ex99-2.htm

Exhibit 99.2

PMA Capital Corporation
Statistical Supplement
Second Quarter - 2009

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 Arrangements;
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
	2008			2008			2008			2009			2009			Quarter

Direct Premiums Written	$	99,092		$	148,193		$	129,713		$	161,965		$	108,994			10.0	%

Net Premiums Written	$	79,146		$	123,995		$	97,313		$	117,978		$	80,302			1.5	%

Revenues:
Net premiums earned	$	102,920		$	97,974		$	103,727		$	104,930		$	106,949			3.9	%
Claims service revenues		12,937			15,696			16,785			15,684			16,835			30.1	%
Commission income		2,631			2,637			2,835			3,463			2,117			-19.5	%
Net investment income		9,040			8,870			8,724			8,457			9,561			5.8	%
Net realized investment gains (losses)		(572	)		(7,929	)		259			749			(472	)		17.5	%
Other revenues		2,214			125			356			176			190			-91.4	%
Total revenues	$	129,170		$	117,373		$	132,686		$	133,459		$	135,180			4.7	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	11,341		$	13,325		$	8,428		$	15,187		$	9,965			-12.1	%
Fee-based Business		1,201			1,929			1,889			2,013			1,525			27.0	%
Corporate & Other		(5,424	)		(5,319	)		(4,897	)		(5,000	)		(5,167	)		4.7	%
Pre-tax operating income		7,118			9,935			5,420			12,200			6,323			-11.2	%
Income tax expense		2,535			3,530			1,854			4,384			2,249			-11.3	%
After-tax operating income		4,583			6,405			3,566			7,816			4,074			-11.1	%
Net realized investment gains (losses) after tax		(372	)		(5,154	)		168			487			(307	)		17.5	%
Income from continuing operations		4,211			1,251			3,734			8,303			3,767			-10.5	%
Loss from discontinued operations after tax		(188	)		(2,310	)		(7,840	)		(86	)		(1,165	)	NM
Net income (loss)	$	4,023		$	(1,059	)	$	(4,106	)	$	8,217		$	2,602			-35.3	%

Diluted Earnings (Loss) Per Share:
After-tax operating income	$	0.14		$	0.20		$	0.11		$	0.24		$	0.13			-7.1	%
Realized gains (losses) after tax		(0.01	)		(0.16	)		0.01			0.02			(0.01	)		0.0	%
Income from continuing operations		0.13			0.04			0.12			0.26			0.12			-7.7	%
Loss from discontinued operations after tax		-			(0.07	)		(0.25	)		-			(0.04	)	NM
Net income (loss)	$	0.13		$	(0.03	)	$	(0.13	)	$	0.26		$	0.08			-38.5	%

Capitalization:
Debt	$	129,790		$	129,380		$	129,380		$	129,380		$	129,380			-0.3	%
Shareholders' equity excluding FAS 115 unrealized loss		387,761			380,107			365,547			374,007			377,505			-2.6	%
Total capitalization excluding FAS 115 unrealized loss		517,551			509,487			494,927			503,387			506,885			-2.1	%
FAS 115 unrealized loss		(7,166	)		(22,113	)		(20,891	)		(22,737	)		(8,507	)		-18.7	%
Total capitalization including FAS 115 unrealized loss	$	510,385		$	487,374		$	474,036		$	480,650		$	498,378			-2.4	%

Book Value Per Share:
Excluding FAS 115 unrealized loss	$	12.14		$	11.89		$	11.44		$	11.61		$	11.71			-3.5	%
Including FAS 115 unrealized loss	$	11.92		$	11.20		$	10.78		$	10.91		$	11.45			-3.9	%

Debt to Total Capital:
Excluding FAS 115 unrealized loss		25.1	%		25.4	%		26.1	%		25.7	%		25.5	%		1.6	%
Including FAS 115 unrealized loss		25.4	%		26.5	%		27.3	%		26.9	%		26.0	%		2.4	%

Interest Coverage:
Income from continuing operations before interest
and income taxes to interest expense		3.44			1.73			3.12			6.17			3.36			-2.3	%

Operating income from continuing operations before
interest and income taxes to interest expense		3.65			4.63			3.03			5.87			3.55			-2.7	%

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

	Six			Six			% Change
	Months			Months			Six
	2009			2008			Months

Direct Premiums Written	$	270,959		$	239,523			13.1	%

Net Premiums Written	$	198,280		$	192,929			2.8	%

Revenues:
Net premiums earned	$	211,879		$	188,516			12.4	%
Claims service revenues		32,519			24,889			30.7	%
Commission income		5,580			6,912			-19.3	%
Net investment income		18,018			18,475			-2.5	%
Net realized investment gains		277			2,946			-90.6	%
Other revenues		366			2,360			-84.5	%
Total revenues	$	268,639		$	244,098			10.1	%

Major Components of Net Income:
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	25,152		$	24,960			0.8	%
Fee-based Business		3,538			3,387			4.5	%
Corporate & Other		(10,167	)		(10,435	)		2.6	%
Pre-tax operating income		18,523			17,912			3.4	%
Income tax expense		6,633			6,346			4.5	%
After-tax operating income		11,890			11,566			2.8	%
Net realized investment gains after tax		180			1,915			-90.6	%
Income from continuing operations		12,070			13,481			-10.5	%
Loss from discontinued operations after tax		(1,251	)		(2,627	)		52.4	%
Net income	$	10,819		$	10,854			-0.3	%

Diluted Earnings (Loss) Per Share:
After-tax operating income	$	0.37		$	0.36			2.8	%
Realized gains after tax		0.01			0.06			-83.3	%
Income from continuing operations		0.38			0.42			-9.5	%
Loss from discontinued operations after tax		(0.04	)		(0.08	)		50.0	%
Net income	$	0.34		$	0.34			0.0	%

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

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

Diluted Earnings (Loss) Per Share:

Pre-tax operating income	$	0.22	$	0.31		$	0.17		$	0.38	$	0.20		$	0.58		$	0.56

After-tax operating income	$	0.14	$	0.20		$	0.11		$	0.24	$	0.13		$	0.37		$	0.36

Income from continuing operations	$	0.13	$	0.04		$	0.12		$	0.26	$	0.12		$	0.38		$	0.42

Loss from discontinued operations after tax		-		(0.07	)		(0.25	)		-		(0.04	)		(0.04	)		(0.08	)

Net income (loss)	$	0.13	$	(0.03	)	$	(0.13	)	$	0.26	$	0.08		$	0.34		$	0.34

Diluted weighted average common
shares outstanding		32,132,576		32,200,554			31,968,555			32,020,346		32,231,391			32,126,451			32,051,518


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

Actual common shares issued
and outstanding		31,940,651		31,965,806			31,965,806			32,211,133		32,238,944			32,238,944			31,940,651


Class A Common Stock prices:
High	$	10.23	$	12.00		$	9.47		$	7.20	$	5.35		$	7.20		$	10.23
Low	$	8.24	$	8.00		$	3.46		$	3.50	$	3.70		$	3.50		$	7.45
Close	$	9.21	$	8.82		$	7.08		$	4.17	$	4.55		$	4.55		$	9.21

This Page Intentionally Left Blank

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

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

Gross Premiums Written	$	101,659		$	151,498		$	132,217		$	164,070		$	113,424			11.6	%

Net Premiums Written	$	79,146		$	123,995		$	97,313		$	117,978		$	80,302			1.5	%

Revenues:
Net premiums earned	$	102,920		$	97,974		$	103,727		$	104,930		$	106,949			3.9	%
Claims service revenues		12,937			15,696			16,785			15,684			16,835			30.1	%
Commission income		2,631			2,637			2,835			3,463			2,117			-19.5	%
Net investment income		9,040			8,870			8,724			8,457			9,561			5.8	%
Net realized investment gains (losses)		(572	)		(7,929	)		259			749			(472	)		17.5	%
Other revenues		2,214			125			356			176			190			-91.4	%
Total revenues		129,170			117,373			132,686			133,459			135,180			4.7	%

Expenses:
Losses and loss adjustment expenses		71,572			68,660			70,671			75,775			73,494			2.7	%
Acquisition expenses		19,524			15,898			16,521			17,198			19,508			-0.1	%
Operating expenses		27,347			26,906			34,379			24,385			31,540			15.3	%
Dividends to policyholders		1,493			1,169			2,762			646			2,311			54.8	%
Interest expense		2,688			2,734			2,674			2,506			2,476			-7.9	%
Total losses and expenses		122,624			115,367			127,007			120,510			129,329			5.5	%

Pre-tax income		6,546			2,006			5,679			12,949			5,851			-10.6	%

Income tax expense (benefit):
Current		151			765			(211	)		244			265			75.5	%
Deferred		2,184			(10	)		2,156			4,402			1,819			-16.7	%

Total income tax expense		2,335			755			1,945			4,646			2,084			-10.7	%

Income from continuing operations		4,211			1,251			3,734			8,303			3,767			-10.5	%

Loss from discontinued operations after tax		(188	)		(2,310	)		(7,840	)		(86	)		(1,165	)	NM

Net income (loss)	$	4,023		$	(1,059	)	$	(4,106	)	$	8,217		$	2,602			-35.3	%

Pre-tax operating income from continuing operations	$	7,118		$	9,935		$	5,420		$	12,200		$	6,323			-11.2	%

After-tax operating income from continuing operations	$	4,583		$	6,405		$	3,566		$	7,816		$	4,074			-11.1	%

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

	Six			Six			% Change
	Months			Months			Six
	2009			2008			Months

Gross Premiums Written	$	277,494		$	245,200			13.2	%

Net Premiums Written	$	198,280		$	192,929			2.8	%

Revenues:
Net premiums earned	$	211,879		$	188,516			12.4	%
Claims service revenues		32,519			24,889			30.7	%
Commission income		5,580			6,912			-19.3	%
Net investment income		18,018			18,475			-2.5	%
Net realized investment gains		277			2,946			-90.6	%
Other revenues		366			2,360			-84.5	%
Total revenues		268,639			244,098			10.1	%

Expenses:
Losses and loss adjustment expenses		149,269			131,494			13.5	%
Acquisition expenses		36,706			34,216			7.3	%
Operating expenses		55,925			49,680			12.6	%
Dividends to policyholders		2,957			2,375			24.5	%
Interest expense		4,982			5,475			-9.0	%
Total losses and expenses		249,839			223,240			11.9	%

Pre-tax income		18,800			20,858			-9.9	%

Income tax expense:
Current		509			151		NM
Deferred		6,221			7,226			-13.9	%

Total income tax expense		6,730			7,377			-8.8	%

Income from continuing operations		12,070			13,481			-10.5	%

Loss from discontinued operations after tax		(1,251	)		(2,627	)		52.4	%

Net income	$	10,819		$	10,854			-0.3	%

Pre-tax operating income from continuing operations	$	18,523		$	17,912			3.4	%

After-tax operating income from continuing operations	$	11,890		$	11,566			2.8	%

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

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

Assets:
Investments in fixed maturities available for sale	$	730,466		$	701,738		$	719,048		$	714,202		$	737,606
Short-term investments		60,891			89,766			45,066			58,273			38,103
Other investments		8,009			8,247			8,127			13,832			21,073
Total investments		799,366			799,751			772,241			786,307			796,782

Cash		10,557			12,502			10,501			11,767			10,163
Accrued investment income		5,762			6,104			6,513			6,500			7,221
Premiums receivable		215,030			226,709			235,893			257,380			236,663
Reinsurance receivables		817,182			824,512			826,126			830,962			855,161
Prepaid reinsurance premiums		21,414			23,051			29,579			41,314			37,271
Deferred income taxes, net		117,983			131,132			138,514			135,496			126,397
Deferred acquisition costs		38,739			43,317			40,938			44,857			39,364
Funds held by reinsureds		46,980			49,292			51,754			54,166			54,312
Intangible assets		30,013			30,518			30,348			29,668			30,165
Other assets		116,418			142,672			116,646			119,361			123,460
Assets of discontinued operations		317,189			309,607			243,663			235,265			208,272
Total assets	$	2,536,633		$	2,599,167		$	2,502,716		$	2,553,043		$	2,525,231

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,240,224		$	1,247,069		$	1,242,258		$	1,256,435		$	1,271,089
Unearned premiums		219,643			247,302			247,415			272,200			241,508
Debt		129,790			129,380			129,380			129,380			129,380
Accounts payable, accrued expenses
and other liabilities		193,342			247,196			216,266			219,189			222,359
Reinsurance funds held and balances payable		31,947			34,185			44,177			59,074			53,327
Dividends to policyholders		5,459			5,150			6,862			7,224			6,022
Liabilities of discontinued operations		335,633			330,891			271,702			258,271			232,548
Total liabilities		2,156,038			2,241,173			2,158,060			2,201,773			2,156,233

Shareholders' Equity:
Class A Common Stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		111,754			112,427			112,921			111,953			112,264
Retained earnings		145,638			144,286			140,184			143,291			145,500
Accumulated other comprehensive loss		(17,743	)		(40,149	)		(49,876	)		(51,497	)		(36,814	)
Treasury stock, at cost		(30,144	)		(29,660	)		(29,663	)		(23,567	)		(23,042	)
Total shareholders' equity		380,595			357,994			344,656			351,270			368,998
Total liabilities and shareholders' equity	$	2,536,633		$	2,599,167		$	2,502,716		$	2,553,043		$	2,525,231

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

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

Assets
Investments	$	172,732	$	160,240	$	146,033	$	137,317	$	110,736
Cash		726		692		1,371		85		1,271
Reinsurance receivables		136,212		134,133		94,956		93,120		89,361
Other assets		7,519		14,542		1,303		4,743		6,904
Assets of discontinued operations	$	317,189	$	309,607	$	243,663	$	235,265	$	208,272

Liabilities
Unpaid losses and loss adjustment expenses	$	289,190	$	281,386	$	247,442	$	235,568	$	206,743
Other liabilities		46,443		49,505		24,260		22,703		25,805
Liabilities of discontinued operations	$	335,633	$	330,891	$	271,702	$	258,271	$	232,548

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

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

Assets
Premiums receivable	$	11,145	$	8,087	$	25,796	$	38,833	$	36,670
Reinsurance receivables		42,691		44,668		47,280		50,175		53,675
Prepaid reinsurance premiums		8,513		5,020		16,048		24,884		23,072
Deferred acquisition costs		61		79		748		1,269		1,081
Other assets		6,234		6,315		6,723		6,818		7,269

Liabilities
Unpaid losses and loss adjustment expenses	$	44,078	$	46,301	$	49,494	$	53,087	$	57,367
Unearned premiums		9,555		5,845		19,667		29,430		26,866
Reinsurance funds held and balances payable		8,047		6,126		20,965		31,237		26,951
Other liabilities		8,586		7,459		10,116		11,392		12,081

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
	2008			2008			2008			2009			2009

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

Policy acquisition costs deferred		15,729			20,501			14,170			21,136			14,036
Amortization of policy acquisition costs		(19,537	)		(15,923	)		(16,549	)		(17,217	)		(19,529	)
Net change		(3,808	)		4,578			(2,379	)		3,919			(5,493	)

Balance, end of period	$	38,739		$	43,317		$	40,938		$	44,857		$	39,364

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
		2008			2008			2008			2009			2009			2009			2008

Total Investments & Cash
As reported		$	809,923		$	812,253		$	782,742		$	798,074		$	806,945		$	806,945		$	809,923
Less:
	Unrealized loss on fixed maturities available for sale		(10,663	)		(33,148	)		(30,758	)		(33,799	)		(13,563	)		(13,563	)		(10,663	)
	Unrealized gain (loss) on other investments		(362	)		(872	)		(1,382	)		(1,181	)		475			475			(362	)
	Total adjusted investments & cash	$	820,948		$	846,273		$	814,882		$	833,054		$	820,033		$	820,033		$	820,948

Net Investment Income
As reported		$	9,040		$	8,870		$	8,724		$	8,457		$	9,561		$	18,018		$	18,475
Less:
	Interest on funds held		(558	)		(616	)		(479	)		(288	)		(511	)		(799	)		(1,064	)
	Total adjusted investment income	$	9,598		$	9,486		$	9,203		$	8,745		$	10,072		$	18,817		$	19,539

Yield
As reported			4.43	%		4.37	%		4.38	%		4.28	%		4.77	%		4.53	%		4.50	%
Investment portfolio			4.69	%		4.55	%		4.43	%		4.25	%		4.87	%		4.57	%		4.76	%

Duration (in years)			3.8			3.6			3.2			3.5			4.3			4.3			3.8

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		2022	3
		Total long-term debt	$	129,380

	1	Weighted average interest rate on junior subordinated debt is 4.64% as of June 30, 2009.
	2	Interest rate on surplus notes is 5.52% as of June 30, 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.

This Page Intentionally Left Blank

PMA Capital Corporation
Statements of Operations - Consolidating
Six Months Ended June 30, 2009
(Dollar Amounts in Thousands)

		PMA
		Insurance		Fee-based		Corporate
		Group		Business		& Other1			Consolidated

Gross Premiums Written		$	277,784	$	-	$	(290	)	$	277,494

Net Premiums Written		$	198,570	$	-	$	(290	)	$	198,280

Revenues:
Net premiums earned		$	212,169	$	-	$	(290	)	$	211,879
Claims service revenues			-		33,117		(598	)		32,519
Commission income			-		5,607		(27	)		5,580
Net investment income			17,968		187		(137	)		18,018
Other revenues			-		337		29			366
	Total operating revenues		230,137		39,248		(1,023	)		268,362

Losses and Expenses:
Losses and loss adjustment expenses			149,269		-		-			149,269
Acquisition expenses			36,746		-		(40	)		36,706
Operating expenses			15,710		35,710		4,505			55,925
Dividends to policyholders			2,957		-		-			2,957
	Total losses and expenses		204,682		35,710		4,465			244,857

Operating income (loss) before income taxes
	and interest expense		25,455		3,538		(5,488	)		23,505

Interest expense			303		-		4,679			4,982

Pre-tax operating income (loss)		$	25,152	$	3,538	$	(10,167	)		18,523

Net realized investment gains										277

Pre-tax income									$	18,800


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

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
	Total 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.

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended June 30, 2009
(Dollar Amounts in Thousands)

		PMA
		Insurance		Fee-based		Corporate
		Group		Business		& Other1			Consolidated

Gross Premiums Written		$	113,566	$	-	$	(142	)	$	113,424

Net Premiums Written		$	80,444	$	-	$	(142	)	$	80,302

Revenues:
Net premiums earned		$	107,091	$	-	$	(142	)	$	106,949
Claims service revenues			-		17,122		(287	)		16,835
Commission income			-		2,132		(15	)		2,117
Net investment income			9,502		101		(42	)		9,561
Other revenues			-		167		23			190
	Total operating revenues		116,593		19,522		(463	)		135,652

Losses and Expenses:
Losses and loss adjustment expenses			73,494		-		-			73,494
Acquisition expenses			19,529		-		(21	)		19,508
Operating expenses			11,151		17,997		2,392			31,540
Dividends to policyholders			2,311		-		-			2,311
	Total losses and expenses		106,485		17,997		2,371			126,853

Operating income (loss) before income taxes
	and interest expense		10,108		1,525		(2,834	)		8,799

Interest expense			143		-		2,333			2,476

Pre-tax operating income (loss)		$	9,965	$	1,525	$	(5,167	)		6,323

Net realized investment losses										(472	)

Pre-tax income									$	5,851


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

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
	Total 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.

PMA Capital Corporation

Statements of Operations - PMA Insurance Group

(Dollar Amounts in Thousands)

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

Gross Premiums Written	$	101,786	$	151,620	$	132,340	$	164,218	$	113,566	$	277,784	$	245,449		11.6	%		13.2	%

Net Premiums Written	$	79,273	$	124,117	$	97,436	$	118,126	$	80,444	$	198,570	$	193,178		1.5	%		2.8	%

Revenues:
Net premiums earned	$	103,047	$	98,096	$	103,850	$	105,078	$	107,091	$	212,169	$	188,765		3.9	%		12.4	%
Net investment income		8,943		8,776		8,613		8,466		9,502		17,968		18,042		6.3	%		-0.4	%
Other revenues		2,120		-		18		-		-		-		2,120	NM			NM
Total operating revenues		114,110		106,872		112,481		113,544		116,593		230,137		208,927		2.2	%		10.2	%

Losses and Expenses:
Losses and loss adjustment expenses		71,572		68,660		70,671		75,775		73,494		149,269		131,494		2.7	%		13.5	%
Acquisition expenses		19,537		15,923		16,549		17,217		19,529		36,746		34,229		0.0	%		7.4	%
Operating expenses		9,979		7,604		13,875		4,559		11,151		15,710		15,467		11.7	%		1.6	%
Dividends to policyholders		1,493		1,169		2,762		646		2,311		2,957		2,375		54.8	%		24.5	%
Total losses and expenses		102,581		93,356		103,857		98,197		106,485		204,682		183,565		3.8	%		11.5	%

Operating income before income taxes and interest expense		11,529		13,516		8,624		15,347		10,108		25,455		25,362		-12.3	%		0.4	%

Interest expense		188		191		196		160		143		303		402		-23.9	%		-24.6	%

Pre-tax operating income	$	11,341	$	13,325	$	8,428	$	15,187	$	9,965	$	25,152	$	24,960		-12.1	%		0.8	%

PMA Capital Corporation

Insurance Ratios - PMA Insurance Group

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

Ratios - GAAP Basis:


Loss and LAE ratio		69.4	%		70.0	%		68.1	%		72.1	%		68.6	%		70.4	%		69.6	%		0.8			(0.8	)

Expense ratio:
Acquisition expenses		19.0	%		16.2	%		15.9	%		16.4	%		18.2	%		17.3	%		18.1	%		0.8			0.8
Operating expenses		9.7	%		7.8	%		13.3	%		4.4	%		10.4	%		7.4	%		8.2	%		(0.7	)		0.8
Total expense ratio		28.7	%		24.0	%		29.2	%		20.8	%		28.6	%		24.7	%		26.3	%		0.1			1.6

Policyholders' dividend ratio		1.4	%		1.2	%		2.7	%		0.6	%		2.2	%		1.4	%		1.3	%		(0.8	)		(0.1	)
Combined ratio		99.5	%		95.2	%		100.0	%		93.5	%		99.4	%		96.5	%		97.2	%		0.1			0.7

Net investment income ratio		-8.7	%		-8.9	%		-8.3	%		-8.1	%		-8.9	%		-8.5	%		-9.6	%		0.2			(1.1	)
Operating ratio		90.8	%		86.3	%		91.7	%		85.4	%		90.5	%		88.0	%		87.6	%		0.3			(0.4	)

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
	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			3rd			4th			Six			Twelve
	Quarter			Quarter			Quarter			Quarter			Months			Months
	2008			2008			2008			2008			2008			2008

Direct premium production	$	146,608		$	96,736		$	150,547		$	112,296		$	243,344		$	506,187
Fronting premiums		8,143			2,113			2,776			21,800			10,256			34,832
Premium adjustments		(14,198	)		370			(5,008	)		(4,261	)		(13,828	)		(23,097	)
Direct premiums written	$	140,553		$	99,219		$	148,315		$	129,835		$	239,772		$	517,922


	1st			2nd									Six
	Quarter			Quarter									Months
	2009			2009									2009

Direct premium production	$	147,367		$	102,212								$	249,579
Fronting premiums		19,622			9,677									29,299
Premium adjustments		(4,876	)		(2,753	)								(7,629	)
Direct premiums written	$	162,113		$	109,136								$	271,249

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
		2008		2008		2008		2009		2009		2009		2008		Quarter			Months

Revenues:
Claims service revenues		$	13,213	$	15,951	$	17,029	$	15,995	$	17,122	$	33,117	$	25,321		29.6	%		30.8	%
Commission income			2,644		2,662		2,848		3,475		2,132		5,607		6,925		-19.4	%		-19.0	%
Net investment income			118		118		143		86		101		187		279		-14.4	%		-33.0	%
Other revenues			82		91		59		170		167		337		184	NM				83.2	%
	Total operating revenues		16,057		18,822		20,079		19,726		19,522		39,248		32,709		21.6	%		20.0	%

Expenses:
Operating expenses			14,856		16,893		18,190		17,713		17,997		35,710		29,322		21.1	%		21.8	%
	Total expenses		14,856		16,893		18,190		17,713		17,997		35,710		29,322		21.1	%		21.8	%

Pre-tax operating income		$	1,201	$	1,929	$	1,889	$	2,013	$	1,525	$	3,538	$	3,387		27.0	%		4.5	%

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)

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

Gross Premiums Written	$	(127	)	$	(122	)	$	(123	)	$	(148	)	$	(142	)	$	(290	)	$	(249	)		-11.8	%		-16.5	%

Net Premiums Written	$	(127	)	$	(122	)	$	(123	)	$	(148	)	$	(142	)	$	(290	)	$	(249	)		-11.8	%		-16.5	%

Revenues:
Net premiums earned	$	(127	)	$	(122	)	$	(123	)	$	(148	)	$	(142	)	$	(290	)	$	(249	)		-11.8	%		-16.5	%
Claims service revenues		(276	)		(255	)		(244	)		(311	)		(287	)		(598	)		(432	)		-4.0	%		-38.4	%
Commission income		(13	)		(25	)		(13	)		(12	)		(15	)		(27	)		(13	)		-15.4	%	NM
Net investment income		(21	)		(24	)		(32	)		(95	)		(42	)		(137	)		154		NM			NM
Other revenues		12			34			279			6			23			29			56			91.7	%		-48.2	%
Total operating revenues		(425	)		(392	)		(133	)		(560	)		(463	)		(1,023	)		(484	)		-8.9	%	NM

Expenses:
Acquisition expenses		(13	)		(25	)		(28	)		(19	)		(21	)		(40	)		(13	)		-61.5	%	NM
Operating expenses		2,512			2,409			2,314			2,113			2,392			4,505			4,891			-4.8	%		-7.9	%
Total expenses		2,499			2,384			2,286			2,094			2,371			4,465			4,878			-5.1	%		-8.5	%

Operating loss before income taxes
and interest expense		(2,924	)		(2,776	)		(2,419	)		(2,654	)		(2,834	)		(5,488	)		(5,362	)		3.1	%		-2.3	%

Interest expense		2,500			2,543			2,478			2,346			2,333			4,679			5,073			-6.7	%		-7.8	%

Pre-tax operating loss	$	(5,424	)	$	(5,319	)	$	(4,897	)	$	(5,000	)	$	(5,167	)	$	(10,167	)	$	(10,435	)		4.7	%		2.6	%

PMA Capital Corporation

Statements of Operations - Discontinued Operations

(Dollar Amounts in Thousands)

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

Gross Premiums Written	$	(214	)	$	417		$	3		$	466		$	2,093		$	2,559		$	2,117		NM				20.9	%

Net Premiums Written	$	(227	)	$	167		$	2		$	(87	)	$	1,798		$	1,711		$	2,212		NM				-22.6	%

Revenues:
Net premiums earned	$	11		$	517		$	145		$	617		$	1,673		$	2,290		$	1,037		NM			NM
Net investment income		(451	)		(663	)		1,546			(878	)		(937	)		(1,815	)		(323	)	NM			NM
Total operating revenues		(440	)		(146	)		1,691			(261	)		736			475			714		NM				-33.5	%

Losses and Expenses:
Losses and loss adjustment expenses		550			10,201			4,226			129			1,910			2,039			9,830		NM				-79.3	%
Acquisition expenses		168			(146	)		339			1,199			120			1,319			253			-28.6	%	NM
Operating expenses		1,952			2,054			2,228			2,577			2,397			4,974			4,734			22.8	%		5.1	%
Impairment charge / valuation adjustment		(3,550	)		(8,594	)		8,722			(4,387	)		(2,172	)		(6,559	)		(10,030	)		38.8	%		34.6	%
Total losses and expenses		(880	)		3,515			15,515			(482	)		2,255			1,773			4,787		NM				-63.0	%

Pre-tax operating income (loss) from discontinued operations		440			(3,661	)		(13,824	)		221			(1,519	)		(1,298	)		(4,073	)	NM				68.1	%

Income tax expense (benefit)		154			(1,281	)		(4,838	)		77			(530	)		(453	)		(1,426	)	NM				68.2	%

After-tax operating income (loss) from discontinued operations		286			(2,380	)		(8,986	)		144			(989	)		(845	)		(2,647	)	NM				68.1	%

Realized gains (losses) after tax		(474	)		70			1,146			(230	)		(176	)		(406	)		20			62.9	%	NM

Loss from discontinued operations	$	(188	)	$	(2,310	)	$	(7,840	)	$	(86	)	$	(1,165	)	$	(1,251	)	$	(2,627	)	NM				52.4	%


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)

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

Receipts:
Premiums collected	$	94,883		$	112,274		$	96,678		$	109,089		$	96,214		$	205,303		$	188,105
Claims service, commissions and other revenues		16,180			22,643			16,251			22,276			18,203			40,479			30,277
Investment income received		9,418			9,688			9,172			9,789			9,164			18,953			20,041
Total receipts		120,481			144,605			122,101			141,154			123,581			264,735			238,423

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		17,075			25,618			30,952			5,265			18,874			24,139			22,066
Losses and LAE paid - prior years		54,638			46,851			41,207			61,152			63,486			124,638			116,215
Total losses and LAE paid		71,713			72,469			72,159			66,417			82,360			148,777			138,281
Operating expenses paid		43,369			43,785			37,866			46,907			41,332			88,239			88,335
Commissions and premiums paid		2,117			3,387			580			1,680			2,090			3,770			3,039
Policyholders' dividends paid		1,882			1,663			1,592			863			2,401			3,264			3,020
Interest on corporate debt		2,680			2,700			2,645			2,526			2,437			4,963			5,606
Total disbursements		121,761			124,004			114,842			118,393			130,620			249,013			238,281

Net other		12,080			(6,158	)		(691	)		(629	)		(1,459	)		(2,088	)		6,443

Net operating cash flows from continuing operations		10,800			14,443			6,568			22,132			(8,498	)		13,634			6,585
Net operating cash flows from discontinued operations		(23,228	)		(13,236	)		(20,948	)		(14,742	)		(25,656	)		(40,398	)		(54,573	)
Net operating cash flows	$	(12,428	)	$	1,207		$	(14,380	)	$	7,390		$	(34,154	)	$	(26,764	)	$	(47,988	)

PMA Capital Corporation

Operating Cash Flows - PMA Insurance Group

(Dollar Amounts in Thousands)

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

Receipts:
Premiums collected	$	94,883	$	112,274		$	96,678		$	109,089		$	96,214		$	205,303		$	188,105
Investment income received		9,300		9,570			9,029			9,703			9,062			18,765			19,762
Total receipts		104,183		121,844			105,707			118,792			105,276			224,068			207,867

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		17,075		25,618			30,952			5,265			18,874			24,139			22,066
Losses and LAE paid - prior years		54,638		46,851			41,207			61,152			63,486			124,638			116,215
Total losses and LAE paid		71,713		72,469			72,159			66,417			82,360			148,777			138,281
Operating expenses paid		28,756		26,531			23,391			30,060			27,192			57,252			61,210
Policyholders' dividends paid		1,882		1,663			1,592			863			2,401			3,264			3,020
Interest on corporate debt		186		192			185			194			144			338			431
Total disbursements		102,537		100,855			97,327			97,534			112,097			209,631			202,942

Net other		10,964		(6,659	)		(18,635	)		(1,205	)		501			(704	)		7,552

Net operating cash flows	$	12,610	$	14,330		$	(10,255	)	$	20,053		$	(6,320	)	$	13,733		$	12,477

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
		2008			2008		2008		2009			2009			2009			2008

Receipts:
Claims service, commissions and other revenues		$	16,180		$	22,643	$	16,251	$	22,276		$	18,203		$	40,479		$	30,277
Investment income received			118			118		143		86			102			188			279
	Total receipts		16,298			22,761		16,394		22,362			18,305			40,667			30,556

Disbursements:
Operating expenses paid			14,613			17,254		14,475		16,847			14,140			30,987			27,125
Commissions and premiums paid			2,117			3,387		580		1,680			2,090			3,770			3,039
	Total disbursements		16,730			20,641		15,055		18,527			16,230			34,757			30,164

	Net other		(3,003	)		970		3,850		(242	)		(3,644	)		(3,886	)		(2,026	)

Net operating cash flows		$	(3,435	)	$	3,090	$	5,189	$	3,593		$	(1,569	)	$	2,024		$	(1,634	)

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)

	2nd		3rd		4th		1st		2nd
	Quarter		Quarter		Quarter		Quarter		Quarter
	2008		2008		2008		2009		20091


PMA Pool 2	$	352,096	$	336,368	$	332,915	$	337,495	$	373,654	3
PMA Capital Insurance Company		37,838		26,143		34,468		29,252		26,446

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
		2008			2008			2008			2009			20091			20091			2008

Net Premiums Written:
	Workers' Compensation	$	71,998		$	107,446		$	87,722		$	101,891		$	72,181		$	174,072		$	175,016
	Other Commercial Lines		9,079			8,692			8,154			13,487			8,403			21,890			19,884
	Total - PMA Pool	$	81,077		$	116,138		$	95,876		$	115,378		$	80,584		$	195,962		$	194,900

Statutory Ratios:
	Loss and LAE ratio		69.5	%		69.4	%		67.7	%		71.6	%		51.8	%		61.5	%		69.5	%
	Underwriting expense ratio		32.1	%		22.1	%		26.9	%		21.1	%		30.7	%		25.1	%		25.2	%
	Policyholders' dividend ratio		1.5	%		1.4	%		3.3	%		1.2	%		1.2	%		1.2	%		1.4	%
	Combined ratio		103.1	%		92.9	%		97.9	%		93.9	%		83.7	%		87.8	%		96.1	%
	Operating ratio		94.4	%		84.0	%		89.5	%		85.8	%		75.0	%		79.4	%		86.5	%

1	Estimated.
2	The PMA Pool is comprised of Pennsylvania Manufacturers' Association Insurance Company, Manufacturers Alliance Insurance Company and Pennsylvania Manufacturers Indemnity Company.
3	The increase in statutory surplus during the second quarter of 2009 related primarily to statutory net income, which included a benefit from the commutation of a reinsurance agreement with an affiliated entity.

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 7/31/2009):

	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.