ex99-2.htm

Exhibit 99.2

PMA Capital Corporation
Statistical Supplement
First Quarter - 2009

Table of Contents
		Page
Consolidated Highlights:
Selected Financial Data			1
Consolidated Statements of Operations - Per Share Data			2
Consolidated Statements of Operations			3
Consolidated Balance Sheets			4
Assets and Liabilities of Discontinued Operations; Selected Balance Sheet Items - Fronting Arrangements;
Rollforward of Deferred Policy Acquisition Costs - PMA Insurance Group			5
Invested Assets and Net Investment Income; Debt			6

Segment Information:
Statements of Operations - Consolidating		7 - 8
Statements of Operations - PMA Insurance Group			9
Insurance Ratios - PMA Insurance Group			10
Components of Direct Premiums Written - PMA Insurance Group			11
Statements of Operations - Fee-based Business			12
Statements of Operations - Corporate & Other			13
Statements of Operations - Discontinued Operations			14

Operating Cash Flow Information:
Operating Cash Flows - Consolidated			15
Operating Cash Flows - PMA Insurance Group			16
Operating Cash Flows - Fee-based Business			17

Statutory Financial Information:
Statutory Surplus; Statutory Financial Information - PMA Pool			18

Other Information:
Industry Ratings and Market Information			19

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 page 1 for reconciliations of operating results by segment to GAAP net income (loss).

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

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2008			2008			2008			2008			2009			Quarter

Direct Premiums Written	$	140,431		$	99,092		$	148,193		$	129,713		$	161,965			15.3	%

Net Premiums Written	$	113,783		$	79,146		$	123,995		$	97,313		$	117,978			3.7	%

Revenues:
Net premiums earned	$	85,596		$	102,920		$	97,974		$	103,727		$	104,930			22.6	%
Claims service revenues		11,952			12,937			15,696			16,785			15,684			31.2	%
Commission income		4,281			2,631			2,637			2,835			3,463			-19.1	%
Net investment income		9,435			9,040			8,870			8,724			8,457			-10.4	%
Net realized investment gains (losses)		3,518			(572	)		(7,929	)		259			749			-78.7	%
Other revenues		146			2,214			125			356			176			20.5	%
Total revenues	$	114,928		$	129,170		$	117,373		$	132,686		$	133,459			16.1	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	13,619		$	11,341		$	13,325		$	8,428		$	15,187			11.5	%
Fee-based Business		2,186			1,201			1,929			1,889			2,013			-7.9	%
Corporate & Other		(5,011	)		(5,424	)		(5,319	)		(4,897	)		(5,000	)		0.2	%
Pre-tax operating income		10,794			7,118			9,935			5,420			12,200			13.0	%
Income tax expense		3,811			2,535			3,530			1,854			4,384			15.0	%
After-tax operating income		6,983			4,583			6,405			3,566			7,816			11.9	%
Net realized investment gains (losses) after tax		2,287			(372	)		(5,154	)		168			487			-78.7	%
Income from continuing operations		9,270			4,211			1,251			3,734			8,303			-10.4	%
Loss from discontinued operations after tax		(2,439	)		(188	)		(2,310	)		(7,840	)		(86	)		96.5	%
Net income (loss)	$	6,831		$	4,023		$	(1,059	)	$	(4,106	)	$	8,217			20.3	%

Diluted Earnings (Loss) Per Share:
After-tax operating income	$	0.22		$	0.14		$	0.20		$	0.11		$	0.24			9.1	%
Realized gains (losses) after tax		0.07			(0.01	)		(0.16	)		0.01			0.02			-71.4	%
Income from continuing operations		0.29			0.13			0.04			0.12			0.26			-10.3	%
Loss from discontinued operations after tax		(0.08	)		-			(0.07	)		(0.25	)		-		NM
Net income (loss)	$	0.21		$	0.13		$	(0.03	)	$	(0.13	)	$	0.26			23.8	%

Capitalization:
Debt	$	129,790		$	129,790		$	129,380		$	129,380		$	129,380			-0.3	%
Shareholders' equity excluding FAS 115 unrealized gain (loss)		381,255			387,761			380,107			365,547			374,007			-1.9	%
Total capitalization excluding FAS 115 unrealized gain (loss)		511,045			517,551			509,487			494,927			503,387			-1.5	%
FAS 115 unrealized gain (loss)		2,464			(7,166	)		(22,113	)		(20,891	)		(22,737	)	NM
Total capitalization including FAS 115 unrealized gain (loss)	$	513,509		$	510,385		$	487,374		$	474,036		$	480,650			-6.4	%

Book Value Per Share:
Excluding FAS 115 unrealized gain (loss)	$	12.00		$	12.14		$	11.89		$	11.44		$	11.61			-3.3	%
Including FAS 115 unrealized gain (loss)	$	12.08		$	11.92		$	11.20		$	10.78		$	10.91			-9.7	%

Debt to Total Capital:
Excluding FAS 115 unrealized gain (loss)		25.4	%		25.1	%		25.4	%		26.1	%		25.7	%		1.2	%
Including FAS 115 unrealized gain (loss)		25.3	%		25.4	%		26.5	%		27.3	%		26.9	%		6.3	%

Interest Coverage:
Income from continuing operations before
interest and income taxes to interest expense		6.14			3.44			1.73			3.12			6.17			0.5	%

Operating income from continuing operations before interest and income taxes to interest expense		4.87			3.65			4.63			3.03			5.87			20.5	%

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

	1st			2nd		3rd			4th			1st
	Quarter			Quarter		Quarter			Quarter			Quarter
	2008			2008		2008			2008			2009

Diluted Earnings (Loss) Per Share:

Pre-tax operating income	$	0.34		$	0.22	$	0.31		$	0.17		$	0.38

After-tax operating income	$	0.22		$	0.14	$	0.20		$	0.11		$	0.24

Income from continuing operations	$	0.29		$	0.13	$	0.04		$	0.12		$	0.26

Loss from discontinued operations after tax		(0.08	)		-		(0.07	)		(0.25	)		-

Net income (loss)	$	0.21		$	0.13	$	(0.03	)	$	(0.13	)	$	0.26

Diluted weighted average common
shares outstanding		31,942,896			32,132,576		32,200,554			31,968,555			32,020,346


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

Actual common shares issued
and outstanding		31,765,817			31,940,651		31,965,806			31,965,806			32,211,133


Class A Common Stock prices:
High	$	9.14		$	10.23	$	12.00		$	9.47		$	7.20
Low	$	7.45		$	8.24	$	8.00		$	3.46		$	3.50
Close	$	8.54		$	9.21	$	8.82		$	7.08		$	4.17

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

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2008			2008			2008			2008			2009			Quarter

Gross Premiums Written	$	143,541		$	101,659		$	151,498		$	132,217		$	164,070			14.3	%

Net Premiums Written	$	113,783		$	79,146		$	123,995		$	97,313		$	117,978			3.7	%

Revenues:
Net premiums earned	$	85,596		$	102,920		$	97,974		$	103,727		$	104,930			22.6	%
Claims service revenues		11,952			12,937			15,696			16,785			15,684			31.2	%
Commission income		4,281			2,631			2,637			2,835			3,463			-19.1	%
Net investment income		9,435			9,040			8,870			8,724			8,457			-10.4	%
Net realized investment gains (losses)		3,518			(572	)		(7,929	)		259			749			-78.7	%
Other revenues		146			2,214			125			356			176			20.5	%
Total revenues		114,928			129,170			117,373			132,686			133,459			16.1	%

Expenses:
Losses and loss adjustment expenses		59,922			71,572			68,660			70,671			75,775			26.5	%
Acquisition expenses		14,692			19,524			15,898			16,521			17,198			17.1	%
Operating expenses		22,333			27,347			26,906			34,379			24,385			9.2	%
Dividends to policyholders		882			1,493			1,169			2,762			646			-26.8	%
Interest expense		2,787			2,688			2,734			2,674			2,506			-10.1	%
Total losses and expenses		100,616			122,624			115,367			127,007			120,510			19.8	%

Pre-tax income		14,312			6,546			2,006			5,679			12,949			-9.5	%

Income tax expense (benefit):
Current		-			151			765			(211	)		244		NM
Deferred		5,042			2,184			(10	)		2,156			4,402			-12.7	%

Total income tax expense		5,042			2,335			755			1,945			4,646			-7.9	%

Income from continuing operations		9,270			4,211			1,251			3,734			8,303			-10.4	%

Loss from discontinued operations after tax		(2,439	)		(188	)		(2,310	)		(7,840	)		(86	)		96.5	%

Net income (loss)	$	6,831		$	4,023		$	(1,059	)	$	(4,106	)	$	8,217			20.3	%

Pre-tax operating income from continuing operations	$	10,794		$	7,118		$	9,935		$	5,420		$	12,200			13.0	%

After-tax operating income from continuing operations	$	6,983		$	4,583		$	6,405		$	3,566		$	7,816			11.9	%

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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2008			2008			2008			2008			2009

Assets:
Investments in fixed maturities available for sale	$	719,570		$	730,466		$	701,738		$	719,048		$	714,202
Short-term investments		79,184			60,891			89,766			45,066			58,273
Other investments		7,752			8,009			8,247			8,127			13,832
Total investments		806,506			799,366			799,751			772,241			786,307

Cash		14,552			10,557			12,502			10,501			11,767
Accrued investment income		5,462			5,762			6,104			6,513			6,500
Premiums receivable		239,783			215,030			226,709			235,893			257,380
Reinsurance receivables		818,789			817,182			824,512			826,126			830,962
Prepaid reinsurance premiums		28,977			21,414			23,051			29,579			41,314
Deferred income taxes, net		116,342			117,983			131,132			138,514			135,496
Deferred acquisition costs		42,547			38,739			43,317			40,938			44,857
Funds held by reinsureds		44,622			46,980			49,292			51,754			54,166
Intangible assets		22,589			30,013			30,518			30,348			29,668
Other assets		106,405			116,418			142,672			116,646			119,361
Assets of discontinued operations		348,921			317,189			309,607			243,663			235,265
Total assets	$	2,595,495		$	2,536,633		$	2,599,167		$	2,502,716		$	2,553,043

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,227,287		$	1,240,224		$	1,247,069		$	1,242,258		$	1,256,435
Unearned premiums		250,981			219,643			247,302			247,415			272,200
Debt		129,790			129,790			129,380			129,380			129,380
Accounts payable, accrued expenses
and other liabilities		191,029			193,342			247,196			216,266			219,189
Reinsurance funds held and balances payable		39,287			31,947			34,185			44,177			59,074
Dividends to policyholders		5,845			5,459			5,150			6,862			7,224
Liabilities of discontinued operations		367,557			335,633			330,891			271,702			258,271
Total liabilities		2,211,776			2,156,038			2,241,173			2,158,060			2,201,773

Shareholders' Equity:
Class A Common Stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		111,588			111,754			112,427			112,921			111,953
Retained earnings		143,418			145,638			144,286			140,184			143,291
Accumulated other comprehensive loss		(8,917	)		(17,743	)		(40,149	)		(49,876	)		(51,497	)
Treasury stock, at cost		(33,460	)		(30,144	)		(29,660	)		(29,663	)		(23,567	)
Total shareholders' equity		383,719			380,595			357,994			344,656			351,270
Total liabilities and shareholders' equity	$	2,595,495		$	2,536,633		$	2,599,167		$	2,502,716		$	2,553,043

PMA Capital Corporation
Assets and Liabilities of Discontinued Operations
(Dollar Amounts in Thousands)

	1st		2nd		3rd		4th		1st
	Quarter		Quarter		Quarter		Quarter		Quarter
	2008		2008		2008		2008		2009

Assets
Investments	$	186,466	$	172,732	$	160,240	$	146,033	$	137,317
Cash		10,305		726		692		1,371		85
Reinsurance receivables		144,994		136,212		134,133		94,956		93,120
Other assets		7,156		7,519		14,542		1,303		4,743
Assets of discontinued operations	$	348,921	$	317,189	$	309,607	$	243,663	$	235,265

Liabilities
Unpaid losses and loss adjustment expenses	$	317,165	$	289,190	$	281,386	$	247,442	$	235,568
Other liabilities		50,392		46,443		49,505		24,260		22,703
Liabilities of discontinued operations	$	367,557	$	335,633	$	330,891	$	271,702	$	258,271

PMA Capital Corporation
Selected Balance Sheet Items - Fronting Arrangements
(Dollar Amounts in Thousands)

	1st		2nd		3rd		4th		1st
	Quarter		Quarter		Quarter		Quarter		Quarter
	2008		2008		2008		2008		2009

Assets
Premiums receivable	$	22,714	$	11,145	$	8,087	$	25,796	$	38,833
Reinsurance receivables		37,711		42,691		44,668		47,280		50,175
Prepaid reinsurance premiums		16,956		8,513		5,020		16,048		24,884
Deferred acquisition costs		189		61		79		748		1,269
Other assets		7,285		6,234		6,315		6,723		6,818

Liabilities
Unpaid losses and loss adjustment expenses	$	38,739	$	44,078	$	46,301	$	49,494	$	53,087
Unearned premiums		18,500		9,555		5,845		19,667		29,430
Reinsurance funds held and balances payable		16,510		8,047		6,126		20,965		31,237
Other liabilities		11,564		8,586		7,459		10,116		11,392

PMA Capital Corporation
Rollforward of Deferred Policy Acquisition Costs - PMA Insurance Group
(Dollar Amounts in Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2008			2008			2008			2008			2009

Balance Sheet
Balance, beginning of period	$	37,404		$	42,547		$	38,739		$	43,317		$	40,938

Policy acquisition costs deferred		19,835			15,729			20,501			14,170			21,136
Amortization of policy acquisition costs		(14,692	)		(19,537	)		(15,923	)		(16,549	)		(17,217	)
Net change		5,143			(3,808	)		4,578			(2,379	)		3,919

Balance, end of period	$	42,547		$	38,739		$	43,317		$	40,938		$	44,857

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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2008			2008			2008			2008			2009

Total Investments & Cash
As reported	$	821,058		$	809,923		$	812,253		$	782,742		$	798,074
Less:
Unrealized gain (loss) on
fixed maturities available for sale		4,024			(10,663	)		(33,148	)		(30,758	)		(33,799	)
Unrealized loss on other investments		(233	)		(362	)		(872	)		(1,382	)		(1,181	)
Total adjusted investments & cash	$	817,267		$	820,948		$	846,273		$	814,882		$	833,054

Net Investment Income
As reported	$	9,435		$	9,040		$	8,870		$	8,724		$	8,457
Less:
Interest on funds held		(506	)		(558	)		(616	)		(479	)		(288	)
Total adjusted investment income	$	9,941		$	9,598		$	9,486		$	9,203		$	8,745

Yield
As reported		4.57	%		4.43	%		4.37	%		4.38	%		4.28	%
Investment portfolio		4.84	%		4.69	%		4.55	%		4.43	%		4.25	%

Duration (in years)		3.8			3.8			3.6			3.2			3.5

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		45	20223
		Total long-term debt	$	129,380

	1	Weighted average interest rate on junior subordinated debt is 5.21% as of March 31, 2009.
	2	Interest rate on surplus notes is 5.67% as of March 31, 2009.
	3	Holders of this debt, at their option, may require us to repurchase all or a portion of their debentures on September 30, 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.

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended March 31, 2009
(Dollar Amounts in Thousands)

	PMA
	Insurance		Fee-based		Corporate
	Group		Business		& Other1			Consolidated

Gross Premiums Written	$	164,218	$	-	$	(148	)	$	164,070

Net Premiums Written	$	118,126	$	-	$	(148	)	$	117,978

Revenues:
Net premiums earned	$	105,078	$	-	$	(148	)	$	104,930
Claims service revenues		-		15,995		(311	)		15,684
Commission income		-		3,475		(12	)		3,463
Net investment income		8,466		86		(95	)		8,457
Other revenues		-		170		6			176
Total operating revenues		113,544		19,726		(560	)		132,710

Losses and Expenses:
Losses and loss adjustment expenses		75,775		-		-			75,775
Acquisition expenses		17,217		-		(19	)		17,198
Operating expenses		4,559		17,713		2,113			24,385
Dividends to policyholders		646		-		-			646
Total losses and expenses		98,197		17,713		2,094			118,004

Operating income (loss) before income taxes
and interest expense		15,347		2,013		(2,654	)		14,706

Interest expense		160		-		2,346			2,506

Pre-tax operating income (loss)	$	15,187	$	2,013	$	(5,000	)		12,200

Net realized investment gains									749

Pre-tax income								$	12,949

Corporate & Other includes the effect of eliminating transactions between the operating segments.

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended March 31, 2008
(Dollar Amounts in Thousands)

	PMA
	Insurance		Fee-based		Corporate
	Group		Business		& Other1			Consolidated

Gross Premiums Written	$	143,663	$	-	$	(122	)	$	143,541

Net Premiums Written	$	113,905	$	-	$	(122	)	$	113,783

Revenues:
Net premiums earned	$	85,718	$	-	$	(122	)	$	85,596
Claims service revenues		-		12,108		(156	)		11,952
Commission income		-		4,281		-			4,281
Net investment income		9,099		161		175			9,435
Other revenues		-		102		44			146
Total operating revenues		94,817		16,652		(59	)		111,410

Losses and Expenses:
Losses and loss adjustment expenses		59,922		-		-			59,922
Acquisition expenses		14,692		-		-			14,692
Operating expenses		5,488		14,466		2,379			22,333
Dividends to policyholders		882		-		-			882
Total losses and expenses		80,984		14,466		2,379			97,829

Operating income (loss) before income taxes
and interest expense		13,833		2,186		(2,438	)		13,581

Interest expense		214		-		2,573			2,787

Pre-tax operating income (loss)	$	13,619	$	2,186	$	(5,011	)		10,794

Net realized investment gains									3,518

Pre-tax income								$	14,312

Corporate & Other includes the effect of eliminating transactions between the operating segments.

PMA Capital Corporation
Statements of Operations - PMA Insurance Group
(Dollar Amounts in Thousands)

	1st		2nd		3rd		4th		1st		% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		1st
	2008		2008		2008		2008		2009		Quarter

Gross Premiums Written	$	143,663	$	101,786	$	151,620	$	132,340	$	164,218		14.3	%

Net Premiums Written	$	113,905	$	79,273	$	124,117	$	97,436	$	118,126		3.7	%

Revenues:
Net premiums earned	$	85,718	$	103,047	$	98,096	$	103,850	$	105,078		22.6	%
Net investment income		9,099		8,943		8,776		8,613		8,466		-7.0	%
Other revenues		-		2,120		-		18		-	NM
Total operating revenues		94,817		114,110		106,872		112,481		113,544		19.8	%

Losses and Expenses:
Losses and loss adjustment expenses		59,922		71,572		68,660		70,671		75,775		26.5	%
Acquisition expenses		14,692		19,537		15,923		16,549		17,217		17.2	%
Operating expenses		5,488		9,979		7,604		13,875		4,559		-16.9	%
Dividends to policyholders		882		1,493		1,169		2,762		646		-26.8	%
Total losses and expenses		80,984		102,581		93,356		103,857		98,197		21.3	%

Operating income before income taxes
and interest expense		13,833		11,529		13,516		8,624		15,347		10.9	%

Interest expense		214		188		191		196		160		-25.2	%

Pre-tax operating income	$	13,619	$	11,341	$	13,325	$	8,428	$	15,187		11.5	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

	1st			2nd			3rd			4th			1st			Point Chg.
	Quarter			Quarter			Quarter			Quarter			Quarter			1st Quarter
	2008			2008			2008			2008			2009			Better (Worse)

Ratios - GAAP Basis:


Loss and LAE ratio		69.9	%		69.4	%		70.0	%		68.1	%		72.1	%		(2.2	)

Expense ratio:
Acquisition expenses		17.1	%		19.0	%		16.2	%		15.9	%		16.4	%		0.7
Operating expenses		6.5	%		9.7	%		7.8	%		13.3	%		4.4	%		2.1
Total expense ratio		23.6	%		28.7	%		24.0	%		29.2	%		20.8	%		2.8

Policyholders' dividend ratio		1.0	%		1.4	%		1.2	%		2.7	%		0.6	%		0.4
Combined ratio		94.5	%		99.5	%		95.2	%		100.0	%		93.5	%		1.0

Net investment income ratio		-10.6	%		-8.7	%		-8.9	%		-8.3	%		-8.1	%		(2.5	)
Operating ratio		83.9	%		90.8	%		86.3	%		91.7	%		85.4	%		(1.5	)

PMA Capital Corporation
Components of Direct Premiums Written - PMA Insurance Group
(Dollar Amounts in Thousands)


	1st			2nd			3rd			4th			Twelve
	Quarter			Quarter			Quarter			Quarter			Months
	2007			2007			2007			2007			2007

Direct premium production	$	143,389		$	96,316		$	137,144		$	83,103		$	459,952
Fronting premiums		18,401			14,936			13,707			12,796			59,840
Premium adjustments		(859	)		(134	)		(4,149	)		(4,327	)		(9,469	)
Direct premiums written	$	160,931		$	111,118		$	146,702		$	91,572		$	510,323


	1st			2nd			3rd			4th			Twelve
	Quarter			Quarter			Quarter			Quarter			Months
	2008			2008			2008			2008			2008

Direct premium production	$	146,608		$	96,736		$	150,547		$	112,296		$	506,187
Fronting premiums		8,143			2,113			2,776			21,800			34,832
Premium adjustments		(14,198	)		370			(5,008	)		(4,261	)		(23,097	)
Direct premiums written	$	140,553		$	99,219		$	148,315		$	129,835		$	517,922


	1st
	Quarter
	2009

Direct premium production	$	147,367
Fronting premiums		19,622
Premium adjustments		(4,876	)
Direct premiums written	$	162,113

PMA Capital Corporation
Statements of Operations - Fee-based Business 1
(Dollar Amounts in Thousands)

	1st		2nd		3rd		4th		1st		% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		1st
	2008		2008		2008		2008		2009		Quarter

Revenues:
Claims service revenues	$	12,108	$	13,213	$	15,951	$	17,029	$	15,995		32.1	%
Commission income		4,281		2,644		2,662		2,848		3,475		-18.8	%
Net investment income		161		118		118		143		86		-46.6	%
Other revenues		102		82		91		59		170		66.7	%
Total operating revenues		16,652		16,057		18,822		20,079		19,726		18.5	%

Expenses:
Operating expenses		14,466		14,856		16,893		18,190		17,713		22.4	%
Total expenses		14,466		14,856		16,893		18,190		17,713		22.4	%

Pre-tax operating income	$	2,186	$	1,201	$	1,929	$	1,889	$	2,013		-7.9	%

Beginning in the third quarter of 2008, the operating results for this segment also include those of PMA Management Corp. of New England, which was acquired by the Company on June 30, 2008.

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

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2008			2008			2008			2008			2009			Quarter

Gross Premiums Written	$	(122	)	$	(127	)	$	(122	)	$	(123	)	$	(148	)		-21.3	%

Net Premiums Written	$	(122	)	$	(127	)	$	(122	)	$	(123	)	$	(148	)		-21.3	%

Revenues:
Net premiums earned	$	(122	)	$	(127	)	$	(122	)	$	(123	)	$	(148	)		-21.3	%
Claims service revenues		(156	)		(276	)		(255	)		(244	)		(311	)		-99.4	%
Commission income		-			(13	)		(25	)		(13	)		(12	)	NM
Net investment income		175			(21	)		(24	)		(32	)		(95	)	NM
Other revenues		44			12			34			279			6			-86.4	%
Total operating revenues		(59	)		(425	)		(392	)		(133	)		(560	)	NM

Expenses:
Acquisition expenses		-			(13	)		(25	)		(28	)		(19	)	NM
Operating expenses		2,379			2,512			2,409			2,314			2,113			-11.2	%
Total expenses		2,379			2,499			2,384			2,286			2,094			-12.0	%

Operating loss before income taxes
and interest expense		(2,438	)		(2,924	)		(2,776	)		(2,419	)		(2,654	)		-8.9	%

Interest expense		2,573			2,500			2,543			2,478			2,346			-8.8	%

Pre-tax operating loss	$	(5,011	)	$	(5,424	)	$	(5,319	)	$	(4,897	)	$	(5,000	)		0.2	%

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

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2008			2008			2008			2008			2009			Quarter

Gross Premiums Written	$	2,331		$	(214	)	$	417		$	3		$	466			-80.0	%

Net Premiums Written	$	2,439		$	(227	)	$	167		$	2		$	(87	)	NM

Revenues:
Net premiums earned	$	1,026		$	11		$	517		$	145		$	617			-39.9	%
Net investment income		128			(451	)		(663	)		1,546			(878	)	NM
Total operating revenues		1,154			(440	)		(146	)		1,691			(261	)	NM

Losses and Expenses:
Losses and loss adjustment expenses		9,280			550			10,201			4,226			129			-98.6	%
Acquisition expenses		85			168			(146	)		339			1,199		NM
Operating expenses		2,782			1,952			2,054			2,228			2,577			-7.4	%
Impairment charge / valuation adjustment		(6,480	)		(3,550	)		(8,594	)		8,722			(4,387	)		32.3	%
Total losses and expenses		5,667			(880	)		3,515			15,515			(482	)	NM

Pre-tax operating income (loss) from discontinued operations		(4,513	)		440			(3,661	)		(13,824	)		221		NM

Income tax expense (benefit)		(1,580	)		154			(1,281	)		(4,838	)		77		NM

After-tax operating income (loss) from discontinued operations		(2,933	)		286			(2,380	)		(8,986	)		144		NM

Realized gains (losses) after tax		494			(474	)		70			1,146			(230	)	NM

Loss from discontinued operations	$	(2,439	)	$	(188	)	$	(2,310	)	$	(7,840	)	$	(86	)		96.5	%

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.

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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2008			2008			2008			2008			2009

Receipts:
Premiums collected	$	93,222		$	94,883		$	112,274		$	96,678		$	109,089
Claims service, commissions and other revenues		14,097			16,180			22,643			16,251			22,276
Investment income received		10,623			9,418			9,688			9,172			9,789
Total receipts		117,942			120,481			144,605			122,101			141,154

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		4,991			17,075			25,618			30,952			5,265
Losses and LAE paid - prior years		61,577			54,638			46,851			41,207			61,152
Total losses and LAE paid		66,568			71,713			72,469			72,159			66,417
Operating expenses paid		44,966			43,369			43,785			37,866			46,907
Commissions and premiums paid		922			2,117			3,387			580			1,680
Policyholders' dividends paid		1,138			1,882			1,663			1,592			863
Interest on corporate debt		2,926			2,680			2,700			2,645			2,526
Total disbursements		116,520			121,761			124,004			114,842			118,393

Net other		(5,637	)		12,080			(6,158	)		(691	)		(629	)

Net operating cash flows from continuing operations		(4,215	)		10,800			14,443			6,568			22,132
Net operating cash flows from discontinued operations		(31,345	)		(23,228	)		(13,236	)		(20,948	)		(14,742	)
Net operating cash flows	$	(35,560	)	$	(12,428	)	$	1,207		$	(14,380	)	$	7,390

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

	1st			2nd		3rd			4th			1st
	Quarter			Quarter		Quarter			Quarter			Quarter
	2008			2008		2008			2008			2009

Receipts:
Premiums collected	$	93,222		$	94,883	$	112,274		$	96,678		$	109,089
Investment income received		10,462			9,300		9,570			9,029			9,703
Total receipts		103,684			104,183		121,844			105,707			118,792

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		4,991			17,075		25,618			30,952			5,265
Losses and LAE paid - prior years		61,577			54,638		46,851			41,207			61,152
Total losses and LAE paid		66,568			71,713		72,469			72,159			66,417
Operating expenses paid		32,454			28,756		26,531			23,391			30,060
Policyholders' dividends paid		1,138			1,882		1,663			1,592			863
Interest on corporate debt		245			186		192			185			194
Total disbursements		100,405			102,537		100,855			97,327			97,534

Net other		(3,412	)		10,964		(6,659	)		(18,635	)		(1,205	)

Net operating cash flows	$	(133	)	$	12,610	$	14,330		$	(10,255	)	$	20,053

PMA Capital Corporation
Operating Cash Flows - Fee-based Business 1
(Dollar Amounts in Thousands)

	1st		2nd			3rd		4th		1st
	Quarter		Quarter			Quarter		Quarter		Quarter
	2008		2008			2008		2008		2009

Receipts:
Claims service, commissions and other revenues	$	14,097	$	16,180		$	22,643	$	16,251	$	22,276
Investment income received		161		118			118		143		86
Total receipts		14,258		16,298			22,761		16,394		22,362

Disbursements:
Operating expenses paid		12,512		14,613			17,254		14,475		16,847
Commissions and premiums paid		922		2,117			3,387		580		1,680
Total disbursements		13,434		16,730			20,641		15,055		18,527

Net other		977		(3,003	)		970		3,850		(242	)

Net operating cash flows	$	1,801	$	(3,435	)	$	3,090	$	5,189	$	3,593

Beginning in the third quarter of 2008, the operating cash flows for this segment also include those of PMA Management Corp. of New England, which was acquired by the Company on June 30, 2008.

PMA Capital Corporation
Statutory Surplus
(Dollar Amounts in Thousands)

		1st			2nd			3rd			4th			1st
		Quarter			Quarter			Quarter			Quarter			Quarter
		2008			2008			2008			2008			20091


PMA Pool 2		$	343,582		$	352,096		$	336,368		$	332,915		$	337,495
PMA Capital Insurance Company			41,099			37,838			26,143			34,468			29,252


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

		1st			2nd			3rd			4th			1st
		Quarter			Quarter			Quarter			Quarter			Quarter
		2008			2008			2008			2008			20091

Net Premiums Written:
	Workers' Compensation	$	103,018		$	71,998		$	107,446		$	87,722		$	101,891
	Other Commercial Lines		10,805			9,079			8,692			8,154			13,487
	Total - PMA Pool	$	113,823		$	81,077		$	116,138		$	95,876		$	115,378

Statutory Ratios:
	Loss and LAE ratio		69.6	%		69.5	%		69.4	%		67.7	%		71.6	%
	Underwriting expense ratio		20.3	%		32.1	%		22.1	%		26.9	%		21.1	%
	Policyholders' dividend ratio		1.4	%		1.5	%		1.4	%		3.3	%		1.2	%
	Combined ratio		91.3	%		103.1	%		92.9	%		97.9	%		93.9	%
	Operating ratio		80.7	%		94.4	%		84.0	%		89.5	%		85.8	%

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

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				email: bhitselberger@pmacapital.com
www.amstock.com
				Investor Relations
Phone Inquiries:				610.397.5298
800.937.5449				email: 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 4/29/2009):

	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	C++ (9th of 16)	Not Rated	Not Rated

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. On April 1, 2008, we announced that we executed a definitive stock purchase agreement to sell our Run-off Operations to Armour Reinsurance Group Limited. The closing of the sale and transfer of ownership are currently pending approval by the Pennsylvania Insurance Department.