8-K

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) July 31, 2008

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 July 31, 2008, PMA Capital Corporation (the “Registrant”) issued a news release regarding its Second Quarter 2008 results, a copy of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.  Additionally, the Registrant’s Second Quarter 2008 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 July 31, 2008
Exhibit 99.2	PMA Capital Corporation Second Quarter 2008 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
July 31, 2008	By:	/s/ William E. Hitselberger
	Name:		William E. Hitselberger
	Title:		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	PMA Capital Corporation News Release, dated July 31, 2008
Exhibit 99.2	PMA Capital Corporation Second Quarter 2008 Statistical Supplement

EX-99.1

Exhibit 99.1

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

PMA Capital Reports Improved Second Quarter 2008 Results

Blue Bell, PA, July 31, 2008 -- PMA Capital Corporation (NASDAQ: PMACA) today reported the following financial results for the second quarter and first six months of 2008:

	Three months ended						Six months ended
	June 30,						June 30,
(in thousands, except per share data)	2008			2007			2008			2007
Operating income	$	4,583		$	2,244		$	11,566		$	6,488
Realized investment gains (losses) after tax		(372	)		(737	)		1,915			(101	)
Income from continuing operations		4,211			1,507			13,481			6,387
Loss from discontinued operations after tax		(188	)		(1,016	)		(2,627	)		(2,550	)
Net income	$	4,023		$	491		$	10,854		$	3,837
Diluted per share amounts:
Operating income	$	0.14		$	0.07		$	0.36		$	0.20
Realized investment gains (losses) after tax		(0.01	)		(0.03	)		0.06			(0.01	)
Income from continuing operations		0.13			0.04			0.42			0.19
Loss from discontinued operations after tax		-			(0.03	)		(0.08	)		(0.07	)
Net income	$	0.13		$	0.01		$	0.34		$	0.12

Vincent T. Donnelly, President and Chief Executive Officer commented, “PMA Capital produced another quarter of strengthened operating results.  We are pleased with our continued progress in profitably growing our insurance and fee-based businesses and improving our return on equity, while continuing to maintain our underwriting standards.”

Significant operating highlights at The PMA Insurance Group included:

· The combined ratio improved by 2.1 points to 99.5% in the quarter and by 2.7 points to 97.2% year-to-date;

· Pre-tax operating income, including a gain of $2.1 million from the sale of real estate, increased $3.5 million to $11.3 million in the quarter and increased $6.2 million to $25.0 million for the first six months of 2008;

·	Direct premium production, excluding premium adjustments and fronting premiums, increased modestly in the second quarter to $96.7 million and
	increased 2% during the first six months of 2008 to $243.3 million; and
·	Entering into a fronting arrangement in July, which we expect will favorably impact our underwriting results beginning in the third quarter.

Mr. Donnelly continued, “We continue to focus on growing our fee-based business.  Our fee-based business revenue increased $17.2 million to $32.7 million, which represented 13% of our total revenues for the first half of 2008, compared to 7% during the same period in 2007.  Organic revenue growth at PMA Management Corp. was 26% during the second quarter and 21% year-to-date.  Our current year growth was also due to the inclusion of Midlands, which contributed $6.4 million and $13.9 million of this revenue growth for the second quarter and first six months of 2008.  At the end of the quarter, we completed the acquisition of a company known for its expertise in providing risk management and third party administrator services to healthcare and public entity customers primarily in the Connecticut market, a geographic area in which we previously had little penetration.  We will operate this business as PMA Management Corp. of New England and expect to continue to grow this business which currently generates $6 million in annual revenues.”

The Company previously announced the execution of a definitive stock purchase agreement to sell its Run-off Operations and the filing of the Form A with the Pennsylvania Insurance Department.  PMA is assisting the buyer to ensure the Pennsylvania Insurance Department has the information it needs to review the transaction.

Income from continuing operations included the following after-tax net realized gains (losses):

	Three months ended						Six months ended
	June 30,						June 30,
(dollar amounts in thousands)	2008			2007			2008			2007
Net realized gains (losses) after tax:
Sales of investments	$	(372	)	$	(119	)	$	1,933		$	238
Change in fair value of debt derivative		-			(507	)		-			(228	)
Other		-			(111	)		(18	)		(111	)
Net realized gains (losses) after tax	$	(372	)	$	(737	)	$	1,915		$	(101	)

Segment Operating Results

Operating income, which we define as net income under accounting principles generally accepted in the United States (“GAAP”) excluding net realized investment gains (losses) and results from discontinued operations, is the financial performance measure used by our management and Board of Directors to evaluate and assess the results of our businesses.  Net realized investment activity is excluded 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 as the GAAP measure of our consolidated results of operations.

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The following is a reconciliation of our operating results to GAAP net income.

	Three months ended						Six months ended
	June 30,						June 30,
(dollar amounts in thousands)	2008			2007			2008			2007
Pre-tax operating income (loss):
The PMA Insurance Group	$	11,341		$	7,799		$	24,960		$	18,729
Fee-based Business		1,201			601			3,387			1,394
Corporate & Other		(5,424	)		(4,893	)		(10,435	)		(9,988	)
Pre-tax operating income		7,118			3,507			17,912			10,135
Income tax expense		2,535			1,263			6,346			3,647
Operating income		4,583			2,244			11,566			6,488
Realized investment gains (losses) after tax		(372	)		(737	)		1,915			(101	)
Income from continuing operations		4,211			1,507			13,481			6,387
Loss from discontinued operations after tax 1		(188	)		(1,016	)		(2,627	)		(2,550	)
Net income	$	4,023		$	491		$	10,854		$	3,837

1) Effective in the fourth quarter of 2007, the Company reported the results of its former Run-off Operations segment as discontinued operations.

The PMA Insurance Group

The PMA Insurance Group reported pre-tax operating income of $11.3 million for the second quarter of 2008, compared to $7.8 million for the same period last year.  Year-to-date pre-tax operating income increased to $25.0 million, compared to $18.7 million for the first half of 2007.  During the second quarter of 2008, we sold a property that housed one of our branch offices in order to move into a more modern, leased facility.  This sale resulted in a gain of $2.1 million, which is included in other revenues.

Direct premium production was up during the second quarter and first six months of 2008, compared to the same periods last year.  We define direct premium production as direct premiums written, excluding premium adjustments and fronting premiums.  The following is a reconciliation of our direct premium production to direct premiums written:

	Three months ended					Six months ended
	June 30,					June 30,
(dollar amounts in thousands)	2008		2007			2008			2007
Direct premium production	$	96,736	$	96,316		$	243,344		$	239,705
Fronting premiums		2,113		14,936			10,256			33,337
Premium adjustments		370		(134	)		(13,828	)		(993	)
Direct premiums written	$	99,219	$	111,118		$	239,772		$	272,049

Direct premiums written were $99.2 million and $239.8 million for the three and six months ended June 30, 2008, compared to $111.1 million and $272.0 million for the same periods last year.  Fronting premiums were $2.1 million and $10.3 million in the second quarter and first six months of 2008, compared to $14.9 million and $33.3 million for the same periods a year ago.  The declines in fronting premiums are the result of the termination of our agreement with Midwest Insurance Companies (“Midwest”) in March 2008.  We continue to earn commissions from the Midwest agreement and service the business previously written, but no additional business has been written or renewed since

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the termination date.  Excluding fronting business, we wrote $25.7 million of new business in the second quarter of 2008 and $60.4 million for the first half of 2008, compared to $25.6 million and $64.6 million during the same periods last year.  The increase in premium adjustments relates primarily to higher return premium adjustments which occurred in the first quarter of 2008.  These premium adjustments primarily reflect favorable loss experience on loss-sensitive products where the insured shares in the underwriting result of the policy.  Pricing on our workers’ compensation rate-sensitive business declined 7% during the first six months of 2008, compared to a 4% decrease during the first six months of 2007.  Our renewal retention rate on existing workers’ compensation accounts was 84% for both the second quarters of 2008 and 2007, and our renewal retention rate was 85% for the first six months of 2008 and 2007.

In July 2008, we entered into a fronting arrangement with Appalachian Underwriters, who will underwrite and service workers’ compensation policies using our approved forms and guidelines.  The business produced will be primarily located in the southeastern part of the United States.  We will retain approximately 10% of the direct premiums and related losses on this business.  We will also earn an administrative fee based upon the direct premiums earned under the agreement as well as fees for providing claims services on the business.  We expect that direct premiums written under the agreement will be between $20 million and $30 million on an annualized basis.

Net premiums written were $79.3 million and $193.2 million for the second quarter and first six months of 2008, compared to $81.8 million and $207.7 million during the same periods last year.  Ceded premiums written decreased in the second quarter and first six months of 2008, compared to the same periods in 2007, primarily due to lower premiums ceded under the Midwest agreement.  The year-to-date decline was partially offset by an increase in the amount of workers’ compensation business sold to captive accounts, where a substantial portion of the direct premiums are ceded.

For the second quarter and first six months of 2008, the combined ratios on a GAAP basis were 99.5% and 97.2%, compared to 101.6% and 99.9% for the same periods in 2007.

The improved loss and LAE ratios for both periods were primarily due to lower current accident year loss and LAE ratios, compared to 2007.  The year-to-date loss and LAE ratio also benefited from favorable development in our loss-sensitive business which resulted in the retrospective premium adjustments reflected in our first quarter results.  Our current accident year loss and LAE ratios benefited in 2008 from changes in the type of workers’ compensation products selected by our insureds.  Pricing changes coupled with payroll inflation for rate-sensitive workers’ compensation business were below overall estimated loss trends.  We estimated our medical cost inflation to be 6.5% in the first six months of 2008, compared to our estimate of 8% in the first six months of 2007.  This decline reflects a decrease in utilization as well as our enhanced network and managed care initiatives.

Commissions earned under our fronting agreements reduced the expense ratio for the first six months of 2008 by 0.9 points, compared to 0.6 points for the same period in 2007.  Although our agreement with Midwest was terminated, we continue to earn commissions on this business until the underlying policies expire.  The year-to-date expense ratio also benefited from reductions in premium-based state assessments.

Net investment income was $8.9 million in the second quarter of 2008, compared to $9.6 million in the prior year quarter.  For the first six months of 2008, net investment income was $18.0 million, compared to $19.1 million in the first half of 2007.  The decreases were due primarily to lower yields of approximately 40 basis points for the quarter and 30 basis points year-to-date.

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Fee-based Business

Our Fee-based Business reported pre-tax operating income of $1.2 million for the second quarter of 2008, compared to $601,000 for the same period last year.  Year-to-date pre-tax operating income increased to $3.4 million, compared to $1.4 million for the first half of 2007.  The increases related primarily to the inclusion of Midlands Management Corporation’s (“Midlands”) results in 2008, which we acquired on October 1, 2007.

For the second quarter of 2008, total revenues increased to $16.1 million, up $8.3 million from the same period last year.  For the six months ended June 30, 2008, total revenues increased to $32.7 million, compared to $15.5 million for the first half of 2007.  Revenues from PMA Management Corp. increased 26% in the second quarter and 21% in the first six months of 2008, compared to the same periods last year.  Revenues resulting from our acquisition of Midlands accounted for the remainder of the growth.  The total increases in revenues primarily reflected higher claims service revenues of $5.7 million and commission income of $2.6 million for the quarter, and higher claims service revenues of $10.1 million and commission income of $6.9 million for the first half of the year.

As previously announced, on June 30, 2008, we completed the acquisition of Webster Risk Services, which we will operate as PMA Management Corp. of New England, Inc.  Beginning in the third quarter of 2008, we will report the operating results of PMA Management Corp. of New England, Inc. within our Fee-based Business segment.

Corporate and Other

The Corporate and Other segment, which includes primarily corporate expenses and debt service, recorded net expenses of $5.4 million during the second quarter of 2008, compared to $4.9 million in the second quarter of 2007.  Net expenses were $10.4 million during the first six months of 2008, compared to $10.0 million for the same period in 2007.  We incurred $655,000 in contract severance costs associated with the March 2008 retirement of an executive officer.

Discontinued Operations

Discontinued operations, formerly our Run-off Operations which consists of our former reinsurance and excess and surplus lines businesses, recorded after-tax losses of $188,000 and $2.6 million for the three and six months ended June 30, 2008, compared to after-tax losses of $1.0 million and $2.6 million for the same periods in 2007.  The loss for the first six months of 2008 was due to a charge in the first quarter for adverse loss development.

Financial Condition

Total assets were $2.5 billion as of June 30, 2008, compared to $2.6 billion as of December 31, 2007.  Assets of discontinued operations represented 13% of total assets at June 30, 2008, compared to 15% at December 31, 2007.  Shareholders’ equity was $380.6 million as of June 30, 2008, compared to $378.6 million as of December 31, 2007.  Book value per share was $11.92 at both June 30, 2008 and December 31, 2007.  During the first six months of 2008, the unrealized position on our available for sale fixed income portfolio decreased by $11.1 million, or 35 cents per share.  The unrealized position on our portfolio decreased as a result of higher long-term market interest rates and due to gains that we realized in 2008.  The decrease in the unrealized position was substantially offset by net income.  At June 30, 2008, we had $27.5 million in cash and short-term investments at our holding company and non-regulated subsidiaries.

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The insurance companies within The PMA Insurance Group had statutory capital and surplus of $352.1 million as of June 30, 2008, compared to $335.4 million as of December 31, 2007.  The PMA Insurance Group has the ability to pay $29.2 million in dividends during 2008 without the prior approval of the Pennsylvania Insurance Department.  The statutory capital and surplus of PMA Capital Insurance Company, PMA Capital Corporation’s wholly-owned run-off reinsurance subsidiary which is being reported as discontinued operations, was $37.8 million as of June 30, 2008, compared to $47.6 million as of December 31, 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 1 to review our second quarter 2008 results.  The conference call will be available via a live webcast over the Internet at www.pmacapital.com.  To access the webcast, enter the Investor Information section, click on News Releases and then click on the microphone icon.  Please note that by accessing the conference call via the Internet, you will be in a listen-only mode.

The call-in numbers and passcodes for the conference call are as follows:

Live Call	Replay
888-680-0860(Domestic)	888-286-8010(Domestic)
617-213-4852(International)	617-801-6888(International)
Passcode 30101283	Passcode 29167795

You may pre-register for the conference call using the following link:

www.theconferencingservice.com/prereg/key.process?key=PHV79DVKP

Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference.  Pre-registration only takes a few moments and you may pre-register at anytime, including up to and after the call start time.  Alternatively, if you would rather be placed into the call by an operator, please use the dial-in information above at least 5 minutes prior to the call start time.

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 1 until 11:59 p.m. Eastern Time on Monday, September 1.

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.

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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:

· 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 revenues of our fee-based businesses;

· 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;

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

· 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 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;

· our 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 the Terrorism Risk Insurance Program Reauthorization Act of 2007 is extended beyond its December 31, 2014 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.

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PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Three months ended June 30,
(dollar amounts in thousands, except per share data)	2008			2007
Gross premiums written	$	101,659		$	115,258
Net premiums written	$	79,146		$	81,656
Revenues:
Net premiums earned	$	102,920		$	97,014
Claims service revenues		12,937			7,535
Commission income		2,631			-
Net investment income		9,040			9,951
Net realized investment losses		(572	)		(1,134	)
Other revenues		2,214			32
Total revenues		129,170			113,398
Expenses:
Losses and loss adjustment expenses		71,572			67,965
Acquisition expenses		19,524			18,759
Operating expenses		27,347			19,411
Dividends to policyholders		1,493			2,047
Interest expense		2,688			2,843
Total losses and expenses		122,624			111,025
Pre-tax income		6,546			2,373
Income tax expense:
Current		151			200
Deferred		2,184			666
Total income tax expense		2,335			866
Income from continuing operations		4,211			1,507
Loss from discontinued operations after tax		(188	)		(1,016	)
Net income	$	4,023		$	491
Earnings per share:
Basic:
Continuing Operations	$	0.13		$	0.05
Discontinued Operations		-			(0.03	)
	$	0.13		$	0.02
Diluted:
Continuing Operations	$	0.13		$	0.04
Discontinued Operations		-			(0.03	)
	$	0.13		$	0.01

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PMA Capital Corporation

GAAP Consolidated Statements of Operations

(Unaudited)

	Six months ended June 30,
(dollar amounts in thousands, except per share data)	2008			2007
Gross premiums written	$	245,200		$	279,822
Net premiums written	$	192,929		$	207,393
Revenues:
Net premiums earned	$	188,516		$	190,853
Claims service revenues		24,889			15,200
Commission income		6,912			-
Net investment income		18,475			19,705
Net realized investment gains (losses)		2,946			(156	)
Other revenues		2,360			139
Total revenues		244,098			225,741
Expenses:
Losses and loss adjustment expenses		131,494			133,884
Acquisition expenses		34,216			37,538
Operating expenses		49,680			35,012
Dividends to policyholders		2,375			3,669
Interest expense		5,475			5,659
Total losses and expenses		223,240			215,762
Pre-tax income		20,858			9,979
Income tax expense:
Current		151			200
Deferred		7,226			3,392
Total income tax expense		7,377			3,592
Income from continuing operations		13,481			6,387
Loss from discontinued operations after tax		(2,627	)		(2,550	)
Net income	$	10,854		$	3,837
Earnings per share:
Basic:
Continuing Operations	$	0.42		$	0.20
Discontinued Operations		(0.08	)		(0.08	)
	$	0.34		$	0.12
Diluted:
Continuing Operations	$	0.42		$	0.19
Discontinued Operations		(0.08	)		(0.07	)
	$	0.34		$	0.12

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PMA Capital Corporation

GAAP Consolidated Balance Sheets

(Unaudited)

	June 30,			December 31,
(dollar amounts in thousands, except per share data)	2008			2007
Assets:
Investments:
Fixed maturities available for sale	$	730,466		$	728,725
Short-term investments		59,785			78,426
Total investments		790,251			807,151
Cash		10,557			15,828
Accrued investment income		5,762			5,768
Premiums receivable		215,030			222,140
Reinsurance receivables		817,182			795,938
Prepaid reinsurance premiums		21,414			32,361
Deferred income taxes, net		117,983			118,857
Deferred acquisition costs		38,739			37,404
Funds held by reinsureds		46,980			42,418
Intangible assets		30,013			22,779
Other assets		125,533			105,341
Assets of discontinued operations		317,189			375,656
Total assets	$	2,536,633		$	2,581,641
Liabilities:
Unpaid losses and loss adjustment expenses	$	1,240,224		$	1,212,956
Unearned premiums		219,643			226,178
Debt		129,790			131,262
Accounts payable, accrued expenses
and other liabilities		193,342			195,895
Reinsurance funds held and balances payable		31,947			39,324
Dividends to policyholders		5,459			5,839
Liabilities of discontinued operations		335,633			391,603
Total liabilities		2,156,038			2,203,057
Shareholders' Equity:
Class A Common Stock		171,090			171,090
Additional paid-in capital		111,754			111,088
Retained earnings		145,638			136,627
Accumulated other comprehensive loss		(17,743	)		(6,663	)
Treasury stock, at cost		(30,144	)		(33,558	)
Total shareholders' equity		380,595			378,584
Total liabilities and shareholders' equity	$	2,536,633		$	2,581,641
Shareholders' equity per share	$	11.92		$	11.92

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EX-99.2

Exhibit 99.2

PMA Capital Corporation

Statistical Supplement

Second Quarter - 2008

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
Assets and Liabilities of Discontinued Operations; Selected Balance Sheet Items - Fronting Agreements;
Rollforward of Deferred Policy Acquisition Costs - PMA Insurance Group			8
Invested Assets and Net Investment Income; Debt			9
Segment Information:
Statements of Operations - Consolidating - Year-to-date		11 - 12
Statements of Operations - Consolidating - Second Quarter		13 - 14
Statements of Operations - PMA Insurance Group			15
Insurance Ratios - PMA Insurance Group			16
Components of Direct Premiums Written - PMA Insurance Group			17
Statements of Operations - Fee-based Business			18
Statements of Operations - Corporate & Other			19
Statements of Operations - Discontinued Operations			20
Operating Cash Flow Information:
Operating Cash Flows - Consolidated			21
Operating Cash Flows - PMA Insurance Group			22
Operating Cash Flows - Fee-based Business			23
Statutory Financial Information:
Statutory Surplus; Statutory Financial Information - PMA Pool			24
Other Information:
Industry Ratings and Market Information			25
Legend:
NM - Not Meaningful
	Operating income, which we define as GAAP net income (loss) excluding net realized investment gains and losses and the results from discontinued operations, is the financial performance measure used by our management and Board of Directors to evaluate and assess the results of our businesses.  Net realized investment activity is excluded 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.  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
	2007			2007			2007			2008			2008			Quarter
Direct Premiums Written	$	110,958		$	146,547		$	91,416		$	140,431		$	99,092			-10.7	%
Net Premiums Written	$	81,656		$	116,116		$	71,189		$	113,783		$	79,146			-3.1	%
Revenues:
Net premiums earned	$	97,014		$	93,773		$	93,617		$	85,596		$	102,920			6.1	%
Claims service revenues		7,535			7,595			11,239			11,952			12,937			71.7	%
Commission income		-			-			3,005			4,281			2,631		NM
Net investment income		9,951			9,914			9,973			9,435			9,040			-9.2	%
Net realized investment gains (losses)		(1,134	)		153			566			3,518			(572	)		49.6	%
Other revenues		32			33			168			146			2,214		NM
Total revenues	$	113,398		$	111,468		$	118,568		$	114,928		$	129,170			13.9	%
Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	7,799		$	11,702		$	7,614		$	13,619		$	11,341			45.4	%
Fee-based Business		601			661			1,669			2,186			1,201			99.8	%
Corporate & Other		(4,893	)		(4,573	)		(5,003	)		(5,011	)		(5,424	)		-10.9	%
Pre-tax operating income		3,507			7,790			4,280			10,794			7,118		NM
Income tax expense		1,263			2,711			1,464			3,811			2,535		NM
After-tax operating income		2,244			5,079			2,816			6,983			4,583		NM
Net realized investment gains (losses) after tax		(737	)		99			368			2,287			(372	)		49.5	%
Income from continuing operations		1,507			5,178			3,184			9,270			4,211		NM
Loss from discontinued operations after tax		(1,016	)		(13,981	)		(40,746	)		(2,439	)		(188	)		81.5	%
Net income (loss)	$	491		$	(8,803	)	$	(37,562	)	$	6,831		$	4,023		NM
Diluted Earnings (Loss) Per Share:
After-tax operating income	$	0.07		$	0.16		$	0.09		$	0.22		$	0.14		NM
Realized gains (losses) after tax		(0.03	)		-			0.01			0.07			(0.01	)		66.7	%
Income from continuing operations		0.04			0.16			0.10			0.29			0.13		NM
Loss from discontinued operations after tax		(0.03	)		(0.43	)		(1.27	)		(0.08	)		-		NM
Net income (loss)	$	0.01		$	(0.27	)	$	(1.17	)	$	0.21		$	0.13		NM
Capitalization:
Debt	$	144,629		$	135,072		$	131,262		$	129,790		$	129,790			-10.3	%
Shareholders' equity excluding FAS 115 unrealized gain (loss)		420,150			409,263			374,603			381,255			387,761			-7.7	%
Total capitalization excluding FAS 115 unrealized gain (loss)		564,779			544,335			505,865			511,045			517,551			-8.4	%
FAS 115 unrealized gain (loss)		(9,179	)		(2,138	)		3,981			2,464			(7,166	)		21.9	%
Total capitalization including FAS 115 unrealized gain (loss)	$	555,600		$	542,197		$	509,846		$	513,509		$	510,385			-8.1	%
Book Value Per Share:
Excluding FAS 115 unrealized gain (loss)	$	13.06		$	12.82		$	11.79		$	12.00		$	12.14			-7.0	%
Including FAS 115 unrealized gain (loss)	$	12.78		$	12.75		$	11.92		$	12.08		$	11.92			-6.7	%
Debt to Total Capital:
Excluding FAS 115 unrealized gain (loss)		25.6	%		24.8	%		25.9	%		25.4	%		25.1	%		-2.0	%
Including FAS 115 unrealized gain (loss)		26.0	%		24.9	%		25.7	%		25.3	%		25.4	%		-2.3	%
Interest Coverage:
Income from continuing operations before interest
and income taxes to interest expense		1.83			3.58			2.62			6.14			3.44			88.0	%
Operating income from continuing operations before
interest and income taxes to interest expense		2.23			3.53			2.43			4.87			3.65			63.7	%

1

PMA Capital Corporation
Selected Financial Data
(Dollar Amounts in Thousands, Except Per Share Data)
	Six			Six			% Change
	Months			Months			Six
	2008			2007			Months
Direct Premiums Written	$	239,523		$	271,733			-11.9	%
Net Premiums Written	$	192,929		$	207,393			-7.0	%
Revenues:
Net premiums earned	$	188,516		$	190,853			-1.2	%
Claims service revenues		24,889			15,200			63.7	%
Commission income		6,912			-		NM
Net investment income		18,475			19,705			-6.2	%
Net realized investment gains (losses)		2,946			(156	)	NM
Other revenues		2,360			139		NM
Total revenues	$	244,098		$	225,741			8.1	%
Major Components of Net Income:
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	24,960		$	18,729			33.3	%
Fee-based Business		3,387			1,394		NM
Corporate & Other		(10,435	)		(9,988	)		-4.5	%
Pre-tax operating income		17,912			10,135			76.7	%
Income tax expense		6,346			3,647			74.0	%
After-tax operating income		11,566			6,488			78.3	%
Net realized investment gains (losses) after tax		1,915			(101	)	NM
Income from continuing operations		13,481			6,387		NM
Loss from discontinued operations after tax		(2,627	)		(2,550	)		-3.0	%
Net income	$	10,854		$	3,837		NM
Diluted Earnings Per Share:
After-tax operating income	$	0.36		$	0.20			80.0	%
Realized gains (losses) after tax		0.06			(0.01	)	NM
Income from continuing operations		0.42			0.19		NM
Loss from discontinued operations after tax		(0.08	)		(0.07	)		-14.3	%
Net income	$	0.34		$	0.12		NM

2

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data
	2nd			3rd			4th			1st			2nd		Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter		Months			Months
	2007			2007			2007			2008			2008		2008			2007
Diluted Earnings (Loss) Per Share:
Pre-tax operating income	$	0.11		$	0.24		$	0.13		$	0.34		$	0.22	$	0.56		$	0.31
After-tax operating income	$	0.07		$	0.16		$	0.09		$	0.22		$	0.14	$	0.36		$	0.20
Income from continuing operations	$	0.04		$	0.16		$	0.10		$	0.29		$	0.13	$	0.42		$	0.19
Loss from discontinued operations after tax		(0.03	)		(0.43	)		(1.27	)		(0.08	)		-		(0.08	)		(0.07	)
Net income (loss)	$	0.01		$	(0.27	)	$	(1.17	)	$	0.21		$	0.13	$	0.34		$	0.12
Diluted weighted average common
shares outstanding		32,838,046			32,412,070			32,079,673			31,942,896			32,132,576		32,051,518			32,872,801
Dividends declared:
Class A Common Stock	$	-		$	-		$	-		$	-		$	-	$	-		$	-
Actual common shares issued
and outstanding		32,163,072			31,920,486			31,761,106			31,765,817			31,940,651		31,940,651			32,163,072
Class A Common Stock prices:
High	$	11.40		$	11.17		$	10.69		$	9.14		$	10.23	$	10.23		$	11.40
Low	$	9.12		$	8.63		$	8.05		$	7.45		$	8.24	$	7.45		$	8.40
Close	$	10.69		$	9.50		$	8.22		$	8.54		$	9.21	$	9.21		$	10.69

3

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4

PMA Capital Corporation
Consolidated Statements of Operations
(Dollar Amounts in Thousands)
	2nd			3rd			4th			1st			2nd			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			2nd
	2007			2007			2007			2008			2008			Quarter
Gross Premiums Written	$	115,258		$	149,436		$	94,914		$	143,541		$	101,659			-11.8	%
Net Premiums Written	$	81,656		$	116,116		$	71,189		$	113,783		$	79,146			-3.1	%
Revenues:
Net premiums earned	$	97,014		$	93,773		$	93,617		$	85,596		$	102,920			6.1	%
Claims service revenues		7,535			7,595			11,239			11,952			12,937			71.7	%
Commission income		-			-			3,005			4,281			2,631		NM
Net investment income		9,951			9,914			9,973			9,435			9,040			-9.2	%
Net realized investment gains (losses)		(1,134	)		153			566			3,518			(572	)		49.6	%
Other revenues		32			33			168			146			2,214		NM
Total revenues		113,398			111,468			118,568			114,928			129,170			13.9	%
Expenses:
Losses and loss adjustment expenses		67,965			63,163			66,152			59,922			71,572			5.3	%
Acquisition expenses		18,759			18,182			18,027			14,692			19,524			4.1	%
Operating expenses		19,411			16,900			24,629			22,333			27,347			40.9	%
Dividends to policyholders		2,047			2,205			1,916			882			1,493			-27.1	%
Interest expense		2,843			3,075			2,998			2,787			2,688			-5.5	%
Total losses and expenses		111,025			103,525			113,722			100,616			122,624			10.4	%
Pre-tax income		2,373			7,943			4,846			14,312			6,546		NM
Income tax expense (benefit):
Current		200			537			(321	)		-			151			-24.5	%
Deferred		666			2,228			1,983			5,042			2,184		NM
Total income tax expense		866			2,765			1,662			5,042			2,335		NM
Income from continuing operations		1,507			5,178			3,184			9,270			4,211		NM
Loss from discontinued operations after tax		(1,016	)		(13,981	)		(40,746	)		(2,439	)		(188	)		81.5	%
Net income (loss)	$	491		$	(8,803	)	$	(37,562	)	$	6,831		$	4,023		NM
Pre-tax operating income from continuing operations	$	3,507		$	7,790		$	4,280		$	10,794		$	7,118		NM
After-tax operating income from continuing operations	$	2,244		$	5,079		$	2,816		$	6,983		$	4,583		NM

5

PMA Capital Corporation
Consolidated Statements of Operations
(Dollar Amounts in Thousands)
	Six			Six			% Change
	Months			Months			Six
	2008			2007			Months
Gross Premiums Written	$	245,200		$	279,822			-12.4	%
Net Premiums Written	$	192,929		$	207,393			-7.0	%
Revenues:
Net premiums earned	$	188,516		$	190,853			-1.2	%
Claims service revenues		24,889			15,200			63.7	%
Commission income		6,912			-		NM
Net investment income		18,475			19,705			-6.2	%
Net realized investment gains (losses)		2,946			(156	)	NM
Other revenues		2,360			139		NM
Total revenues		244,098			225,741			8.1	%
Expenses:
Losses and loss adjustment expenses		131,494			133,884			-1.8	%
Acquisition expenses		34,216			37,538			-8.8	%
Operating expenses		49,680			35,012			41.9	%
Dividends to policyholders		2,375			3,669			-35.3	%
Interest expense		5,475			5,659			-3.3	%
Total losses and expenses		223,240			215,762			3.5	%
Pre-tax income		20,858			9,979		NM
Income tax expense:
Current		151			200			-24.5	%
Deferred		7,226			3,392		NM
Total income tax expense		7,377			3,592		NM
Income from continuing operations		13,481			6,387		NM
Loss from discontinued operations after tax		(2,627	)		(2,550	)		-3.0	%
Net income	$	10,854		$	3,837		NM
Pre-tax operating income from continuing operations	$	17,912		$	10,135			76.7	%
After-tax operating income from continuing operations	$	11,566		$	6,488			78.3	%

6

PMA Capital Corporation
Consolidated Balance Sheets
(Dollar Amounts in Thousands)
	2nd			3rd			4th			1st			2nd
	Quarter			Quarter			Quarter			Quarter			Quarter
	2007			2007			2007			2008			2008
Assets:
Investments in fixed maturities available for sale	$	733,083		$	725,637		$	728,725		$	719,570		$	730,466
Investments in fixed maturities trading		16,760			-			-			-			-
Short-term investments		79,632			83,618			78,426			78,086			59,785
Total investments		829,475			809,255			807,151			797,656			790,251
Cash		5,228			4,164			15,828			14,552			10,557
Accrued investment income		5,438			5,789			5,768			5,462			5,762
Premiums receivable		248,049			254,804			222,140			239,783			215,030
Reinsurance receivables		745,269			795,118			795,938			818,789			817,182
Prepaid reinsurance premiums		41,455			41,354			32,361			28,977			21,414
Deferred income taxes, net		101,696			103,284			118,857			116,342			117,983
Deferred acquisition costs		37,889			42,626			37,404			42,547			38,739
Funds held by reinsureds		37,879			40,150			42,418			44,622			46,980
Intangible assets		-			-			22,779			22,589			30,013
Other assets		92,518			92,176			105,341			115,255			125,533
Assets of discontinued operations		534,091			525,710			375,656			348,921			317,189
Total assets	$	2,678,987		$	2,714,430		$	2,581,641		$	2,595,495		$	2,536,633
Liabilities:
Unpaid losses and loss adjustment expenses	$	1,181,143		$	1,206,550		$	1,212,956		$	1,227,287		$	1,240,224
Unearned premiums		235,356			257,598			226,178			250,981			219,643
Debt		144,629			135,072			131,262			129,790			129,790
Accounts payable, accrued expenses
and other liabilities		181,532			173,242			195,895			191,029			193,342
Reinsurance funds held and balances payable		52,629			44,884			39,324			39,287			31,947
Dividends to policyholders		4,179			4,730			5,839			5,845			5,459
Liabilities of discontinued operations		468,548			485,229			391,603			367,557			335,633
Total liabilities		2,268,016			2,307,305			2,203,057			2,211,776			2,156,038
Shareholders' Equity:
Class A Common Stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		110,318			110,687			111,088			111,588			111,754
Retained earnings		183,019			174,190			136,627			143,418			145,638
Accumulated other comprehensive loss		(23,569	)		(16,673	)		(6,663	)		(8,917	)		(17,743	)
Treasury stock, at cost		(29,887	)		(32,169	)		(33,558	)		(33,460	)		(30,144	)
Total shareholders' equity		410,971			407,125			378,584			383,719			380,595
Total liabilities and shareholders' equity	$	2,678,987		$	2,714,430		$	2,581,641		$	2,595,495		$	2,536,633

7

PMA Capital Corporation
Assets and Liabilities of Discontinued Operations
(Dollar Amounts in Thousands)
	2nd		3rd		4th			1st			2nd
	Quarter		Quarter		Quarter			Quarter			Quarter
	2007		2007		2007			2008			2008
Assets
Investments	$	89,109	$	71,486	$	219,678		$	186,466		$	172,732
Cash		3,266		4,524		5,665			10,305			726
Reinsurance receivables		306,000		312,175		150,097			144,994			136,212
Other assets		135,716		137,525		216	1		7,156	1		7,519	1
Assets of discontinued operations	$	534,091	$	525,710	$	375,656		$	348,921		$	317,189
Liabilities
Unpaid losses and loss adjustment expenses	$	382,182	$	379,920	$	339,077		$	317,165		$	289,190
Other liabilities		86,366		105,309		52,526			50,392			46,443
Liabilities of discontinued operations	$	468,548	$	485,229	$	391,603		$	367,557		$	335,633
1 Includes write-down of net assets of Run-off Operations to fair value less cost to sell.

PMA Capital Corporation
Selected Balance Sheet Items - Fronting Agreements
(Dollar Amounts in Thousands)
	2nd			3rd			4th			1st			2nd
	Quarter			Quarter			Quarter			Quarter			Quarter
	2007			2007			2007			2008			2008
Assets
Premiums receivable	$	28,418		$	31,136		$	27,847		$	22,714		$	11,145
Reinsurance receivables		13,035			21,799			30,377			37,711			42,691
Prepaid reinsurance premiums		27,307			26,188			22,665			16,956			8,513
Deferred acquisition costs		140			231			254			189			61
Other assets		3,108			3,375			7,332			7,285			6,234
Liabilities
Unpaid losses and loss adjustment expenses	$	13,064		$	21,855		$	30,978		$	38,739		$	44,078
Unearned premiums		27,897			27,338			24,413			18,500			9,555
Reinsurance funds held and balances payable		23,224			24,652			21,333			16,510			8,047
Other liabilities		6,890			7,435			11,511			11,564			8,586
PMA Capital Corporation
Rollforward of Deferred Policy Acquisition Costs - PMA Insurance Group
(Dollar Amounts in Thousands)
	2nd			3rd			4th			1st			2nd
	Quarter			Quarter			Quarter			Quarter			Quarter
	2007			2007			2007			2008			2008
Balance Sheet
Balance, beginning of period	$	41,726		$	37,889		$	42,626		$	37,404		$	42,547
Policy acquisition costs deferred		14,922			22,919			12,805			19,835			15,729
Amortization of policy acquisition costs		(18,759	)		(18,182	)		(18,027	)		(14,692	)		(19,537	)
Net change		(3,837	)		4,737			(5,222	)		5,143			(3,808	)
Balance, end of period	$	37,889		$	42,626		$	37,404		$	42,547		$	38,739

8

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
	2007			2007			2007			2008			2008			2008			2007
Total Investments & Cash
As reported	$	834,703		$	813,419		$	822,979		$	812,208		$	800,808		$	800,808		$	834,703
Less:
Unrealized gain (loss)		(14,121	)		(3,289	)		6,125			3,791			(11,025	)		(11,025	)		(14,121	)
Unrealized loss and accrued income - trading		(3,240	)		-			-			-			-			-			(3,240	)
Total adjusted investments & cash	$	852,064		$	816,708		$	816,854		$	808,417		$	811,833		$	811,833		$	852,064
Net Investment Income
As reported	$	9,951		$	9,914		$	9,973		$	9,435		$	9,040		$	18,475		$	19,705
Less:
Interest on funds held		(596	)		(529	)		(676	)		(506	)		(558	)		(1,064	)		(989	)
Total adjusted investment income	$	10,547		$	10,443		$	10,649		$	9,941		$	9,598		$	19,539		$	20,694
Yield
As reported		4.88	%		4.81	%		4.88	%		4.62	%		4.48	%		4.55	%		4.88	%
Investment portfolio		5.11	%		5.01	%		5.22	%		4.89	%		4.74	%		4.81	%		5.08	%
Duration (in years)		3.9			3.8			3.7			3.8			3.8			3.8			3.9

PMA Capital Corporation
Debt
(Dollar Amounts in Thousands)
	Amount
	Outstanding		Maturity
Junior subordinated debt 1	$	64,435	2033 - 2037
8.50% senior notes		54,900	2018
Surplus notes 2		10,000	2035
4.25% convertible debt		455	20223
Total long-term debt	$	129,790

1	Weighted average interest rate on junior subordinated debt is 6.67% as of June 30, 2008.
2	Interest rate on surplus notes is 7.35% as of June 30, 2008.
3	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.

9

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10

PMA Capital Corporation
Statements of Operations - Consolidating
Six Months Ended June 30, 2008
(Dollar Amounts in Thousands)
	PMA
	Insurance		Fee-based		Corporate
	Group		Business		& Other1			Consolidated
Gross Premiums Written	$	245,449	$	-	$	(249	)	$	245,200
Net Premiums Written	$	193,178	$	-	$	(249	)	$	192,929
Revenues:
Net premiums earned	$	188,765	$	-	$	(249	)	$	188,516
Claims service revenues		-		25,321		(432	)		24,889
Commission income		-		6,925		(13	)		6,912
Net investment income		18,042		279		154			18,475
Other revenues		2,120		184		56			2,360
Operating revenues		208,927		32,709		(484	)		241,152
Losses and Expenses:
Losses and loss adjustment expenses		131,494		-		-			131,494
Acquisition expenses		34,229		-		(13	)		34,216
Operating expenses		15,467		29,322		4,891			49,680
Dividends to policyholders		2,375		-		-			2,375
Total losses and expenses		183,565		29,322		4,878			217,765
Operating income (loss) before income taxes
and interest expense		25,362		3,387		(5,362	)		23,387
Interest expense		402		-		5,073			5,475
Pre-tax operating income (loss)	$	24,960	$	3,387	$	(10,435	)		17,912
Net realized investment gains									2,946
Pre-tax income								$	20,858

1 Corporate & Other includes the effect of eliminating transactions between the operating segments.  Effective in the fourth quarter of 2007, the Company reported the results of its former Run-off Operations segment as discontinued operations.  As a result of this change, the Corporate & Other segment was impacted by investment income previously eliminated in the Corporate & Other segment.

11

PMA Capital Corporation
Statements of Operations - Consolidating
Six Months Ended June 30, 2007
(Dollar Amounts in Thousands)
	PMA
	Insurance		Fee-based		Corporate
	Group		Business		& Other1			Consolidated
Gross Premiums Written	$	280,138	$	-	$	(316	)	$	279,822
Net Premiums Written	$	207,709	$	-	$	(316	)	$	207,393
Revenues:
Net premiums earned	$	191,169	$	-	$	(316	)	$	190,853
Claims service revenues		-		15,200		-			15,200
Net investment income		19,133		344		228			19,705
Other revenues		-		-		139			139
Operating revenues		210,302		15,544		51			225,897
Losses and Expenses:
Losses and loss adjustment expenses		133,884		-		-			133,884
Acquisition expenses		37,538		-		-			37,538
Operating expenses		15,982		14,150		4,880			35,012
Dividends to policyholders		3,669		-		-			3,669
Total losses and expenses		191,073		14,150		4,880			210,103
Operating income (loss) before income taxes
and interest expense		19,229		1,394		(4,829	)		15,794
Interest expense		500		-		5,159			5,659
Pre-tax operating income (loss)	$	18,729	$	1,394	$	(9,988	)		10,135
Net realized investment losses									(156	)
Pre-tax income								$	9,979

1 Corporate & Other includes the effect of eliminating transactions between the operating segments.  Effective in the fourth quarter of 2007, the Company reported the results of its former Run-off Operations segment as discontinued operations.  As a result of this change, the Corporate & Other segment was impacted by investment income previously eliminated in the Corporate & Other segment.  For comparative purposes, all prior periods have been reclassified to reflect this change.

12

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended June 30, 2008
(Dollar Amounts in Thousands)
	PMA
	Insurance		Fee-based		Corporate
	Group		Business		& Other1			Consolidated
Gross Premiums Written	$	101,786	$	-	$	(127	)	$	101,659
Net Premiums Written	$	79,273	$	-	$	(127	)	$	79,146
Revenues:
Net premiums earned	$	103,047	$	-	$	(127	)	$	102,920
Claims service revenues		-		13,213		(276	)		12,937
Commission income		-		2,644		(13	)		2,631
Net investment income		8,943		118		(21	)		9,040
Other revenues		2,120		82		12			2,214
Operating revenues		114,110		16,057		(425	)		129,742
Losses and Expenses:
Losses and loss adjustment expenses		71,572		-		-			71,572
Acquisition expenses		19,537		-		(13	)		19,524
Operating expenses		9,979		14,856		2,512			27,347
Dividends to policyholders		1,493		-		-			1,493
Total losses and expenses		102,581		14,856		2,499			119,936
Operating income (loss) before income taxes
and interest expense		11,529		1,201		(2,924	)		9,806
Interest expense		188		-		2,500			2,688
Pre-tax operating income (loss)	$	11,341	$	1,201	$	(5,424	)		7,118
Net realized investment losses									(572	)
Pre-tax income								$	6,546

1 Corporate & Other includes the effect of eliminating transactions between the operating segments.  Effective in the fourth quarter of 2007, the Company reported the results of its former Run-off Operations segment as discontinued operations.  As a result of this change, the Corporate & Other segment was impacted by investment income previously eliminated in the Corporate & Other segment.

13

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended June 30, 2007
(Dollar Amounts in Thousands)
	PMA
	Insurance		Fee-based		Corporate
	Group		Business		& Other1			Consolidated
Gross Premiums Written	$	115,418	$	-	$	(160	)	$	115,258
Net Premiums Written	$	81,816	$	-	$	(160	)	$	81,656
Revenues:
Net premiums earned	$	97,174	$	-	$	(160	)	$	97,014
Claims service revenues		-		7,535		-			7,535
Net investment income		9,578		180		193			9,951
Other revenues		-		-		32			32
Operating revenues		106,752		7,715		65			114,532
Losses and Expenses:
Losses and loss adjustment expenses		67,965		-		-			67,965
Acquisition expenses		18,759		-		-			18,759
Operating expenses		9,931		7,114		2,366			19,411
Dividends to policyholders		2,047		-		-			2,047
Total losses and expenses		98,702		7,114		2,366			108,182
Operating income (loss) before income taxes
and interest expense		8,050		601		(2,301	)		6,350
Interest expense		251		-		2,592			2,843
Pre-tax operating income (loss)	$	7,799	$	601	$	(4,893	)		3,507
Net realized investment losses									(1,134	)
Pre-tax income								$	2,373

1 Corporate & Other includes the effect of eliminating transactions between the operating segments.  Effective in the fourth quarter of 2007, the Company reported the results of its former Run-off Operations segment as discontinued operations.  As a result of this change, the Corporate & Other segment was impacted by investment income previously eliminated in the Corporate & Other segment.  For comparative purposes, all prior periods have been reclassified to reflect this change.

14

PMA Capital Corporation
Statements of Operations - PMA Insurance Group 1
(Dollar Amounts in Thousands)
	2nd		3rd		4th		1st		2nd		Six		Six		% Change			% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		Months		Months		2nd			Six
	2007		2007		2007		2008		2008		2008		2007		Quarter			Months
Gross Premiums Written	$	115,418	$	149,591	$	95,070	$	143,663	$	101,786	$	245,449	$	280,138		-11.8	%		-12.4	%
Net Premiums Written	$	81,816	$	116,271	$	71,345	$	113,905	$	79,273	$	193,178	$	207,709		-3.1	%		-7.0	%
Revenues:
Net premiums earned	$	97,174	$	93,928	$	93,773	$	85,718	$	103,047	$	188,765	$	191,169		6.0	%		-1.3	%
Net investment income		9,578		9,397		9,406		9,099		8,943		18,042		19,133		-6.6	%		-5.7	%
Other revenues		-		-		-		-		2,120		2,120		-	NM			NM
Total revenues		106,752		103,325		103,179		94,817		114,110		208,927		210,302		6.9	%		-0.7	%
Losses and Expenses:
Losses and loss adjustment expenses		67,965		63,163		66,152		59,922		71,572		131,494		133,884		5.3	%		-1.8	%
Acquisition expenses		18,759		18,182		18,027		14,692		19,537		34,229		37,538		4.1	%		-8.8	%
Operating expenses		9,931		7,819		9,223		5,488		9,979		15,467		15,982		0.5	%		-3.2	%
Dividends to policyholders		2,047		2,205		1,916		882		1,493		2,375		3,669		-27.1	%		-35.3	%
Total losses and expenses		98,702		91,369		95,318		80,984		102,581		183,565		191,073		3.9	%		-3.9	%
Operating income before income taxes
and interest expense		8,050		11,956		7,861		13,833		11,529		25,362		19,229		43.2	%		31.9	%
Interest expense		251		254		247		214		188		402		500		-25.1	%		-19.6	%
Pre-tax operating income	$	7,799	$	11,702	$	7,614	$	13,619	$	11,341	$	24,960	$	18,729		45.4	%		33.3	%

1 Beginning in the fourth quarter of 2007, the results of PMA Insurance Group no longer include those of PMA Management Corp.  The results of PMA Management Corp. are currently included within the segment results of the Company's Fee-based Business.  For comparative purposes, the financial results of PMA Insurance Group and PMA Management Corp. have been reclassified in all prior periods to reflect this change.

15

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group
																						Point Chg.			Point Chg.
	2nd			3rd			4th			1st			2nd			Six			Six			2nd Quarter			Six Months
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months			Better			Better
	2007			2007			2007			2008			2008			2008			2007			(Worse)			(Worse)
Ratios - GAAP Basis:
Loss and LAE ratio		69.9	%		67.2	%		70.5	%		69.9	%		69.4	%		69.6	%		70.0	%		0.5			0.4
Expense ratio:
Acquisition expenses		19.3	%		19.4	%		19.2	%		17.1	%		19.0	%		18.1	%		19.6	%		0.3			1.5
Operating expenses		10.3	%		8.4	%		9.9	%		6.5	%		9.7	%		8.2	%		8.4	%		0.6			0.2
Total expense ratio		29.6	%		27.8	%		29.1	%		23.6	%		28.7	%		26.3	%		28.0	%		0.9			1.7
Policyholders' dividend ratio		2.1	%		2.3	%		2.0	%		1.0	%		1.4	%		1.3	%		1.9	%		0.7			0.6
Combined ratio		101.6	%		97.3	%		101.6	%		94.5	%		99.5	%		97.2	%		99.9	%		2.1			2.7
Net investment income ratio		-9.9	%		-10.0	%		-10.0	%		-10.6	%		-8.7	%		-9.6	%		-10.0	%		(1.2	)		(0.4	)
Operating ratio		91.7	%		87.3	%		91.6	%		83.9	%		90.8	%		87.6	%		89.9	%		0.9			2.3

16

PMA Capital Corporation
Components of Direct Premiums Written - PMA Insurance Group
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th			Six			Twelve
	Quarter			Quarter			Quarter			Quarter			Months			Months
	2006			2006			2006			2006			2006			2006
Direct premium production	$	127,138		$	92,932		$	126,858		$	78,751		$	220,070		$	425,679
Fronting premiums		-			-			2,086			12,704			-			14,790
Premium adjustments		435			(498	)		(1,452	)		(7,327	)		(63	)		(8,842	)
Direct premiums written	$	127,573		$	92,434		$	127,492		$	84,128		$	220,007		$	431,627
	1st			2nd			3rd			4th			Six			Twelve
	Quarter			Quarter			Quarter			Quarter			Months			Months
	2007			2007			2007			2007			2007			2007
Direct premium production	$	143,389		$	96,316		$	137,144		$	83,103		$	239,705		$	459,952
Fronting premiums		18,401			14,936			13,707			12,796			33,337			59,840
Premium adjustments		(859	)		(134	)		(4,149	)		(4,327	)		(993	)		(9,469	)
Direct premiums written	$	160,931		$	111,118		$	146,702		$	91,572		$	272,049		$	510,323
	1st			2nd									Six
	Quarter			Quarter									Months
	2008			2008									2008
Direct premium production	$	146,608		$	96,736								$	243,344
Fronting premiums		8,143			2,113									10,256
Premium adjustments		(14,198	)		370									(13,828	)
Direct premiums written	$	140,553		$	99,219								$	239,772

17

PMA Capital Corporation
Statements of Operations - Fee-based Business 1
(Dollar Amounts in Thousands)
	2nd		3rd		4th		1st		2nd		Six		Six		% Change			% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		Months		Months		2nd			Six
	2007		2007		2007		2008		2008		2008		2007		Quarter			Months
Revenues:
Claims service revenues	$	7,535	$	7,595	$	11,239	$	12,108	$	13,213	$	25,321	$	15,200		75.4	%		66.6	%
Commission income		-		-		3,005		4,281		2,644		6,925		-	NM			NM
Net investment income		180		193		435		161		118		279		344		-34.4	%		-18.9	%
Other revenues		-		-		113		102		82		184		-	NM			NM
Total revenues		7,715		7,788		14,792		16,652		16,057		32,709		15,544	NM			NM
Expenses:
Operating expenses		7,114		7,127		13,123		14,466		14,856		29,322		14,150	NM			NM
Total expenses		7,114		7,127		13,123		14,466		14,856		29,322		14,150	NM			NM
Pre-tax operating income	$	601	$	661	$	1,669	$	2,186	$	1,201	$	3,387	$	1,394		99.8	%	NM

1 As a result of the Company's acquisition of Midlands at the beginning of the fourth quarter of 2007, the combined operating results of PMA Management Corp. and Midlands have been reported in a new reporting segment, Fee-based Business.  For comparative purposes, all prior periods have been reclassified to reflect this change.  Fee-based Business operating results include only the operating results of Midlands from the date of acquisition.  Beginning in the third quarter of 2008, the operating results for this segment will also include those of PMA Management Corp. of New England, which was acquired by the Company on June 30, 2008.

18

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
	2007			2007			2007			2008			2008			2008			2007			Quarter			Months
Gross Premiums Written	$	(160	)	$	(155	)	$	(156	)	$	(122	)	$	(127	)	$	(249	)	$	(316	)		20.6	%		21.2	%
Net Premiums Written	$	(160	)	$	(155	)	$	(156	)	$	(122	)	$	(127	)	$	(249	)	$	(316	)		20.6	%		21.2	%
Revenues:
Net premiums earned	$	(160	)	$	(155	)	$	(156	)	$	(122	)	$	(127	)	$	(249	)	$	(316	)		20.6	%		21.2	%
Claims service revenues		-			-			-			(156	)		(276	)		(432	)		-		NM			NM
Commission income		-			-			-			-			(13	)		(13	)		-		NM			NM
Net investment income 1		193			324			132			175			(21	)		154			228		NM				-32.5	%
Other revenues		32			33			55			44			12			56			139			-62.5	%		-59.7	%
Total revenues		65			202			31			(59	)		(425	)		(484	)		51		NM			NM
Expenses:
Acquisition expenses		-			-			-			-			(13	)		(13	)		-		NM			NM
Operating expenses		2,366			1,954			2,283			2,379			2,512			4,891			4,880			6.2	%		0.2	%
Total expenses		2,366			1,954			2,283			2,379			2,499			4,878			4,880			5.6	%		-0.0	%
Operating loss before income taxes
and interest expense		(2,301	)		(1,752	)		(2,252	)		(2,438	)		(2,924	)		(5,362	)		(4,829	)		-27.1	%		-11.0	%
Interest expense		2,592			2,821			2,751			2,573			2,500			5,073			5,159			-3.5	%		-1.7	%
Pre-tax operating loss	$	(4,893	)	$	(4,573	)	$	(5,003	)	$	(5,011	)	$	(5,424	)	$	(10,435	)	$	(9,988	)		-10.9	%		-4.5	%

1 Effective in the fourth quarter of 2007, the Company reported the results of its former Run-off Operations segment as discontinued operations.  As a result of this change, the Corporate & Other segment was impacted by investment income previously eliminated in the Corporate & Other segment.  For comparative purposes, all prior periods have been reclassified to reflect this change.

19

PMA Capital Corporation
Statements of Operations - Discontinued Operations 1
(Dollar Amounts in Thousands)
	2nd			3rd			4th			1st			2nd			Six			Six			% Change			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months			2nd			Six
	2007			2007			2007			2008			2008			2008			2007			Quarter			Months
Gross Premiums Written	$	1,994		$	1,603		$	(301	)	$	2,331		$	(214	)	$	2,117		$	3,501		NM				-39.5	%
Net Premiums Written	$	1,994		$	1,216		$	680		$	2,439		$	(227	)	$	2,212		$	3,489		NM				-36.6	%
Revenues:
Net premiums earned	$	517		$	1,105		$	656		$	1,026		$	11		$	1,037		$	1,710			-97.9	%		-39.4	%
Net investment income 1		1,221			777			60			128			(451	)		(323	)		2,007		NM			NM
Total revenues		1,738			1,882			716			1,154			(440	)		714			3,717		NM				-80.8	%
Losses and Expenses:
Losses and loss adjustment expenses		185			22,447			274			9,280			550			9,830			1,292		NM			NM
Acquisition expenses		254			39			239			85			168			253			613			-33.9	%		-58.7	%
Operating expenses		2,242			1,689			2,111			2,782			1,952			4,734			3,707			-12.9	%		27.7	%
Impairment charge / valuation adjustment		-			-			61,482			(6,480	)		(3,550	)		(10,030	)		-		NM			NM
Total losses and expenses		2,681			24,175			64,106			5,667			(880	)		4,787			5,612		NM				-14.7	%
Pre-tax operating income (loss) from discontinued operations		(943	)		(22,293	)		(63,390	)		(4,513	)		440			(4,073	)		(1,895	)	NM			NM
Income tax expense (benefit)		(330	)		(7,803	)		(22,187	)		(1,580	)		154			(1,426	)		(663	)	NM			NM
After-tax operating income (loss) from discontinued operations		(613)			(14,490)			(41,203)			(2,993)			286			(2,647)			(1,232)			NM			NM
Realized gains (losses) after tax		(403	)		509			457			494			(474	)		20			(1,318	)		-17.6	%	NM
Loss from discontinued operations	$	(1,016	)	$	(13,981	)	$	(40,746	)	$	(2,439	)	$	(188	)	$	(2,627	)	$	(2,550	)		81.5	%		-3.0	%

1	Effective in the fourth quarter of 2007, the Company reported the results of its former Run-off Operations segment as discontinued operations.  As a result of this change, the discontinued operations were impacted by investment income previously eliminated in the Corporate & Other segment.  For comparative purposes, all prior periods have been reclassified to reflect this change.
	Note: The net results from discontinued operations are reported as a separate line item below "Income from continuing operations" in the consolidated statements of operations.

20

PMA Capital Corporation
Operating Cash Flows - Consolidated 1
(Dollar Amounts in Thousands)
	2nd			3rd			4th			1st			2nd			Six			Six
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2007			2007			2007			2008			2008			2008			2007
Receipts:
Premiums collected	$	87,468		$	99,713		$	95,709		$	93,222		$	94,883		$	188,105		$	179,727
Claims service, commissions and other revenues		6,588			8,097			19,473			14,097			16,180			30,277			14,635
Investment income received		10,605			9,981			10,730			10,623			9,418			20,041			21,109
Total receipts		104,661			117,791			125,912			117,942			120,481			238,423			215,471
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		15,005			20,704			24,466			4,991			17,075			22,066			19,610
Losses and LAE paid - prior years		51,295			61,340			34,968			61,577			54,638			116,215			114,110
Total losses and LAE paid		66,300			82,044			59,434			66,568			71,713			138,281			133,720
Operating expenses paid		28,060			32,950			36,995			44,966			43,369			88,335			65,453
Commissions and premiums paid		-			-			7,792			922			2,117			3,039			-
Policyholders' dividends paid		1,878			690			791			1,138			1,882			3,020			2,377
Interest on corporate debt		2,446			2,888			3,396			2,926			2,680			5,606			5,528
Total disbursements		98,684			118,572			108,408			116,520			121,761			238,281			207,078
Net other		(5,728	)		(4,183	)		793			(5,637	)		12,080			6,443			(2,078	)
Net operating cash flows from continuing operations		249			(4,964	)		18,297			(4,215	)		10,800			6,585			6,315
Net operating cash flows from discontinued operations		(35,532	)		(18,174	)		143,177	2		(31,345	)		(23,228	)		(54,573	)		(57,825	)
Net operating cash flows	$	(35,283	)	$	(23,138	)	$	161,474		$	(35,560	)	$	(12,428	)	$	(47,988	)	$	(51,510	)

1	Effective in the fourth quarter of 2007, the Company reported the operating cash flows of its former Run-off Operations segment as discontinued operations.  For comparative purposes, all prior periods have been reclassified to reflect this change.
2	Includes $172 million received for commutation of adverse development cover reinsurance.

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PMA Capital Corporation
Operating Cash Flows - PMA Insurance Group 1
(Dollar Amounts in Thousands)
	2nd			3rd			4th			1st			2nd		Six		Six
	Quarter			Quarter			Quarter			Quarter			Quarter		Months		Months
	2007			2007			2007			2008			2008		2008		2007
Receipts:
Premiums collected	$	87,468		$	99,713		$	95,709		$	93,222		$	94,883	$	188,105	$	179,727
Investment income received		10,426			9,788			10,292			10,462			9,300		19,762		20,765
Total receipts		97,894			109,501			106,001			103,684			104,183		207,867		200,492
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		15,005			20,704			24,466			4,991			17,075		22,066		19,610
Losses and LAE paid - prior years		51,295			61,340			34,968			61,577			54,638		116,215		114,110
Total losses and LAE paid		66,300			82,044			59,434			66,568			71,713		138,281		133,720
Operating expenses paid		20,985			25,806			22,146			32,454			28,756		61,210		51,192
Policyholders' dividends paid		1,878			690			791			1,138			1,882		3,020		2,377
Interest on corporate debt		244			252			252			245			186		431		496
Total disbursements		89,407			108,792			82,623			100,405			102,537		202,942		187,785
Net other		(7,701	)		(6,333	)		(15,631	)		(3,412	)		10,964		7,552		(9,496	)
Net operating cash flows	$	786		$	(5,624	)	$	7,747		$	(133	)	$	12,610	$	12,477	$	3,211

1 Beginning in the fourth quarter of 2007, the operating cash flows of PMA Insurance Group no longer include those of PMA Management Corp. The operating cash flows of PMA Management Corp. are currently included within the segment operating cash flows of the Company's Fee-based Business. For comparative purposes, all prior periods have been reclassified to reflect this change.

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PMA Capital Corporation
Operating Cash Flows - Fee-based Business 1
(Dollar Amounts in Thousands)
		2nd			3rd			4th			1st		2nd			Six			Six
		Quarter			Quarter			Quarter			Quarter		Quarter			Months			Months
		2007			2007			2007			2008		2008			2008			2007
Receipts:
Claims service, commissions and other revenues		$	6,588		$	8,097		$	19,473		$	14,097	$	16,180		$	30,277		$	14,635
Investment income received			179			193			438			161		118			279			344
	Total receipts		6,767			8,290			19,911			14,258		16,298			30,556			14,979
Disbursements:
Operating expenses paid			7,075			7,144			14,849			12,512		14,613			27,125			14,261
Commissions and premiums paid			-			-			7,792			922		2,117			3,039			-
	Total disbursements		7,075			7,144			22,641			13,434		16,730			30,164			14,261
	Net other		(2,326	)		(105	)		(48	)		977		(3,003	)		(2,026	)		(3,476	)
Net operating cash flows		$	(2,634	)	$	1,041		$	(2,778	)	$	1,801	$	(3,435	)	$	(1,634	)	$	(2,758	)
1	As a result of the Company's acquisition of Midlands at the beginning of the fourth quarter of 2007, the combined operating cash flows of PMA Management Corp. and Midlands have been reported in a new reporting segment, Fee-based Business. For comparative purposes, all prior periods have been reclassified to reflect this change. Fee-based Business operating cash flows include only the operating cash flows of Midlands from the date of acquisition. Beginning in the third quarter of 2008, the operating cash flows for this segment will also include those of PMA Management Corp. of New England, which was acquired by the Company on June 30, 2008.

23

PMA Capital Corporation
Statutory Surplus
(Dollar Amounts in Thousands)
	2nd		3rd		4th		1st		2nd
	Quarter		Quarter		Quarter		Quarter		Quarter
	2007		2007		2007		2008		20081
PMA Pool 2	$	333,118	$	339,800	$	335,394	$	343,582	$	352,096
PMA Capital Insurance Company		75,585		58,040		47,580		41,099		37,838

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
		2007			2007			2007			2008			20081			20081			2007
Net Premiums Written:
	Workers' Compensation	$	75,976		$	98,459		$	64,477		$	103,018		$	71,998		$	175,016		$	189,708
	Other Commercial Lines		7,359			9,900			6,139			10,805			9,079			19,884			17,617
	Total - PMA Pool	$	83,335		$	108,359		$	70,616		$	113,823		$	81,077		$	194,900		$	207,325
Statutory Ratios:
	Loss and LAE ratio		70.3	%		68.0	%		70.4	%		69.6	%		69.5	%		69.5	%		70.8	%
	Underwriting expense ratio		30.2	%		25.9	%		34.6	%		20.3	%		32.1	%		25.2	%		24.8	%
	Policyholders' dividend ratio		1.7	%		1.4	%		2.1	%		1.4	%		1.5	%		1.4	%		1.1	%
	Combined ratio		102.2	%		95.3	%		107.1	%		91.3	%		103.1	%		96.1	%		96.7	%
	Operating ratio		92.4	%		85.7	%		97.2	%		80.7	%		94.4	%		86.5	%		87.0	%
1	Estimated.
2	The PMA Pool is comprised of Pennsylvania Manufacturers' Association Insurance Company, Manufacturers Alliance Insurance Company and Pennsylvania Manufacturers Indemnity Company.

24

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 7/30/2008):
	A.M. Best	Fitch	Moody's
PMA Pool 1	A-  (4th of 16)	BBB+  (8th of 21)	Baa3  (10th of 21)
PMA Capital Insurance Company 2	B  (7th of 16)	NR 3	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 ("PMACIC").  The reinsurance business is in run-off.  On April 1, 2008, we announced that we have executed a definitive stock purchase agreement to sell our Run-off Operations to Armour Reinsurance Group Limited.
3  NR - No Rating; On July 21, 2008, Fitch withdrew its financial strength rating of PMACIC. Prior to the rating withdrawal, PMACIC had a financial strength rating of "B-" (16th of 21).

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