8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 22, 2004

Philadelphia Consolidated Holding Corp.

(Exact Name of Registrant as Specified in Charter)

Pennsylvania	0-22280	23-2202671
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer’ Identification No.)

One Bala Plaza, Suite 100, Bala Cynwyd, PA	19004
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (610) 617-7900

TABLE OF CONTENTS

	ITEM 5. OTHER EVENTS.
	ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
	ITEM 12. Results of Operations and Financial Condition
Signatures
EXHIBIT INDEX
FIRST QUARTER RESULTS MARCH 31, 2004
FIRST QUARTER 2004 CONFERENCE CALL PRESENTATION
FIRST QUARTER PREMIUMS BY SEGMENT
FIRST QUARTER 2004 ADDITIONAL SUPPLEMENTAL INFO.

ITEM 5. OTHER EVENTS.

The Registrant is furnishing this Current Report on Form 8-K solely for the purpose of providing the supplementary data set forth in the Exhibit listed in Item 7(c) below.

ITEM 7.		FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
	(a)	Financial Statements of Business Acquired.
		Not applicable.
	(b)	Pro Forma Financial Information.
		Not applicable.
	(c)	Exhibits.
		Exhibit 99.1 First Quarter Results March 31, 2004. Exhibit 99.2 First Quarter 2004 Conference Call Presentation. Exhibit 99.3 First Quarter 2004 Premiums by Segment. Exhibit 99.4 First Quarter 2004 Additional Supplemental Information.

ITEM 12.	Results of Operations and Financial Condition
	On April 22, 2004, the registrant conducted a conference call announcing the results of the Company’s operations for the quarter ended March 31, 2004. The conference call presentation is attached as Exhibit 99.2 to this report, and is incorporated herein by reference and shall be deemed “furnished” for purposes of the Securities Act of 1934, as amended.
	The registrant discloses net operating income, a non GAAP financial measure, which it defines as net income adjusted for after-tax net realized investment gains and losses. Because net operating income is not a term defined by GAAP, the registrant’s net operating income may not be comparable to similarly title measures reported by other companies. However, the registrant believes that this measure provides useful information to help investors measure the results of its regular business activities. The registrant utilizes net operating income in its budget and planning process and, in part, in measuring actual performance.

Signatures

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

	Philadelphia Consolidated Holding Corp. (Registrant)
Dated: April 23, 2004	By:	Craig P. Keller Craig P. Keller Executive Vice President, Secretary, Treasurer and Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description	Method of Filing
99.1	First Quarter Results March 31, 2004	Furnished electronically herewith.
99.2	First Quarter 2004 Conference Call Presentation	Furnished electronically herewith.
99.3	First Quarter 2004 Premiums by Segment	Furnished electronically herewith.
99.4	First Quarter 2004 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
FIRST QUARTER RESULTS
MARCH 31, 2004

APRIL 22, 2004 PRESS RELEASE

Bala Cynwyd, PA – Philadelphia Consolidated Holding Corp. (PHLY-NASDAQ) today reported net income for the quarter ended March 31, 2004 increased 89.3% to $25.0 million ($1.08 diluted and $1.14 basic earnings per share) vs. $13.2 million ($0.59 diluted and $0.61 basic earnings per share) for the same period in 2003. Net income for the quarter ended March 31, 2004 included $1.2 million ($0.05 diluted gain per share) of after tax net realized investment gains vs. $0.7 million ($0.03 diluted loss per share) of after tax net realized investment losses for the same quarter in 2003. Gross written premiums increased 30.6% to $252.4 million vs. $193.3 million in the first quarter of 2003, and the combined ratio for the quarter was 85.1% vs. 92.2% for the same quarter in 2003.

James J. Maguire, Jr. CEO said, “The 30% quarter over quarter increase in gross written premiums came by way of high renewal retention, rate increases and unit count increases on new business. This profitable growth does impact the Company’s capital needs and effective January 1, 2004 we placed a 10% quota share reinsurance agreement covering all of our commercial and specialty lines of business. We believe reinsurance remains the best means of maintaining acceptable operating leverage with respect to our capital levels. Diluted earnings per share for the first quarter ended March 31, 2004 were lowered by $0.05 as a result of the quota share reinsurance agreements effective for the years 2003 and 2004.”

Press Release
April 22, 2004
Page 2

Forward-Looking Information

This release may contain forward-looking statements that are based on management’s estimates, assumptions and projections. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary remarks regarding important factors which, among others, could cause the Company’s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company’s forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, results of the Company’s business, and the other matters referred to above include, but are not limited to: (i) changes in the business environment in which the Company operates, including inflation and interest rates; (ii) changes in taxes, governmental laws, and regulations; (iii) competitive product and pricing activity; (iv) difficulties of managing growth profitably; (v) claims development and the adequacy of our liability for unpaid loss and loss adjustment expenses; (vi) severity of natural disasters and other catastrophe losses; (vii) adequacy of reinsurance coverage which may be obtained by the Company; (viii) ability and willingness of our reinsurers to pay; and (ix) future terrorist attacks.

Philadelphia Insurance Companies, rated “A+” (Superior) by A.M. Best Company, is a specialty niche Company which markets and underwrites property and casualty insurance products through 36 proprietary underwriting offices across the U.S. of A. For more information about our Company or to review our 2003 annual report, visit our web site at www.phly.com.

PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)

	As of
	March 31,			December 31,
	2004			2003
	(Unaudited)
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $1,162,540 AND $1,066,523)	$	1,186,934		$	1,081,694
EQUITY SECURITIES AT MARKET (COST $99,939 AND $79,813)		111,125			90,358
TOTAL INVESTMENTS		1,298,059			1,172,052
CASH AND CASH EQUIVALENTS		64,743			73,942
ACCRUED INVESTMENT INCOME		12,195			11,008
PREMIUMS RECEIVABLE		165,281			179,509
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		287,208			292,157
DEFERRED INCOME TAXES		15,169			19,176
DEFERRED ACQUISITION COSTS		69,357			56,288
PROPERTY AND EQUIPMENT, NET		18,027			16,821
GOODWILL		25,724			25,724
OTHER ASSETS		19,314			22,354
TOTAL ASSETS	$	1,975,077		$	1,869,031
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	673,535		$	627,086
UNEARNED PREMIUMS		433,809			422,589
TOTAL POLICY LIABILITIES AND ACCRUALS		1,107,344			1,049,675
FUNDS HELD PAYABLE TO REINSURER		115,353			110,011
LOANS PAYABLE		47,079			48,482
PREMIUMS PAYABLE		39,887			35,044
OTHER LIABILITIES		88,959			82,083
TOTAL LIABILITIES		1,398,622			1,325,295
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
PREFERRED STOCK, $.01 PAR VALUE, 10,000,000 SHARES AUTHORIZED, NONE ISSUED AND OUTSTANDING		—			—
COMMON STOCK, NO PAR VALUE, 100,000,000 SHARES AUTHORIZED, 22,033,897 AND 22,007,552 SHARES ISSUED AND OUTSTANDING		281,951			281,088
NOTES RECEIVABLE FROM SHAREHOLDERS		(5,046	)		(5,444	)
ACCUMULATED OTHER COMPREHENSIVE INCOME		23,127			16,715
RETAINED EARNINGS		276,423			251,377
TOTAL SHAREHOLDERS’ EQUITY		576,455			543,736
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,975,077		$	1,869,031

PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(Unaudited)

	For the Three Months
	Ended March 31,
	2004			2003
REVENUE:
NET EARNED PREMIUMS	$	168,784		$	148,362
NET INVESTMENT INCOME		9,973			9,805
NET REALIZED INVESTMENT GAIN (LOSS)		1,778			(1,133	)
OTHER INCOME		1,382			661
TOTAL REVENUE		181,917			157,695
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		130,686			103,085
NET REINSURANCE RECOVERIES		(34,443	)		(12,725	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		96,243			90,360
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		47,354			46,420
OTHER OPERATING EXPENSES		1,769			1,674
TOTAL LOSSES AND EXPENSES		145,366			138,454
INCOME BEFORE INCOME TAXES		36,551			19,241
INCOME TAX EXPENSE (BENEFIT):
CURRENT		10,950			7,764
DEFERRED		555			(1,756	)
TOTAL INCOME TAX EXPENSE		11,505			6,008
NET INCOME	$	25,046		$	13,233
PER AVERAGE SHARE DATA:
BASIC EARNINGS PER SHARE	$	1.14		$	0.61
DILUTED EARNINGS PER SHARE	$	1.08		$	0.59
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		22,018,270			21,865,269
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		1,082,611			562,552
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		23,100,881			22,427,821

EX-99.2

Philadelphia Consolidated Holding Corp. Founded 1962

Certain information included in this presentation and other statements or materials published or to be published by the Company are not historical facts but are forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new and existing products, expectations for market segment and growth, and similar matters. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary remarks regarding important factors which, among others, could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, results of the Company's business, and the other matters referred to above include, but are not limited to: (i) changes in the business environment in which the Company operates, including inflation and interest rates; (ii) changes in taxes, governmental laws, and regulations; (iii) competitive product and pricing activity; (iv) difficulties of managing growth profitably; (v) claims development and the adequacy of our liability for unpaid loss and loss adjustment expenses; (vi) severity of natural disasters and other catastrophe losses; (vii) adequacy of reinsurance coverage which may be obtained by the Company; (viii) ability and willingness of our reinsurers to pay; and (ix) future terrorist attacks.

AGENDA First Quarter 2004 Financial Highlights Q&A

Three Months Ended 3/31/04 and 3/31/03 Highlights ($ in millions, except per share data) Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 covering all lines of business whereby $38.9 million of net earned premium and $22.8 million in loss and loss adjustment expenses were ceded, $15.3 million in ceding commission was earned and diluted earnings per share were decreased by $0.05 during the first quarter of 2004. March 31, 2004 March 31, 2003 Change Gross Written Premiums $252.4 $193.3 30.6% Net Earned Premiums $168.8 (1) $148.4 13.7% Net Investment Income $10.0 $9.8 2.0% Net Income $25.0 (1) $13.2 89.4% After Tax Net Realized Investment Gain (Loss) $1.2 $(0.7) Loss & LAE Ratio 57.0% 60.9% Expense Ratio 28.1% 31.3% Combined Ratio 85.1% 92.2% Diluted Earnings Per Share $1.08 $0.59 83.1% After Tax Realized Investment Gain (Loss) Per Share $0.05 $(0.03) Weighted Average Shares & Share Equivalents Outstanding 23,100,881 22,427,821

First Quarter Highlights For the Three Months % Ended March 31, Increase 2004 2003 (Decrease) Net Operating Income ........................................ $23.9 $14.0 70.7% A-T Realized Investment Gains (Losses)................... $1.1 $(0.8) Net Income....................................................... $25.0 $13.2 89.4% Diluted Operating Earnings Per Share................... $1.03 $0.62 66.1% A-T Realized Investment Gains (Losses) Per Share... $0.05 $(0.03) Diluted Earnings Per Share.................................. $1.08 $0.59 83.1% Net Loss and Loss Adjustment Expense Ratio.......... 57.0% 60.9% Acquisition and Underwriting Expense Ratio.......... 28.1% 31.3% Combined Ratio 85.1% 92.2% Net Cash Provided by Operating Activities............ $107.3 $82.0 (in millions, except per share data)

First Quarter Highlights As of, March 31, December 31, % 2004 2003 Increase Total Shareholders' Equity .......................... $576.5 $543.7 6.0% Book Value per Share.................................. $26.16 $24.71 5.9% Return on Tangible Shareholders' Equity(1)...... 14.3% 12.8% 11.7% Shares Outstanding.................................... 22,033,897 22,007,552 0.1% (in millions, except share and per share data) (1) Excludes realized investment gain (loss) and accumulated other comprehensive income.

1st Quarter 2004 Gross Written Premiums by Segment For the Three Months Ended March 31, % 2004 2003 Increase Segment Commercial Lines ............................. $175.0 $127.9 36.9% Specialty Lines.................................. 47.4 40.4 17.3% Personal Lines.................................... 30.0 25.0 19.9% Total.............................................. $252.4 $193.3 30.6% (in millions)

Commercial Lines Segment 69.3% of 1st Quarter 2004 GWP 75% 3 to 5 year growth potential Gross Written Premiums 1998 1999 2000 2001 2002 2003 1Q03 1Q04 Commercial Auto 85.7 89.4 81.6 85 71.7 76.1 11.1 24.7 Commercial Package 79.1 90 136.6 207.8 364.6 535.6 106.7 138.7 Specialty Property 1.1 21.6 21.3 23.2 36.7 50.6 10.1 11.6 $165.9 $201.0 $239.5 $316.0 4 Year CAGR 23.7% 5 Year CAGR 46.6% 5 Year CAGR - -2.4% (in millions) $662.3 $473.0 $127.9 $175.0

Specialty Lines Segment 1998 1999 2000 2001 2002 2003 1Q03 1Q04 30.4 48.5 68.2 79.3 110.2 154.1 40.4 47.4 18.8% of 1st Quarter 2004 GWP 75% 3 to 5 year growth potential CAGR 1998-2003 = 38.4% Gross Written Premiums (Professional Liability) (in millions)

Gross Written Premiums 1999 2000 2001 2002 2003 1Q03 1Q04 Manufactured Housing 17.3 37.2 40.2 38.4 52.4 16.7 20.8 Flood 5.3 10 13.4 15.9 20.1 3.4 4.3 Homeowners 2.8 7 24.7 26.2 17.1 4.9 4.9 $54.2 $78.3 11.9% of 1st Quarter 2004 GWP 50% 3 to 5 year growth potential Personal Lines $25.4 4 year CAGR 57.2% 4 year CAGR 39.6% 4 year CAGR 31.9% (in millions) $80.5 $89.6 $25.0 $30.0

Gov't. 0.3 Corp. Bonds 14.2 Common Stock 7.3 All Other 1.1 Cash Equivalents 4.4 Municpal Bonds 39.7 CMO 3.5 MBS 13.8 Other Structured Securities 12.1 Agency Bonds 3.6 High Quality Investment Portfolio Corporate Bonds Common Stock Cash Equivalents Municipal Bonds As of March 31, 2004 Portfolio market value - $1,357.2mm Fixed income securities Average lowest rating AA+ Portfolio duration 3.9 years 4.8% taxable equivalent yield Quality long-term growth stocks 4.4% 12.1% 39.7% 7.3% All Other 1.1% 3.6% Agency Bonds 14.2% MBS Government Bonds 0.3% 3.5% 13.8% CMO Other Structured Securities

Net Investment Income 1999 2000 2001 2002 2003 1Q03 1Q04 20.7 25.8 32.4 37.5 38.8 9.8 10 (in millions) 4 Year CAGR: 17.0% Effective Tax Rate 25.7% 27.0% 30.1% 28.3% 23.4% 25.9% 21.0%

Selected Operating Statistics Operating Statistics Renewal Retention (Quoted) Commercial Lines - 95.6% Specialty Lines - 98.6% Personal Lines - 93.5% Rate Increases Commercial Lines - 4.3% (Q/Q) Specialty Lines - 2.8% (Q/Q) Personal Lines - 13.4% (Q/Q) New Business Growth (Count), excluding Personal Lines 1Q: 03 - 6,065 1Q: 04 - 7,160 18.1% increase

Selected Operating Statistics Preferred Agents Total GWP Growth - $58.2 million (Q/Q); 21.5% increase Renewal Retention (Quoted) - 86.8% New Business 2004 - $12.0 million GWP; 46.3% increase Employee Statistics Totals 03/31/04 906 20.8% increase 03/31/03 750 Total GWP Per Employee 2004 vs. 2003 2004 $1.2 million 9.1% increase 2003 $1.1 million

Drivers of Future Growth National presence - 36 offices / Mixed marketing New product offerings Disruption in the industry Insolvencies ? Rating downgrades ? Mergers Experienced management / underwriting & pricing discipline Advanced technology - lower expenses and improved process A+ (Superior) rating - Flight to quality Preferred agent program - 15% premium growth

Philadelphia Consolidated Holding Corp. Founded 1962

EX-99.3

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(IN THOUSANDS)

	03/31/04		03/31/03		2004 VS. 2003			03/31/04		03/31/03		2004 VS. 2003
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		175,072		127,897		36.9	%		178,871		120,754		48.1	%
SPECIALTY LINES		47,393		40,387		17.3	%		39,284		31,556		24.5	%
PERSONAL LINES		29,972		24,998		19.9	%		23,062		20,676		11.5	%
TOTAL ALL LINES		252,437		193,282		30.6	%		241,217		172,986		39.4	%

	03/31/04		03/31/03		2004 VS. 2003			03/31/04		03/31/03		2004 VS. 2003
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		142,278		120,353		18.2	%		131,057		109,258		20.0	%
SPECIALTY LINES		39,950		37,317		7.1	%		29,313		29,118		70.0	%
PERSONAL LINES		17,714		13,978		26.7	%		8,414		9,986		-15.7	%
TOTAL ALL LINES		199,942		171,648		16.5	%		168,784		148,362		13.8	%

EX-99.4

PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(IN THOUSANDS)

NET LOSS AND LOSS ADJUSTMENT EXPENSES:

	Net Incurred Loss and					Net Paid Loss and
	Loss Adjustment Expenses					Loss Adjustment Expenses
	For The Three Months Ended					For The Three Months Ended
	March 31,					March 31,
PRODUCTS	2004		2003			2004		2003
COMMERCIAL LINES	$	73,909	$	65,938		$	46,624	$	33,885
SPECIALTY LINES		18,055		18,641			14,165		9,003
PERSONAL LINES		4,279		5,781			3,640		5,605
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	96,243	$	90,360		$	64,429	$	48,493
Net Loss & Lae Reserves @ March 31, 2004			$	513,310
Taxable Equivalent Yield @ March 31, 2004				4.8	%
Portfolio Duration @ March 31, 2004			3.9 yrs
Book Value Per Common Share @ March 31, 2004			$	26.16
Shares Repurchased During the Three Months Ended March 31, 2004				0