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 26, 2005

Philadelphia Consolidated Holding Corp.

(Exact Name of Registrant as Specified in Charter)

Pennsylvania	0-22280	23-2202671
(State or Other Jurisdiction	(Commission	(IRS Employer’
of Incorporation)	File Number)	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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

PRESS RELEASE

FIRST QUARTER 2005 CONFERENCE CALL PRESENTATION

FIRST QUARTER 2005 PREMIUMS BY SEGMENT

FIRST QUARTER 2005 ADDITIONAL SUPPLEMENTAL INFORMATION

ITEM 2.02 Results of Operations and Financial Condition

On April 26, 2005, the registrant conducted a conference call announcing the results of the Company’s operations for the quarter ended March 31, 2005. Also on April 26, 2005 the registrant issued a Press Release concerning its first quarter 2005 results. The Press Release is attached as Exhibit 99.1. The conference call presentation is attached as Exhibit 99.2 to this report. Such exhibits 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 titled 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.

     ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(a)	Financial Statements of Business Acquired.
	Not applicable.
(b)	Pro Forma Financial Information.
	Not applicable.
(c)	Exhibits.
	Exhibit 99.1 Press Release relating to First Quarter Results for period ended March 31, 2005.
	Exhibit 99.2 First Quarter 2005 Conference Call Presentation.
	Exhibit 99.3 First Quarter 2005 Premiums by Segment.
	Exhibit 99.4 First Quarter 2005 Additional Supplemental Information.

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 29, 2005		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	Press Release relating to First Quarter Results for period ended March 31, 2005	Furnished electronically herewith.
99.2	First Quarter 2005 Conference Call Presentation	Furnished electronically herewith.
99.3	First Quarter 2005 Premiums by Segment.	Furnished electronically herewith.
99.4	First Quarter 2005 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

Exhibit 99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.

FIRST QUARTER RESULTS

MARCH 31, 2005

APRIL 26, 2005 PRESS RELEASE

Bala Cynwyd, PA – Philadelphia Consolidated Holding Corp. (PHLY-NASDAQ) today reported net income for the quarter ended March 31, 2005 increased 70.1% to $45.6 million ($1.91 diluted and $2.03 basic earnings per share) vs. $26.8 million ($1.16 diluted and $1.22 basic earnings per share) for the same period in 2004. Net income for the quarter ended March 31, 2005 included $7.0 million ($0.29 diluted gain per share) of after-tax net realized investment gains vs. $1.2 million ($0.05 diluted gain per share) of after-tax net realized investment gains for the same quarter in 2004. Gross written premiums increased 12.9% to $285.1 million vs. $252.4 million in the first quarter of 2004, and the combined ratio (the sum of the ratio of net loss and loss adjustment expenses incurred to net earned premiums and the ratio of acquisition costs and other underwriting expenses to net earned premiums) for the quarter was 80.4% vs. 83.8% for the same quarter in 2004.

Financial results for the first quarter of 2005 included:

•   The following change in losses and reinsurance premium expense due to revised estimates of gross losses attributable to Hurricanes Charley, Frances, Ivan and Jeanne:

§

A $0.5 million pre-tax ($0.4 million after-tax, or $0.02 diluted loss per share) increase in net reserves for loss and loss adjustment expenses, due to a higher loss estimate for Hurricane Charley, which, when combined with the aggregate loss estimates for Hurricanes Frances and Jeanne, resulted in catastrophe losses exceeding the coverage limit available on a loss layer of the Company’s catastrophe reinsurance program by an additional $0.5 million over the $8.3 million previously announced during the fourth quarter of 2004;

§

$1.0 million pretax ($0.7 million after-tax, or $0.03 diluted earnings per share) reduction in reinstatement premium expense and accelerated reinsurance premium expense as a result of the revised gross hurricane loss estimates and a change in the distribution of losses by storm.

•   A $3.0 million pre-tax ($2.0 million after-tax, or $0.08 after-tax diluted loss per share) increase in gross and net reserves for loss and loss adjustment expenses, due to projected

Press Release
April 26, 2005
Page 2

catastrophe losses from hailstorms which moved through the state of Florida in March. The hailstorm losses occurred in the Company’s personal lines segment.

James J. Maguire, Jr., CEO, said, “Through the first quarter, our core lines of business performed very well, as evidenced by the combined ratio of 80.4%. This underwriting result was achieved by maintaining our disciplined and proactive approach to risk selection, and writing new and renewal accounts that we believe present excellent profit opportunity for the Company. Although the market is showing some signs of becoming more competitive, we retained in excess of 90% of our renewals, achieving aggregate rate increases of approximately 2%. We continue to see good new business flow and I am optimistic about our prospects for continued, profitable growth.”

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. The Company does not intend to publicly update any forward looking statement, except as may be required by law.

Philadelphia Insurance Companies 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 2004 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,
	2005			December 31,
	(Unaudited)			2004
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $1,492,743 AND $1,287,094)	$	1,483,259		$	1,299,704
EQUITY SECURITIES AT MARKET (COST $118,830 AND $110,601)		122,593			128,447
TOTAL INVESTMENTS		1,605,852			1,428,151
CASH AND CASH EQUIVALENTS		111,694			195,496
ACCRUED INVESTMENT INCOME		15,903			13,475
PREMIUMS RECEIVABLE		212,897			229,502
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		321,090			429,850
DEFERRED INCOME TAXES		29,738			14,396
DEFERRED ACQUISITION COSTS		99,650			91,647
PROPERTY AND EQUIPMENT, NET		22,151			21,281
GOODWILL		25,724			25,724
OTHER ASSETS		26,242			36,134
TOTAL ASSETS	$	2,470,941		$	2,485,656
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,011,993		$	996,667
UNEARNED PREMIUMS		528,942			531,849
TOTAL POLICY LIABILITIES AND ACCRUALS		1,540,935			1,528,516
FUNDS HELD PAYABLE TO REINSURER		49,294			131,119
LOANS PAYABLE		—			33,406
PREMIUMS PAYABLE		59,556			48,111
OTHER LIABILITIES		124,948			100,347
TOTAL LIABILITIES		1,774,733			1,841,499
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, 22,921,887 AND 22,273,917 SHARES ISSUED AND OUTSTANDING		326,996			292,856
NOTES RECEIVABLE FROM SHAREHOLDERS		(9,610	)		(5,465	)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		(3,719	)		19,796
RETAINED EARNINGS		382,541			336,970
TOTAL SHAREHOLDERS’ EQUITY		696,208			644,157
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,470,941		$	2,485,656

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,
	2005			2004
REVENUE:
NET EARNED PREMIUMS	$	236,755		$	171,422
NET INVESTMENT INCOME		13,491			9,973
NET REALIZED INVESTMENT GAIN		10,798			1,778
OTHER INCOME		480			1,382
TOTAL REVENUE		261,524			184,555
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		154,464			130,686
NET REINSURANCE RECOVERIES		(27,993	)		(34,443	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		126,471			96,243
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		63,948			47,354
OTHER OPERATING EXPENSES		3,939			1,769
TOTAL LOSSES AND EXPENSES		194,358			145,366
INCOME BEFORE INCOME TAXES		67,166			39,189
INCOME TAX EXPENSE (BENEFIT):
CURRENT		24,275			10,950
DEFERRED		(2,680	)		1,478
TOTAL INCOME TAX EXPENSE		21,595			12,428
NET INCOME	$	45,571		$	26,761
PER AVERAGE SHARE DATA:
BASIC EARNINGS PER SHARE	$	2.03		$	1.22
DILUTED EARNINGS PER SHARE	$	1.91		$	1.16
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		22,424,409			22,018,270
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		1,436,673			1,082,611
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		23,861,082			23,100,881

EX-99.2

Exhibit 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. The Company does not intend to publicly update any forward looking statement, except as may be required by law.

AGENDA First Quarter 2005 Financial Highlights Financial Results Segment Information Investment Portfolio Selected Operating Statistics Drivers of Future Growth 2005 Expectations Q&A

First Quarter Highlights (in millions, except per share data) For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2005 2004 Change Gross Written Premiums $285.1 $252.4 13.0% Net Earned Premiums (1) $236.8 $171.4 38.2% Net Investment Income $13.5 $10.0 35.0% Net Income (1) $45.6 $26.8 70.1% After Tax Net Realized Investment Gain $7.0 $1.2 Loss & LAE Ratio 53.4% 56.2% Expense Ratio 27.0% 27.6% Combined Ratio 80.4% 83.8% Diluted Earnings Per Share $1.91 $1.16 After Tax Realized Investment Gain Per Share $0.29 $0.05 Weighted Average Shares & Share Equivalents Outstanding 23,861,082 23,100,881 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 covering all lines of business whereby $18.8 million and $38.9 million of net earned premium and $8.9 million and $22.8 million in loss and loss adjustment expenses were ceded, $8.4 million and $15.3 million in ceding commission was earned and diluted earnings per share were decreased by $0.02 and $0.05 during the first quarter of 2005 and 2004, respectively.

First Quarter Highlights (in millions, except per share data) For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2005 2004 Change Net Operating Income $38.6 $25.6 50.8% A-T Realized Investment Gains $7.0 $1.2 Net Income $45.6 $26.8 70.1% Diluted Operating Earnings Per Share $1.62 $1.11 45.9% A-T Realized Investment Gains Per Share $0.29 $0.05 Diluted Earnings Per Share $1.91 $1.16 64.7% Net Loss and Loss Adjustment Expense Ratio 53.4% 56.2% Acquisition and Underwriting Expense Ratio 27.0% 27.4% Combined Ratio 80.4% 83.8%

First Quarter Highlights (in millions, except share and per share data) March 31, 2005 December 31, 2004 % Increase Total Shareholders' Equity $696.2 $644.2 8.1% Book Value per Share $30.37 $28.92 5.0% Shares Outstanding 22,921,887 22,273,917 2.9%

First Quarter Events Financial results for the first quarter of 2005 included: Net Income (Loss) Diluted Earnings (Loss) Per Share As Reported $45.6 $1.91 Increase in Net Hurricane Losses $(0.4) $(0.02) Accelerated Catastrophe Reinsurance Premium Expense $0.7 $0.03 Hailstorm Losses $(2.0) $(0.08) Realized Investment Gain $7.0 $0.29 (in millions, except for share data)

Gross Written Premiums by Segment (in millions) For the Three Months For the Three Months For the Three Months Ended March 31, Ended March 31, Ended March 31, % 2005 2004 Increase (Decrease) Segment Commercial Lines 210.0 $175.0 20.0% Specialty Lines 53.6 47.4 13.2% Personal Lines 21.5 30.0 (28.3)% Total $285.1 $252.4 13.0%

Commercial Lines Segment 73.7% of 1st Quarter 2005 GWP 75% 3 to 5 year growth potential 20.0% QOQ Growth Gross Written Premiums 1999 2000 2001 2002 2003 2004 1Q04 1Q05 Commercial Auto 89.4 81.6 85 71.7 76.1 119.7 24.7 20.9 Commercial Package 90 136.6 207.8 364.6 535.6 700.5 138.7 181.1 Specialty Property 21.6 21.3 23.2 36.7 50.6 53.8 11.6 8 $201.0 $239.5 $316.0 5 Year CAGR 20.0% 5 Year CAGR 50.7% 5 Year CAGR 6.0% (in millions) $874.0 $473.0 $662.3 $175.0 $210.0

Specialty Lines Segment 1999 2000 2001 2002 2003 2004 1Q04 1Q05 48.5 68.2 79.3 110.2 154.1 184.4 47.4 53.6 18.8% of 1st Quarter 2005 GWP 75% 3 to 5 year growth potential 13.2% QOQ Growth CAGR 1999-2004 = 30.6% Gross Written Premiums (Professional Liability) (in millions)

Gross Written Premiums 1999 2000 2001 2002 2003 2004 1Q04 1Q05 $54.2 $78.3 7.5% of 1st Quarter 2005 GWP 50% 3 to 5 year growth potential 28.3% QOQ decrease Personal Lines $25.4 5 year CAGR 55.2% 5 year CAGR 35.2% 5 year CAGR 29.6% (in millions) $80.5 $89.6 $112.9 $0.5 $30.0 $21.5

Corp. Bonds 16.7 Common Stock 6.7 All Other 1.2 Cash Equivalents 5.6 Municpal Bonds 39.3 CMO 5.8 MBS 15 Other Structured Securities 5.2 Agency Bonds 4.5 High Quality Investment Portfolio Corporate Bonds Common Stock Cash Equivalents Municipal Bonds As of March 31, 2005 Portfolio market value - $1,700.6mm Fixed income securities Average quality AA+ Portfolio duration 4.1 years 4.7% taxable equivalent yield Quality long-term growth stocks 5.6% 5.2% 39.3% 6.7% All Other 1.2% 4.5% Agency Bonds 16.7% MBS 5.8% 15.0% CMO Other Structured Securities

Net Investment Income 1999 2000 2001 2002 2003 2004 1Q04 1Q05 20.7 25.8 32.4 37.5 38.8 43.5 10 13.5 (in millions) 5 Year CAGR: 16.0% Effective Tax Rate 25.7% 27.0% 30.1% 28.3% 23.4% 20.2% 21.0% 20.5%

Selected Operating Statistics Operating Statistics Renewal Retention (Quoted) Commercial Lines - 94.7% Specialty Lines - 85.0% Personal Lines - 92.4% Rate Increases Commercial Lines - 1.7% (Q/Q) Specialty Lines - 3.1% (Q/Q) Personal Lines - 12.0% (Q/Q) New Business Growth (Count), excluding Personal Lines 1Q: 04 - 7,160 1Q: 05 - 7,689 7.4% increase

Selected Operating Statistics Preferred Agents Total Count - 134 Total GWP Growth - $12.2 million (Q/Q); 21.0% increase Renewal Retention (Quoted) - 88.4% New Business 2005 - $11.7 million GWP; 22.1% increase Employee Statistics Total Employee Count - 1,055 Total GWP Per Employee - $1.1 million Turnover (YOY) - 13.0%

Drivers of Future Growth National presence - 36 offices / Mixed marketing New product offerings -Sports & Fitness Niche 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

2005 Expectations 2005 Operating EPS Range: $6.90 - $7.10 Organic Growth - 15% to 20% Combined Ratio of low 80's Renewal retention levels consistent with prior periods Continued price moderation/increased competition Slightly improving investment environment

Philadelphia Consolidated Holding Corp. Founded 1962

EX-99.3

Exhibit 99.3

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(IN THOUSANDS)

	3/31/2005		3/31/2004		2005 VS. 2004			3/31/2005		3/31/2004		2005 VS. 2004
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		210,010		175,072		20.0	%		213,735		178,871		19.5	%
SPECIALTY LINES		53,635		47,393		13.2	%		47,314		39,284		20.4	%
PERSONAL LINES		21,460		29,972		-28.4	%		26,963		23,062		16.9	%
TOTAL ALL LINES		285,105		252,437		12.9	%		288,012		241,217		19.4	%

	3/31/2005		3/31/2004		2005 VS. 2004			3/31/2005		3/31/2004		2005 VS. 2004
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		204,323		144,741		41.2	%		183,718		133,521		37.6	%
SPECIALTY LINES		36,301		40,050		-9.4	%		35,385		29,413		20.3	%
PERSONAL LINES		13,162		17,788		-26.0	%		17,652		8,488		108.0	%
TOTAL ALL LINES		253,786		202,579		25.3	%		236,755		171,422		38.1	%

EX-99.4

Exhibit 99.4

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE MONTHS ENDED MARCH 31, 2005
(IN THOUSANDS)

NET LOSS AND LOSS ADJUSTMENT EXPENSES:

	Net Incurred Loss and Loss Adjustment Expenses					(1) Net Paid Loss and Loss Adjustment Expenses
	For The Three Months Ended					For The Three Months Ended
	March 31,					March 31,
PRODUCTS	2005		2004			2005			2004
COMMERCIAL LINES	$	90,297	$	73,909		$	11,810		$	46,624
SPECIALTY LINES		25,832		18,055			(6,299	)		14,165
PERSONAL LINES		10,342		4,279			5,373			3,640
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	126,471	$	96,243		$	10,884		$	64,429
Net Loss & Lae Reserves @ March 31, 2005			$	787,307
Taxable Equivalent Yield @ March 31, 2005				4.7	%
Portfolio Duration @ March 31, 2005			4.1 yrs
Book Value Per Common Share @ March 31, 2005			$	30.37
Shares Repurchased During the Three Months Ended March 31, 2005				0

(1) During February 2005, the Company entered into a Reinsurance Commutation and Release Agreement effective as of January 1, 2005 with respect to the 2003 Whole Account Net Quota Share Reinsurance contract. As a result of this commutation, the Company increased its net Unpaid Loss and Loss Adjustment Expenses and decreased its Net Paid Loss and Loss Adjustment Expenses by $64.3 million.