ex99-2.htm

Exhibit 99.2

PMA Capital Corporation

Statistical Supplement

First Quarter - 2010


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
Selected Balance Sheet Items - Fronting Arrangements; Rollforward of Deferred Policy
Acquisition Costs - PMA Insurance Group; Assets and Liabilities of Discontinued Operations			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 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 as the GAAP measure of our consolidated results of operations. See page 1 for reconciliations of operating results by segment to GAAP net income.

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
	2009			2009			2009			2009			2010			Quarter

Direct Premiums Written	$	161,965		$	108,994		$	161,965		$	118,272		$	170,730			5.4	%

Net Premiums Written	$	117,978		$	80,302		$	119,259		$	84,366		$	128,245			8.7	%

Revenues:
Net premiums earned	$	104,930		$	106,949		$	102,428		$	100,464		$	103,496			-1.4	%
Claims service revenues		15,684			16,835			17,112			17,998			17,883			14.0	%
Commission income		3,463			2,117			2,747			2,515			3,092			-10.7	%
Net investment income		8,457			9,561			9,522			9,336			9,120			7.8	%
Net realized investment gains (losses)		749			(472	)		795			(558	)		426			-43.1	%
Other revenues		176			190			259			458			392		NM
Total revenues	$	133,459		$	135,180		$	132,863		$	130,213		$	134,409			0.7	%

Major Components of Net Income:
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	15,187		$	9,965		$	13,616		$	4,282		$	14,267			-6.1	%
Fee-based Business		2,013			1,525			1,574			2,096			2,305			14.5	%
Corporate & Other		(5,000	)		(5,167	)		(4,768	)		(4,192	)		(4,366	)		12.7	%
Pre-tax operating income		12,200			6,323			10,422			2,186			12,206			0.0	%
Income tax expense (benefit)		4,384			2,249			3,690			(19,680	)		4,389			0.1	%
After-tax operating income		7,816			4,074			6,732			21,866			7,817			0.0	%
Net realized investment gains (losses) after tax		487			(307	)		517			(363	)		277			-43.1	%
Income from continuing operations		8,303			3,767			7,249			21,503			8,094			-2.5	%
Loss from discontinued operations after tax		(86	)		(1,165	)		(40	)		(18,318	)		-		NM
Net income	$	8,217		$	2,602		$	7,209		$	3,185		$	8,094			-1.5	%

Diluted Earnings (Loss) Per Share:
After-tax operating income	$	0.24		$	0.13		$	0.21		$	0.68		$	0.24			0.0	%
Realized gains (losses) after tax		0.02			(0.01	)		0.01			(0.01	)		0.01			-50.0	%
Income from continuing operations		0.26			0.12			0.22			0.67			0.25			-3.8	%
Loss from discontinued operations after tax		-			(0.04	)		-			(0.57	)		-		NM
Net income	$	0.26		$	0.08		$	0.22		$	0.10		$	0.25			-3.8	%

Capitalization:
Debt	$	129,380		$	129,380		$	129,380		$	143,380		$	137,445			6.2	%
Shareholders' equity excluding FAS 115 unrealized gain (loss)		374,007			377,505			384,958			392,005			400,349			7.0	%
Total capitalization excluding FAS 115 unrealized gain (loss)		503,387			506,885			514,338			535,385			537,794			6.8	%
FAS 115 unrealized gain (loss)		(22,737	)		(8,507	)		14,214			9,792			17,781		NM
Total capitalization including FAS 115 unrealized gain (loss)	$	480,650		$	498,378		$	528,552		$	545,177		$	555,575			15.6	%

Book Value Per Share:
Excluding FAS 115 unrealized gain (loss)	$	11.61		$	11.71		$	11.94		$	12.15		$	12.41			6.9	%
Including FAS 115 unrealized gain (loss)	$	10.91		$	11.45		$	12.38		$	12.46		$	12.96			18.8	%

Debt to Total Capital:
Excluding FAS 115 unrealized gain (loss)		25.7	%		25.5	%		25.2	%		26.8	%		25.6	%		-0.4	%
Including FAS 115 unrealized gain (loss)		26.9	%		26.0	%		24.5	%		26.3	%		24.7	%		-8.2	%

Interest Coverage:
Income from continuing operations before interest and income taxes to interest expense		6.17			3.36			5.63			1.68			6.04			-2.1	%

Operating income from continuing operations before interest and income taxes to interest expense		5.87			3.55			5.30			1.92			5.87			0.0	%

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

	1st		2nd			3rd		4th			1st
	Quarter		Quarter			Quarter		Quarter			Quarter
	2009		2009			2009		2009			2010

Diluted Earnings (Loss) Per Share:

Pre-tax operating income	$	0.38	$	0.20		$	0.32	$	0.07		$	0.38

After-tax operating income	$	0.24	$	0.13		$	0.21	$	0.68		$	0.24

Income from continuing operations	$	0.26	$	0.12		$	0.22	$	0.67		$	0.25

Loss from discontinued operations after tax		-		(0.04	)		-		(0.57	)		-

Net income	$	0.26	$	0.08		$	0.22	$	0.10		$	0.25

Diluted weighted average common
shares outstanding		32,020,346		32,231,391			32,244,469		32,250,573			32,260,938


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

Actual common shares issued
and outstanding		32,211,133		32,238,944			32,241,620		32,251,120			32,251,120


Class A Common Stock prices:
High	$	7.20	$	5.35		$	6.33	$	7.44		$	6.89
Low	$	3.50	$	3.70		$	4.27	$	4.64		$	5.60
Close	$	4.17	$	4.55		$	5.69	$	6.30		$	6.14

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

		1st			2nd			3rd			4th			1st		% Change
		Quarter			Quarter			Quarter			Quarter			Quarter		1st
		2009			2009			2009			2009			2010		Quarter

Gross Premiums Written		$	164,070		$	113,424		$	164,339		$	119,433		$	171,905		4.8	%

Net Premiums Written		$	117,978		$	80,302		$	119,259		$	84,366		$	128,245		8.7	%

Revenues:
Net premiums earned		$	104,930		$	106,949		$	102,428		$	100,464		$	103,496		-1.4	%
Claims service revenues			15,684			16,835			17,112			17,998			17,883		14.0	%
Commission income			3,463			2,117			2,747			2,515			3,092		-10.7	%
Net investment income			8,457			9,561			9,522			9,336			9,120		7.8	%
Net realized investment gains (losses)			749			(472	)		795			(558	)		426		-43.1	%
Other revenues			176			190			259			458			392	NM
	Total revenues		133,459			135,180			132,863			130,213			134,409		0.7	%

Expenses:
Losses and loss adjustment expenses			75,775			73,494			70,158			71,783			75,070		-0.9	%
Acquisition expenses			17,198			19,508			16,046			17,282			18,047		4.9	%
Operating expenses			24,385			31,540			30,235			34,213			25,632		5.1	%
Dividends to policyholders			646			2,311			2,786			2,918			524		-18.9	%
Interest expense			2,506			2,476			2,421			2,389			2,504		-0.1	%
	Total losses and expenses		120,510			129,329			121,646			128,585			121,777		1.1	%

Pre-tax income			12,949			5,851			11,217			1,628			12,632		-2.4	%

Income tax expense (benefit):
	Current		244			265			220			(412	)		254		4.1	%
	Deferred		4,402			1,819			3,748			(19,463	)		4,284		-2.7	%

Total income tax expense (benefit)			4,646			2,084			3,968			(19,875	)		4,538		-2.3	%

Income from continuing operations			8,303			3,767			7,249			21,503			8,094		-2.5	%

Loss from discontinued operations after tax			(86	)		(1,165	)		(40	)		(18,318	)		-	NM

Net income		$	8,217		$	2,602		$	7,209		$	3,185		$	8,094		-1.5	%

Pre-tax operating income from continuing operations		$	12,200		$	6,323		$	10,422		$	2,186		$	12,206		0.0	%

After-tax operating income from continuing operations		$	7,816		$	4,074		$	6,732		$	21,866		$	7,817		0.0	%

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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2009			2009			2009			2009			2010

Assets:
Investments in fixed maturities available for sale	$	714,202		$	737,606		$	817,089		$	791,355		$	800,612
Short-term investments		58,273			38,103			62,004			41,072			25,921
Other investments		13,832			21,073			22,669			30,226			31,205
Total investments		786,307			796,782			901,762			862,653			857,738

Cash		11,767			10,163			13,887			11,059			13,583
Accrued investment income		6,500			7,221			6,918			7,352			7,663
Premiums receivable		257,380			236,663			246,871			238,650			275,122
Reinsurance receivables		830,962			855,161			807,245			827,458			839,723
Prepaid reinsurance premiums		41,314			37,271			40,883			35,788			40,363
Deferred income taxes, net		135,496			126,397			110,358			139,782			131,097
Deferred acquisition costs		44,857			39,364			42,583			39,124			44,820
Funds held by reinsureds		54,166			54,312			56,623			58,935			61,573
Intangible assets		29,668			30,165			29,961			29,757			29,553
Other assets		119,361			123,460			126,015			112,181			108,476
Assets of discontinued operations		235,265			208,272			192,431			-			-
Total assets	$	2,553,043		$	2,525,231		$	2,575,537		$	2,362,739		$	2,409,711

Liabilities:
Unpaid losses and loss adjustment expenses	$	1,256,435		$	1,271,089		$	1,259,940		$	1,269,685		$	1,274,006
Unearned premiums		272,200			241,508			261,952			240,759			270,083
Debt		129,380			129,380			129,380			143,380			137,445
Accounts payable, accrued expenses
and other liabilities		219,189			222,359			250,304			249,787			238,493
Reinsurance funds held and balances payable		59,074			53,327			52,914			51,331			65,610
Dividends to policyholders		7,224			6,022			6,177			6,000			5,944
Liabilities of discontinued operations		258,271			232,548			215,698			-			-
Total liabilities		2,201,773			2,156,233			2,176,365			1,960,942			1,991,581

Shareholders' Equity:
Class A Common Stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		111,953			112,264			112,349			111,841			111,906
Retained earnings		143,291			145,500			152,670			155,747			163,841
Accumulated other comprehensive loss		(51,497	)		(36,814	)		(13,947	)		(14,060	)		(5,886	)
Treasury stock, at cost		(23,567	)		(23,042	)		(22,990	)		(22,821	)		(22,821	)
Total shareholders' equity		351,270			368,998			399,172			401,797			418,130
Total liabilities and shareholders' equity	$	2,553,043		$	2,525,231		$	2,575,537		$	2,362,739		$	2,409,711

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

	1st		2nd		3rd		4th		1st
	Quarter		Quarter		Quarter		Quarter		Quarter
	2009		2009		2009		2009		2010

Assets
Premiums receivable	$	38,833	$	36,670	$	33,337	$	38,756	$	46,005
Reinsurance receivables		50,175		53,675		58,107		59,579		61,431
Prepaid reinsurance premiums		24,884		23,072		20,346		20,685		23,778
Deferred acquisition costs		1,269		1,081		902		964		1,109
Other assets		6,818		7,269		6,684		7,161		4,031

Liabilities
Unpaid losses and loss adjustment expenses	$	53,087	$	57,367	$	62,642	$	65,165	$	67,440
Unearned premiums		29,430		26,866		23,512		24,073		27,794
Reinsurance funds held and balances payable		31,237		26,951		23,138		27,176		31,663
Other liabilities		11,392		12,081		12,620		14,481		11,879

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
	2009			2009			2009			2009			2010

Balance Sheet
Balance, beginning of period	$	40,938		$	44,857		$	39,364		$	42,583		$	39,124

Policy acquisition costs deferred		21,136			14,036			19,312			13,849			23,810
Amortization of policy acquisition costs		(17,217	)		(19,529	)		(16,093	)		(17,308	)		(18,114	)
Net change		3,919			(5,493	)		3,219			(3,459	)		5,696

Balance, end of period	$	44,857		$	39,364		$	42,583		$	39,124		$	44,820

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

	1st		2nd		3rd		4th		1st
	Quarter		Quarter		Quarter		Quarter		Quarter
	2009		2009		2009		2009		2010

Assets
Investments	$	137,317	$	110,736	$	100,296	$	-	$	-
Cash		85		1,271		494		-		-
Reinsurance receivables		93,120		89,361		81,887		-		-
Other assets		4,743		6,904		9,754		-		-
Assets of discontinued operations	$	235,265	$	208,272	$	192,431	$	-	$	-

Liabilities
Unpaid losses and loss adjustment expenses	$	235,568	$	206,743	$	193,051	$	-	$	-
Other liabilities		22,703		25,805		22,647		-		-
Liabilities of discontinued operations	$	258,271	$	232,548	$	215,698	$	-	$	-

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

		1st			2nd			3rd			4th			1st
		Quarter			Quarter			Quarter			Quarter			Quarter
		2009			2009			2009			2009			2010

Total Investments & Cash
As reported		$	798,074		$	806,945		$	915,649		$	873,712		$	871,321
Less:
	Unrealized gain (loss) on
	fixed maturities available for sale		(33,799	)		(13,563	)		19,501			12,201			23,873
	Unrealized gain (loss) on other investments		(1,181	)		475			2,367			2,863			3,483
	Total adjusted investments & cash	$	833,054		$	820,033		$	893,781		$	858,648		$	843,965

Net Investment Income
As reported		$	8,457		$	9,561		$	9,522		$	9,336		$	9,120
Less:
	Interest on funds held and other		(619	)		(511	)		(463	)		(406	)		(361	)
	Total adjusted investment income	$	9,076		$	10,072		$	9,985		$	9,742		$	9,481

Yield
As reported			4.28	%		4.77	%		4.42	%		4.17	%		4.18	%
Investment portfolio			4.41	%		4.87	%		4.66	%		4.45	%		4.45	%

Duration (in years)			3.5			4.3			4.2			4.3			4.2

PMA Capital Corporation

Debt

(Dollar Amounts in Thousands)


	Amount
	Outstanding		Maturity
Trust preferred debt 1	$	62,500		2033 - 2037
8.50% senior notes		54,900		2018
Notes payable		10,000		2010 - 2011	3
Surplus notes 2		10,000		2035
4.25% convertible debt		45		2022	4
Total long-term debt	$	137,445

		1	Weighted average interest rate on trust preferred debt is 4.20% as of March 31, 2010. In the first quarter of 2010, we adopted accounting guidance which required us to consolidate the trusts related to our trust preferred debt. As a result, our trust preferred debt was reduced by $1.9 million.
		2	Interest rate on surplus notes is 4.75% as of March 31, 2010.
		3	Notes payable are for capital contributions to our former Run-off Operations, which are payable in two equal installments of $5 million in June 2010 and June 2011.
		4	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, 2010
(Dollar Amounts in Thousands)

		PMA
		Insurance		Fee-based		Corporate
		Group		Business		& Other1			Consolidated

Gross Premiums Written		$	172,043	$	-	$	(138	)	$	171,905

Net Premiums Written		$	128,383	$	-	$	(138	)	$	128,245

Revenues:
Net premiums earned		$	103,634	$	-	$	(138	)	$	103,496
Claims service revenues			-		17,895		(12	)		17,883
Commission income			-		3,159		(67	)		3,092
Net investment income			9,225		43		(148	)		9,120
Other revenues			-		388		4			392
	Total operating revenues		112,859		21,485		(361	)		133,983

Losses and Expenses:
Losses and loss adjustment expenses			75,070		-		-			75,070
Acquisition expenses			18,114		-		(67	)		18,047
Operating expenses			4,762		19,180		1,690			25,632
Dividends to policyholders			524		-		-			524
	Total losses and expenses		98,470		19,180		1,623			119,273

Operating income (loss) before income taxes
	and interest expense		14,389		2,305		(1,984	)		14,710

Interest expense			122		-		2,382			2,504

Pre-tax operating income (loss)		$	14,267	$	2,305	$	(4,366	)		12,206

Net realized investment gains										426

Pre-tax income									$	12,632


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

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


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)

	1st		2nd		3rd		4th		1st		% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		1st
	2009		2009		2009		2009		2010		Quarter

Gross Premiums Written	$	164,218	$	113,566	$	164,497	$	119,575	$	172,043		4.8	%

Net Premiums Written	$	118,126	$	80,444	$	119,417	$	84,508	$	128,383		8.7	%

Revenues:
Net premiums earned	$	105,078	$	107,091	$	102,586	$	100,606	$	103,634		-1.4	%
Net investment income		8,466		9,502		9,415		9,307		9,225		9.0	%
Other revenues		-		-		-		166		-	NM
Total operating revenues		113,544		116,593		112,001		110,079		112,859		-0.6	%

Losses and Expenses:
Losses and loss adjustment expenses		75,775		73,494		70,158		71,783		75,070		-0.9	%
Acquisition expenses		17,217		19,529		16,093		17,308		18,114		5.2	%
Operating expenses		4,559		11,151		9,213		13,662		4,762		4.5	%
Dividends to policyholders		646		2,311		2,786		2,918		524		-18.9	%
Total losses and expenses		98,197		106,485		98,250		105,671		98,470		0.3	%

Operating income before income taxes
and interest expense		15,347		10,108		13,751		4,408		14,389		-6.2	%

Interest expense		160		143		135		126		122		-23.8	%

Pre-tax operating income	$	15,187	$	9,965	$	13,616	$	4,282	$	14,267		-6.1	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

	1st			2nd			3rd			4th			1st			Point Chg.
	Quarter			Quarter			Quarter			Quarter			Quarter			1st Quarter
	2009			2009			2009			2009			2010			Better (Worse)

Ratios - GAAP Basis:


Loss and LAE ratio		72.1	%		68.6	%		68.4	%		71.4	%		72.4	%		(0.3	)

Expense ratio:
Acquisition expenses		16.4	%		18.2	%		15.7	%		17.2	%		17.5	%		(1.1	)
Operating expenses		4.4	%		10.4	%		9.0	%		13.5	%		4.6	%		(0.2	)
Total expense ratio		20.8	%		28.6	%		24.7	%		30.7	%		22.1	%		(1.3	)

Policyholders' dividend ratio		0.6	%		2.2	%		2.7	%		2.9	%		0.5	%		0.1
Combined ratio		93.5	%		99.4	%		95.8	%		105.0	%		95.0	%		(1.5	)

Net investment income ratio		-8.1	%		-8.9	%		-9.2	%		-9.3	%		-8.9	%		0.8
Operating ratio		85.4	%		90.5	%		86.6	%		95.7	%		86.1	%		(0.7	)

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
	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			2nd			3rd			4th			Twelve
	Quarter			Quarter			Quarter			Quarter			Months
	2009			2009			2009			2009			2009

Direct premium production	$	147,367		$	102,212		$	154,754		$	108,169		$	512,502
Fronting premiums		19,622			9,677			10,890			14,497			54,686
Premium adjustments		(4,876	)		(2,753	)		(3,521	)		(4,252	)		(15,402	)
Direct premiums written	$	162,113		$	109,136		$	162,123		$	118,414		$	551,786


	1st
	Quarter
	2010

Direct premium production	$	157,092
Fronting premiums		15,795
Premium adjustments		(2,019	)
Direct premiums written	$	170,868

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

	1st		2nd		3rd		4th		1st		% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		1st
	2009		2009		2009		2009		2010		Quarter

Revenues:
Claims service revenues	$	15,995	$	17,122	$	17,398	$	18,236	$	17,895		11.9	%
Commission income		3,475		2,132		2,777		2,572		3,159		-9.1	%
Net investment income		86		101		142		15		43		-50.0	%
Other revenues		170		167		236		208		388	NM
Total operating revenues		19,726		19,522		20,553		21,031		21,485		8.9	%

Expenses:
Operating expenses		17,713		17,997		18,979		18,935		19,180		8.3	%
Total expenses		17,713		17,997		18,979		18,935		19,180		8.3	%

Pre-tax operating income	$	2,013	$	1,525	$	1,574	$	2,096	$	2,305		14.5	%

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

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2009			2009			2009			2009			2010			Quarter

Gross Premiums Written	$	(148	)	$	(142	)	$	(158	)	$	(142	)	$	(138	)		6.8	%

Net Premiums Written	$	(148	)	$	(142	)	$	(158	)	$	(142	)	$	(138	)		6.8	%

Revenues:
Net premiums earned	$	(148	)	$	(142	)	$	(158	)	$	(142	)	$	(138	)		6.8	%
Claims service revenues		(311	)		(287	)		(286	)		(238	)		(12	)		96.1	%
Commission income		(12	)		(15	)		(30	)		(57	)		(67	)	NM
Net investment income		(95	)		(42	)		(35	)		14			(148	)		-55.8	%
Other revenues		6			23			23			84			4			-33.3	%
Total operating revenues		(560	)		(463	)		(486	)		(339	)		(361	)		35.5	%

Expenses:
Acquisition expenses		(19	)		(21	)		(47	)		(26	)		(67	)	NM
Operating expenses		2,113			2,392			2,043			1,616			1,690			-20.0	%
Total expenses		2,094			2,371			1,996			1,590			1,623			-22.5	%

Operating loss before income taxes
and interest expense		(2,654	)		(2,834	)		(2,482	)		(1,929	)		(1,984	)		25.2	%

Interest expense		2,346			2,333			2,286			2,263			2,382			1.5	%

Pre-tax operating loss	$	(5,000	)	$	(5,167	)	$	(4,768	)	$	(4,192	)	$	(4,366	)		12.7	%

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

	1st			2nd			3rd			4th			1st		% Change
	Quarter			Quarter			Quarter			Quarter			Quarter		1st
	2009			2009			2009			2009			2010		Quarter

Gross Premiums Written	$	466		$	2,093		$	384		$	(485	)	$	-	NM

Net Premiums Written	$	(87	)	$	1,798		$	360		$	(755	)	$	-	NM

Revenues:
Net premiums earned	$	617		$	1,673		$	(2	)	$	-		$	-	NM
Net investment income		(878	)		(937	)		(1,066	)		6,908			-	NM
Total operating revenues		(261	)		736			(1,068	)		6,908			-	NM

Losses and Expenses:
Losses and loss adjustment expenses		129			1,910			(175	)		33			-	NM
Acquisition expenses		1,199			120			104			14			-	NM
Operating expenses		2,577			2,397			2,101			4,945			-	NM
Impairment charge / valuation adjustment		(4,387	)		(2,172	)		(2,722	)		29,673			-	NM
Total losses and expenses		(482	)		2,255			(692	)		34,665			-	NM

Pre-tax operating income (loss) from discontinued operations		221			(1,519	)		(376	)		(27,757	)		-	NM

Income tax expense (benefit)		77			(530	)		(133	)		(9,715	)		-	NM

After-tax operating income (loss) from discontinued operations		144			(989	)		(243	)		(18,042	)		-	NM

Realized gains (losses) after tax		(230	)		(176	)		203			(276	)		-	NM

Loss from discontinued operations	$	(86	)	$	(1,165	)	$	(40	)	$	(18,318	)	$	-	NM

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
	2009			2009			2009			2009			2010

Receipts:
Premiums collected	$	109,089		$	96,214		$	105,816		$	89,289		$	103,512
Claims service, commissions and other revenues		22,276			18,203			21,658			15,909			24,398
Investment income received		9,789			9,164			10,124			9,430			10,057
Total receipts		141,154			123,581			137,598			114,628			137,967

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		5,265			18,874			25,500			35,347			6,556
Losses and LAE paid - prior years		61,152			63,486			6,931			49,219			77,515
Total losses and LAE paid		66,417			82,360			32,431			84,566			84,071
Operating expenses paid		46,907			41,332			43,129			42,596			53,419
Commissions and premiums paid		1,680			2,090			3,270			(4,117	)		3,939
Policyholders' dividends paid		863			2,401			1,264			1,633			1,279
Interest on corporate debt		2,526			2,437			2,388			2,344			2,460
Total disbursements		118,393			130,620			82,482			127,022			145,168

Net other		(629	)		(1,459	)		4,976			3,262			(559	)

Net operating cash flows from continuing operations		22,132			(8,498	)		60,092			(9,132	)		(7,760	)
Net operating cash flows from discontinued operations		(14,742	)		(25,656	)		(12,549	)		(15,799	)		-
Net operating cash flows	$	7,390		$	(34,154	)	$	47,543		$	(24,931	)	$	(7,760	)

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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2009			2009			2009			2009			2010

Receipts:
Premiums collected	$	109,089		$	96,214		$	105,816		$	89,289		$	103,512
Investment income received		9,703			9,062			9,985			9,417			10,017
Total receipts		118,792			105,276			115,801			98,706			113,529

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		5,265			18,874			25,500			35,347			6,556
Losses and LAE paid - prior years		61,152			63,486			6,931	1		49,219			77,515
Total losses and LAE paid		66,417			82,360			32,431			84,566			84,071
Operating expenses paid		30,060			27,192			24,079			27,792			32,676
Policyholders' dividends paid		863			2,401			1,264			1,633			1,279
Interest on corporate debt		194			144			139			126			122
Total disbursements		97,534			112,097			57,913			114,117			118,148

Net other		(1,205	)		501			(3,712	)		(11,932	)		1,005

Net operating cash flows	$	20,053		$	(6,320	)	$	54,176		$	(27,343	)	$	(3,614	)

1	Reduced by $43.9 million received for a commutation with Houston Casualty Company.

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

	1st			2nd			3rd		4th			1st
	Quarter			Quarter			Quarter		Quarter			Quarter
	2009			2009			2009		2009			2010

Receipts:
Claims service, commissions and other revenues	$	22,276		$	18,203		$	21,658	$	15,909		$	24,398
Investment income received		86			102			139		13			40
Total receipts		22,362			18,305			21,797		15,922			24,438

Disbursements:
Operating expenses paid		16,847			14,140			19,050		14,804			20,743
Commissions and premiums paid		1,680			2,090			3,270		(4,117	)		3,939
Total disbursements		18,527			16,230			22,320		10,687			24,682

Net other		(242	)		(3,644	)		4,453		(2,690	)		723

Net operating cash flows	$	3,593		$	(1,569	)	$	3,930	$	2,545		$	479

PMA Capital Corporation
Statutory Surplus
(Dollar Amounts in Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2009			2009			2009			2009			20101


PMA Pool 2	$	337,495		$	373,654	3	$	385,111		$	417,330	4	$	422,377
PMA Capital Insurance Company 5		29,252			26,446			30,202			-			-


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

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2009			2009			2009			2009			20101

Net Premiums Written:
Workers' Compensation	$	101,891		$	72,181		$	102,329		$	72,373		$	110,709
Other Commercial Lines		13,487			8,403			8,965			8,167			13,040
Total - PMA Pool	$	115,378		$	80,584		$	111,294		$	80,540		$	123,749

Statutory Ratios:
Loss and LAE ratio		71.6	%		51.8	%		68.9	%		72.8	%		71.4	%
Underwriting expense ratio		21.1	%		30.7	%		22.0	%		31.3	%		21.4	%
Policyholders' dividend ratio		1.2	%		1.2	%		1.4	%		1.5	%		1.2	%
Combined ratio		93.9	%		83.7	%		92.3	%		105.6	%		94.0	%
Operating ratio		85.8	%		75.0	%		83.5	%		96.3	%		85.0	%

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.
4	Includes impact of adoption of Statement of Statutory Accounting Principles No. 10R, "Income Taxes - Revised, A Temporary Replacement of SSAP No. 10."
5	Sold December 24, 2009.

PMA Capital Corporation
Industry Ratings and Market Information


Transfer Agent and Registrar:				Inquiries:
American Stock Transfer & Trust Company				John M. Cochrane
Shareholder Relations				Interim Chief Financial Officer
59 Maiden Lane – Plaza Level				610.397.5076
New York, NY 10038				email: john_cochrane@pmagroup.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 4/28/2010):

	A.M. Best	Fitch	Moody's
PMA Pool 1	A- (4th of 16)	BBB+ (8th of 21)	Baa3 (10th of 21)

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