		4.53	%

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

PMA Capital Corporation
Debt
(Dollar Amounts in Thousands)

	Amount
	Outstanding			Maturity
6.50% convertible debt	$	12,693			2022	¹
Derivative component of 6.50% convertible debt		2,356
4.25% convertible debt		455			2022	²
8.50% senior notes		54,900		2018
Junior subordinated debt³		64,435			2033 - 2037
Surplus notes ⁴		10,000		2035
Unamortized debt discount		(210	)
Total long-term debt	$	144,629

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.

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. 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 9.30% as of June 30, 2007.

⁴

Interest rate on surplus notes is 9.86% as of June 30, 2007.

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

	2nd Quarter and Six Months 2007
Assets	Assumed			Ceded		Total
Funds held by reinsureds	$	(32,813	)	$	-	$	(32,813	)

Liabilities	Assumed			Ceded		Total
Unpaid loss and loss adjustment expenses	$	(28,243	)	$	-	$	(28,243	)
Other liabilities		(7,586	)		-		(7,586	)

PMA Capital Corporation
Statements of Operations - Consolidating
Six Months Ended June 30, 2007
(Dollar Amounts in Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	280,138	$	(316	)	$	3,501		$	283,323

Net Premiums Written	$	207,709	$	(316	)	$	3,489		$	210,882

Revenues:
Net premiums earned	$	191,169	$	(316	)	$	1,710		$	192,563
Net investment income		19,415		(222	)		2,457			21,650
Other revenues		15,262		139			-			15,401
Operating revenues		225,846		(399	)		4,167			229,614

Losses and Expenses:
Losses and loss adjustment expenses		133,884		-			1,292			135,176
Acquisition expenses		37,538		-			613			38,151
Operating expenses		30,132		4,880			3,707			38,719
Dividends to policyholders		3,669		-			-			3,669
Total losses and expenses		205,223		4,880			5,612			215,715

Operating income (loss) before income taxes
and interest expense		20,623		(5,279	)		(1,445	)		13,899

Interest expense		500		5,159			-			5,659

Pre-tax operating income (loss)	$	20,123	$	(10,438	)	$	(1,445	)		8,240

Net realized investment losses										(2,184	)

Pre-tax income									$	6,056


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

PMA Capital Corporation
Statements of Operations - Consolidating
Six Months Ended June 30, 2006
(Dollar Amounts in Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	233,065	$	(381	)	$	1,358		$	234,042

Net Premiums Written	$	199,029	$	(381	)	$	1,133		$	199,781

Revenues:
Net premiums earned	$	186,024	$	(381	)	$	938		$	186,581
Net investment income		17,312		(463	)		5,609			22,458
Other revenues		14,239		151			-			14,390
Operating revenues		217,575		(693	)		6,547			223,429

Losses and Expenses:
Losses and loss adjustment expenses		132,201		-			(429	)		131,772
Acquisition expenses		37,142		-			(265	)		36,877
Operating expenses		30,518		4,397			6,652			41,567
Dividends to policyholders		2,433		-			-			2,433
Total losses and expenses		202,294		4,397			5,958			212,649

Operating income (loss) before income taxes
and interest expense		15,281		(5,090	)		589			10,780

Interest expense		469		7,177			-			7,646

Pre-tax operating income (loss)	$	14,812	$	(12,267	)	$	589			3,134

Net realized investment losses										(160	)

Pre-tax income									$	2,974


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

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended June 30, 2007
(Dollar Amounts in Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	115,418	$	(160	)	$	1,994		$	117,252

Net Premiums Written	$	81,816	$	(160	)	$	1,994		$	83,650

Revenues:
Net premiums earned	$	97,174	$	(160	)	$	517		$	97,531
Net investment income		9,711		(43	)		1,457			11,125
Other revenues		7,582		32			-			7,614
Operating revenues		114,467		(171	)		1,974			116,270

Losses and Expenses:
Losses and loss adjustment expenses		67,965		-			185			68,150
Acquisition expenses		18,759		-			254			19,013
Operating expenses		17,045		2,366			2,242			21,653
Dividends to policyholders		2,047		-			-			2,047
Total losses and expenses		105,816		2,366			2,681			110,863

Operating income (loss) before income taxes
and interest expense		8,651		(2,537	)		(707	)		5,407

Interest expense		251		2,592			-			2,843

Pre-tax operating income (loss)	$	8,400	$	(5,129	)	$	(707	)		2,564

Net realized investment losses										(1,754	)

Pre-tax income									$	810


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

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended June 30, 2006
(Dollar Amounts in Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	99,328	$	(213	)	$	960		$	100,075

Net Premiums Written	$	85,639	$	(213	)	$	527		$	85,953

Revenues:
Net premiums earned	$	94,803	$	(213	)	$	332		$	94,922
Net investment income		8,753		(103	)		2,408			11,058
Other revenues		7,165		121			-			7,286
Operating revenues		110,721		(195	)		2,740			113,266

Losses and Expenses:
Losses and loss adjustment expenses		67,682		-			(1,303	)		66,379
Acquisition expenses		18,923		-			629			19,552
Operating expenses		16,193		2,401			2,986			21,580
Dividends to policyholders		1,011		-			-			1,011
Total losses and expenses		103,809		2,401			2,312			108,522

Operating income (loss) before income taxes
and interest expense		6,912		(2,596	)		428			4,744

Interest expense		241		3,532			-			3,773

Pre-tax operating income (loss)	$	6,671	$	(6,128	)	$	428			971

Net realized investment losses										(1,978	)

Pre-tax loss									$	(1,007	)


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)

	2nd Quarter 2006		3rd Quarter 2006		4th Quarter 2006		1st Quarter 2007		2nd Quarter 2007		Six Months 2007		Six Months 2006		% Change 2nd Quarter			% Change Six Months

Gross Premiums Written	$	99,328	$	133,903	$	89,484	$	164,720	$	115,418	$	280,138	$	233,065		16.2	%		20.2	%

Net Premiums Written	$	85,639	$	107,795	$	66,873	$	125,893	$	81,816	$	207,709	$	199,029		-4.5	%		4.4	%

Revenues:
Net premiums earned	$	94,803	$	94,696	$	87,379	$	93,995	$	97,174	$	191,169	$	186,024		2.5	%		2.8	%
Net investment income		8,753		8,998		9,190		9,704		9,711		19,415		17,312		10.9	%		12.1	%
Other revenues		7,165		6,573		7,065		7,680		7,582		15,262		14,239		5.8	%		7.2	%
Total revenues		110,721		110,267		103,634		111,379		114,467		225,846		217,575		3.4	%		3.8	%

Losses and Expenses:
Losses and loss adjustment expenses		67,682		68,255		61,841		65,919		67,965		133,884		132,201		0.4	%		1.3	%
Acquisition expenses		18,923		19,098		17,486		18,779		18,759		37,538		37,142		-0.9	%		1.1	%
Operating expenses		16,193		13,720		17,821		13,087		17,045		30,132		30,518		5.3	%		-1.3	%
Dividends to policyholders		1,011		589		510		1,622		2,047		3,669		2,433	NM				50.8	%
Total losses and expenses		103,809		101,662		97,658		99,407		105,816		205,223		202,294		1.9	%		1.4	%

Operating income before income taxes
and interest expense		6,912		8,605		5,976		11,972		8,651		20,623		15,281		25.2	%		35.0	%

Interest expense		241		254		255		249		251		500		469		4.1	%		6.6	%

Pre-tax operating income	$	6,671	$	8,351	$	5,721	$	11,723	$	8,400	$	20,123	$	14,812		25.9	%		35.9	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

	2nd Quarter 2006			3rd Quarter 2006			4th Quarter 2006			1st Quarter 2007			2nd Quarter 2007			Six Months 2007			Six Months 2006			Point Chg. 2nd Quarter Better (Worse)			Point Chg. Six Months Better (Worse)

Ratios - GAAP Basis:


Loss and LAE ratio		71.4	%		72.1	%		70.8	%		70.1	%		69.9	%		70.0	%		71.1	%		1.5			1.1

Expense ratio:
Acquisition expenses		20.0	%		20.2	%		20.0	%		20.0	%		19.3	%		19.6	%		20.0	%		0.7			0.4
Operating expenses¹		10.0	%²		8.1	%²		12.9	%²		6.4	%		10.3	%		8.4	%		9.3	%²		(0.3	)		0.9
Total expense ratio		30.0	%		28.3	%		32.9	%		26.4	%		29.6	%		28.0	%		29.3	%		0.4			1.3

Policyholders' dividend ratio		1.1	%		0.6	%		0.6	%		1.7	%		2.1	%		1.9	%		1.3	%		(1.0	)		(0.6	)
Combined ratio		102.5	%²		101.0	%²		104.3	%²		98.2	%		101.6	%		99.9	%		101.7	%²		0.9			1.8

Net investment income ratio		-9.2	%		-9.5	%		-10.5	%		-10.3	%		-10.0	%		-10.2	%		-9.3	%		0.8			0.9
Operating ratio		93.3	%		91.5	%		93.8	%		87.9	%		91.6	%		89.7	%		92.4	%		1.7			2.7

¹ The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $9.5 million, $7.7 million, $11.3 million, $6.0 million and $9.9 million for the second, third and fourth quarters of 2006 and the first and second quarters of 2007, respectively.

² Certain reclassifications between insurance-related and non-insurance related expenses of prior period amounts have been made to conform to the current year presentation. These reclassifications had no impact on the previously reported full year 2006 ratios.

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

	2nd Quarter 2006			3rd Quarter 2006			4th Quarter 2006			1st Quarter 2007			2nd Quarter 2007			Six Months 2007			Six Months 2006			% Change 2nd Quarter			% Change Six Months

Gross Premiums Written	$	960		$	526		$	102		$	1,507		$	1,994		$	3,501		$	1,358		NM			NM

Net Premiums Written	$	527		$	701		$	309		$	1,495		$	1,994		$	3,489		$	1,133		NM			NM

Revenues:
Net premiums earned	$	332		$	746		$	1,094		$	1,193		$	517		$	1,710		$	938			55.7	%		82.3	%
Net investment income		2,408			1,695			1,392			1,000			1,457			2,457			5,609			-39.5	%		-56.2	%
Total revenues		2,740			2,441			2,486			2,193			1,974			4,167			6,547			-28.0	%		-36.4	%

Losses and Expenses:
Losses and loss adjustment expenses		(1,303	)		(1,501	)		(1,146	)		1,107			185			1,292			(429	)	NM			NM
Acquisition expenses		629			713			339			359			254			613			(265	)		-59.6	%	NM
Operating expenses		2,986			3,055			2,808			1,465			2,242			3,707			6,652			-24.9	%		-44.3	%
Total losses and expenses		2,312			2,267			2,001			2,931			2,681			5,612			5,958			16.0	%		-5.8	%

Pre-tax operating income (loss)	$	428		$	174		$	485		$	(738	)	$	(707	)	$	(1,445	)	$	589		NM			NM

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

	2nd			3rd			4th			1st			2nd			Six			Six			% Change			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months			2nd			Six
	2006			2006			2006			2007			2007			2007			2006			Quarter			Months

Gross Premiums Written	$	(213	)	$	(158	)	$	(157	)	$	(156	)	$	(160	)	$	(316	)	$	(381	)		24.9	%		17.1	%

Net Premiums Written	$	(213	)	$	(158	)	$	(157	)	$	(156	)	$	(160	)	$	(316	)	$	(381	)		24.9	%		17.1	%

Revenues:
Net premiums earned	$	(213	)	$	(158	)	$	(157	)	$	(156	)	$	(160	)	$	(316	)	$	(381	)		24.9	%		17.1	%
Net investment income		(103	)		54			(249	)		(179	)		(43	)		(222	)		(463	)		58.3	%		52.1	%
Other revenues		121			51			42			107			32			139			151			-73.6	%		-7.9	%
Total revenues		(195	)		(53	)		(364	)		(228	)		(171	)		(399	)		(693	)		12.3	%		42.4	%

Losses and Expenses:
Operating expenses		2,401			2,178			2,337			2,514			2,366			4,880			4,397			-1.5	%		11.0	%
Total losses and expenses		2,401			2,178			2,337			2,514			2,366			4,880			4,397			-1.5	%		11.0	%

Operating loss before income taxes
and interest expense		(2,596	)		(2,231	)		(2,701	)		(2,742	)		(2,537	)		(5,279	)		(5,090	)		2.3	%		-3.7	%

Interest expense		3,532			2,785			2,581			2,567			2,592			5,159			7,177			-26.6	%		-28.1	%

Pre-tax operating loss	$	(6,128	)	$	(5,016	)	$	(5,282	)	$	(5,309	)	$	(5,129	)	$	(10,438	)	$	(12,267	)		16.3	%		14.9	%

PMA Capital Corporation
Operating Cash Flows - Consolidated
(Dollar Amounts in Thousands)

	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2006			2006			2006			2007			2007			2007			2006

Receipts:
Premiums and other revenues collected	$	96,652		$	108,027		$	93,253		$	102,505		$	96,874		$	199,379		$	201,643
Investment income received		14,890			11,795			13,730			13,251			12,472			25,723			30,258
Total receipts		111,542			119,822			106,983			115,756			109,346			225,102			231,901

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		17,337			17,034			22,696			4,605			15,005			19,610			20,833
Losses and LAE paid - prior years		92,004			65,455			90,825			85,995			90,855			176,850			184,601
Total losses and LAE paid		109,341			82,489			113,521			90,600			105,860			196,460			205,434
Insurance operating expenses paid		39,618			26,899			30,327			38,826			31,657			70,483			85,821
Policyholders' dividends paid		397			451			812			499			1,878			2,377			643
Interest on corporate debt		2,965			3,470			2,461			3,082			2,446			5,528			7,756
Total disbursements		152,321			113,309			147,121			133,007			141,841			274,848			299,654

Net other		7,406			(9,204	)		19,380			1,024			(2,788	)		(1,764	)		(4,962	)

Net operating cash flows	$	(33,373	)	$	(2,691	)	$	(20,758	)	$	(16,227	)	$	(35,283	)	$	(51,510	)	$	(72,715	)

PMA Capital Corporation
Operating Cash Flows - PMA Insurance Group
(Dollar Amounts in Thousands)

	2nd			3rd			4th		1st			2nd			Six			Six
	Quarter			Quarter			Quarter		Quarter			Quarter			Months			Months
	2006			2006			2006		2007			2007			2007			2006

Receipts:
Premiums and other revenues collected	$	94,320		$	107,102		$	92,720	$	99,923		$	94,993		$	194,916		$	194,060
Investment income received		10,598			8,831			10,564		10,504			10,605			21,109			21,077
Total receipts		104,918			115,933			103,284		110,427			105,598			216,025			215,137

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		17,337			17,034			22,696		4,605			15,005			19,610			20,833
Losses and LAE paid - prior years		57,537			45,463			44,787		62,815			51,295			114,110			122,650
Total losses and LAE paid		74,874			62,497			67,483		67,420			66,300			133,720			143,483
Insurance operating expenses paid		35,129			24,446			26,521		35,766			30,727			66,493			77,239
Policyholders' dividends paid		397			451			812		499			1,878			2,377			643
Interest on corporate debt		227			246			255		252			244			496			451
Total disbursements		110,627			87,640			95,071		103,937			99,149			203,086			221,816

Net other		1,955			(1,939	)		4,615		(4,189	)		(8,297	)		(12,486	)		(4,421	)

Net operating cash flows	$	(3,754	)	$	26,354		$	12,828	$	2,301		$	(1,848	)	$	453		$	(11,100	)

PMA Capital Corporation
Operating Cash Flows - Run-off Operations
(Dollar Amounts in Thousands)

	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2006			2006			2006			2007			2007			2007			2006

Receipts:
Premiums collected	$	2,332		$	925		$	533		$	2,582		$	1,881		$	4,463		$	7,583
Investment income received		4,292			2,964			3,166			2,747			1,867			4,614			9,181
Total receipts		6,624			3,889			3,699			5,329			3,748			9,077			16,764

Disbursements:
Losses and LAE paid:
Losses and LAE paid - prior years		34,467			19,992			46,038			23,180			39,560			62,740			61,951
Total losses and LAE paid		34,467			19,992			46,038			23,180			39,560			62,740			61,951
Insurance operating expenses paid		4,489			2,453			3,806			3,060			930			3,990			8,582
Total disbursements		38,956			22,445			49,844			26,240			40,490			66,730			70,533

Net other		1,775			(5,500	)		8,071			(1,382	)		1,210			(172	)		2,858

Net operating cash flows	$	(30,557	)	$	(24,056	)	$	(38,074	)	$	(22,293	)	$	(35,532	)	$	(57,825	)	$	(50,911	)

PMA Capital Corporation
Statutory Surplus
(Dollar Amounts in Thousands)

	2nd		3rd		4th		1st		2nd
	Quarter		Quarter		Quarter		Quarter		Quarter
	2006		2006		2006		2007		2007¹


PMA Pool ²	$	321,114	$	325,242	$	321,245	$	327,379	$	333,118	⁴
PMA Capital Insurance Company ³		125,989		123,428		121,566		117,098		75,585	^4,5

PMA Capital Corporation
Statutory Financial Information - PMA Pool ²
(Dollar Amounts in Thousands)

	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2006			2006			2006			2007			2007¹			2007¹			2006

Net Premiums Written:
Workers' Compensation	$	76,602		$	95,437		$	58,731		$	113,732		$	75,976		$	189,708		$	176,698
Other Commercial Lines		6,687			6,067			4,637			10,258			7,359			17,617			17,735
Total - PMA Pool	$	83,289		$	101,504		$	63,368		$	123,990		$	83,335		$	207,325		$	194,433

Statutory Ratios:
Loss and LAE ratio		72.5	%		72.1	%		71.3	%		71.2	%		70.3	%		70.8	%		72.0	%
Underwriting expense ratio		31.6	%		26.3	%		37.5	%		21.1	%		30.2	%		24.8	%		27.6	%
Policyholders' dividend ratio		0.1	%		0.5	%		0.6	%		0.6	%		1.7	%		1.1	%		0.5	%
Combined ratio		104.2	%		98.9	%		109.4	%		92.9	%		102.2	%		96.7	%		100.1	%
Operating ratio		96.0	%		90.5	%		99.8	%		83.3	%		92.4	%		87.0	%		91.7	%

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 (deficit) of $153.8 million and ($7.0) million for the PMA Pool and PMA Capital Insurance Company, respectively.

⁵

In April 2007, PMA Capital Insurance Company paid an extraordinary dividend in the amount of $37.5 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		610.397.5083
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 8/1/2007):

	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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