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): October 25, 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))

ITEM 2.02 Results of Operations and Financial Condition

On October 25, 2005, the registrant conducted a conference call announcing the results of the Company’s operations for the quarter ended September 30, 2005. Also on October 25, 2005 the registrant issued a Press Release concerning its third 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 Third Quarter Results for period ended September 30, 2005. Exhibit 99.2 Third Quarter 2005 Conference Call Presentation. Exhibit 99.3 Third Quarter 2005 Premiums by Segment. Exhibit 99.4 Nine Months 2005 Premiums by Segment. Exhibit 99.5 Third 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: October 26, 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 Third Quarter Results for period ended September 30, 2005	Furnished electronically herewith.
99.2	Third Quarter 2005 Conference Call Presentation	Furnished electronically herewith.
99.3	Third Quarter 2005 Premiums by Segment	Furnished electronically herewith.
99.4	Nine Months 2005 Premiums by Segment	Furnished electronically herewith.
99.5	Third Quarter 2005 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

Exhibit 99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
THIRD QUARTER RESULTS
SEPTEMBER 30, 2005

OCTOBER 25, 2005 PRESS RELEASE

Bala Cynwyd, PA – Philadelphia Consolidated Holding Corp. (PHLY-NASDAQ) today reported net income for the quarter ended September 30, 2005 increased to $35.1 million ($1.43 diluted and $1.53 basic earnings per share) vs. a net loss of $2.1 million ($0.09 diluted and $0.09 basic loss per share) for the same period in 2004. Net income for the quarter ended September 30, 2005 included $0.7 million ($0.03 diluted earnings per share) of after-tax net realized investment gains vs. $0.2 million ($0.01 diluted earnings per share) for the same quarter in 2004. The combined ratio (the sum of the ratio of net loss and loss adjustment expenses incurred and acquisition costs and other underwriting expenses to net earned premiums) for the quarter was 85.6% vs. 108.9% for the same quarter in 2004, and gross written premiums increased to $388.5 million vs. $367.4 million in the third quarter of 2004.

Financial results for the third quarter of 2005 included:

• A $7.3 million pre-tax ($4.8 million after-tax, or $0.20 diluted earnings per share) decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claims emergence.

• $17.0 million of pre-tax ($11.1 million after-tax, or $0.45 diluted loss per share) hurricane catastrophe losses, and $1.4 million of pre-tax ($0.9 million after-tax, or $0.04 diluted loss per share) accelerated and reinstatement reinsurance premiums as a result of Hurricanes Dennis, Katrina and Rita.

• A $3.5 million pre-tax ($2.3 million after-tax, or $0.09 diluted loss per share) charge for an insurance related assessment from Citizens Property Insurance Corporation, which was created by the State of Florida to provide insurance to property owners unable to obtain coverage in the private insurance market. This assessment may be recouped through future insurance policy surcharges to Florida insureds.

• A net decrease of $42.8 million in gross written premiums, primarily in the mobile homeowners and certain commercial automobile and professional liability products, due to underwriting factors and policyholders’ decisions to self-insure.

Net income for the nine months ended September 30, 2005 increased 149.0% to $127.8 million ($5.27 diluted and $5.61 basic earnings per share) vs. $51.3 million ($2.21 diluted and $2.32 basic earnings per share) for the same period in 2004. After-tax realized investment gains were $7.9 million ($0.33 diluted earnings per share) vs. $0.6 million ($0.03 diluted earnings per share) for the same period in 2004.

Press Release
October 25, 2005
Page 2

James J. Maguire, Jr., CEO, said, “I am very pleased with the results of this quarter and I commend our employees across the country for continuing to execute at a high level. In the face of a more competitive marketplace and weather-related losses, we continued to post top line growth and excellent underwriting results by remaining selective and disciplined in our approach to writing business. I’m confident that we will see continued opportunities for profitable growth through the balance of this year and into 2006.”

The Company will hold its quarterly conference call to discuss third quarter 2005 results today at 3:00 PM EDST. The call is being webcast and may be accessed at the Company’s web site at www.phly.com. The dial-in phone number for the conference call is (800) 915-4836.

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 the Company’s 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 the Company’s reinsurers to pay; (ix) future terrorist attacks; (x) the outcome of the Securities and Exchange Commission’s industry-wide investigation relating to the use of non-traditional insurance products, including finite risk reinsurance arrangements; and (xi) the outcome of industry-wide investigations being conducted by various insurance departments, attorneys-general and other authorities relating to the use of contingent commission arrangements. The Company does not intend to publicly update any forward looking statement, except as may be required by law.

In operation since 1962, Philadelphia Insurance Companies, whose Commercial Lines subsidiaries are rated A+ (Superior) by A.M. Best Company, designs, markets, and underwrites commercial property/casualty, personal lines and professional liability insurance products incorporating value added coverages and services for select industries. Nationally recognized as a member of Wards Top 50 and Forbes 100 Best Mid-Cap Stocks, the organization has 38 offices strategically located across the United States to provide superior local service. 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,
	September 30,			December 31,
	2005			2004
	(Unaudited)
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $1,681,276 AND $1,287,094)	$	1,670,815		$	1,299,704
EQUITY SECURITIES AT MARKET (COST $151,857 AND $110,601)		162,283			128,447
TOTAL INVESTMENTS		1,833,098			1,428,151
CASH AND CASH EQUIVALENTS		71,388			195,496
ACCRUED INVESTMENT INCOME		17,248			13,475
PREMIUMS RECEIVABLE		279,367			229,502
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		296,422			429,850
DEFERRED INCOME TAXES		34,737			14,396
DEFERRED ACQUISITION COSTS		127,600			91,647
PROPERTY AND EQUIPMENT, NET		23,296			21,281
GOODWILL		25,724			25,724
OTHER ASSETS		35,668			36,134
TOTAL ASSETS	$	2,744,548		$	2,485,656
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,121,377		$	996,667
UNEARNED PREMIUMS		629,649			531,849
TOTAL POLICY LIABILITIES AND ACCRUALS		1,751,026			1,528,516
FUNDS HELD PAYABLE TO REINSURER		41,778			131,119
LOANS PAYABLE		—			33,406
PREMIUMS PAYABLE		52,891			48,111
OTHER LIABILITIES		111,787			100,347
TOTAL LIABILITIES		1,957,482			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, 23,054,869 AND 22,273,917 SHARES ISSUED AND OUTSTANDING		334,269			292,856
NOTES RECEIVABLE FROM SHAREHOLDERS		(8,253	)		(5,465	)
RESTRICTED STOCK DEFERRED COMPENSATION COST		(3,698	)		—
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		(23	)		19,796
RETAINED EARNINGS		464,771			336,970
TOTAL SHAREHOLDERS’ EQUITY		787,066			644,157
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,744,548		$	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						For the Nine Months
	Ended September 30,						Ended September 30,
	2005			2004			2005			2004
REVENUE:
NET EARNED PREMIUMS	$	244,770		$	187,845		$	714,661		$	548,830
NET INVESTMENT INCOME		16,979			10,896			45,843			31,669
NET REALIZED INVESTMENT GAIN		1,097			268			12,191			985
OTHER INCOME		600			719			1,380			2,930
TOTAL REVENUE		263,446			199,728			774,075			584,414
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		162,254			760,267			459,111			1,027,473
NET REINSURANCE RECOVERIES		(20,395	)		(612,498	)		(74,979	)		(676,144	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		141,859			147,769			384,132			351,329
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		67,542			56,863			189,316			155,489
OTHER OPERATING EXPENSES		5,142			1,674			15,091			6,085
TOTAL LOSSES AND EXPENSES		214,543			206,306			588,539			512,903
INCOME (LOSS) BEFORE INCOME TAXES		48,903			(6,578	)		185,536			71,511
INCOME TAX EXPENSE (BENEFIT):
CURRENT		13,544			(1,541	)		67,404			24,222
DEFERRED		269			(2,942	)		(9,669	)		(4,043	)
TOTAL INCOME TAX EXPENSE (BENEFIT)		13,813			(4,483	)		57,735			20,179
NET INCOME (LOSS)	$	35,090		$	(2,095	)	$	127,801		$	51,332
PER AVERAGE SHARE DATA:
BASIC EARNINGS (LOSS) PER SHARE	$	1.53		$	(0.09	)	$	5.61		$	2.32
DILUTED EARNINGS (LOSS) PER SHARE	$	1.43		$	(0.09	)	$	5.27		$	2.21
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		23,002,804			22,230,729			22,795,492			22,120,481
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		1,456,038			1,132,451			1,460,359			1,120,535
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		24,458,842			23,363,180			24,255,851			23,241,016

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; (ix) future terrorist attacks; (x) the outcome of the Securities and Exchange Commission's industry-wide investigation relating to the use of non-traditional insurance products, including finite risk reinsurance arrangements; and (xi) the outcome of industry-wide investigations being conducted by various insurance departments, attorneys- general and other authorities relating to the use of contingent commission arrangements. The Company does not intend to publicly update any forward looking statement, except as may be required by law.

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

Third Quarter Highlights (in millions, except per share data) For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended September 30, 2005 2004 Change Gross Written Premiums $388.5 $367.4 5.7% Net Earned Premiums (1) $244.8 $187.8 30.4% Net Investment Income $17.0 $10.9 56.0% Net Income (Loss) (1) $35.1 $(2.1) After Tax Net Realized Investment Gain $0.7 $0.2 Loss & LAE Ratio 58.0% 78.7% Expense Ratio 27.6% 30.2% Combined Ratio 85.6% 108.9% Diluted Earnings (Loss) Per Share $1.43 $(0.09) After Tax Realized Investment Gain Per Share $0.03 $0.01 Weighted Average Shares & Share Equivalents Outstanding 24,458,842 23,363,180 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 whereby $6.9 million and $26.7 million of net earned premium and $3.1 million and $8.8 million in loss and loss adjustment expenses were ceded, $3.9 million and $18.1 million in ceding commission was earned and diluted earnings per share were decreased by $0.01 and $0.05 during the third quarter of 2005 and 2004, respectively.

Third Quarter Highlights (in millions, except per share data) For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended September 30, 2005 2004 Net Operating Income (Loss) $34.4 $(2.3) A-T Realized Investment Gains $0.7 $0.2 Net Income (Loss) $35.1 $(2.1) Diluted Operating Earnings (Loss) Per Share $1.40 $(0.10) A-T Realized Investment Gains Per Share $0.03 $0.01 Diluted Earnings (Loss) Per Share $1.43 $(0.09) Net Loss and Loss Adjustment Expense Ratio 58.0% 78.7% Acquisition and Underwriting Expense Ratio 27.6% 30.2% Combined Ratio 85.6% 108.9%

Third Quarter Highlights (in millions, except share and per share data) September 30, 2005 December 31, 2004 % Increase Total Shareholders' Equity $787.1 $644.2 22.2% Book Value per Share $34.14 $28.92 18.0% Shares Outstanding 23,054,869 22,273,917 3.5%

2005 Events Financial results for the quarter ended September 30, 2005 included: Net Income (Loss) Diluted Earnings (Loss) Per Share As Reported $35.1 $1.43 Favorable Prior Year Loss Reserve Development $4.8 $0.20 2005 Net Hurricane Losses (including accelerated and reinstatement premium) ($12.0) ($0.49) Citizens Property Insurance Corporation Assessment (1) ($2.3) ($0.09) (in millions, except for share data) (1) This assessment may be recouped through future insurance policy surcharges to Florida insureds.

Third Quarter 2005 Select Catastrophe Information by Segment (in millions) Date of Event: Hurricane: 7/10/05 Dennis 8/25/05 & 8/29/05 Katrina 9/24/05 Rita 9/30/05 Total Gross Losses: Personal Lines $4.5 $2.5 $0.0 $7.0 Commercial Lines 0.0 10.0 10.0 20.0 Total $4.5 $12.5 $10.0 $27.0 Pre-Tax Net Losses: Personal Lines $3.5 $2.5 $0.0 $6.0 Commercial Lines 0.0 6.0 5.0 11.0 Total $3.5 $8.5 $5.0 $17.0 Pre-Tax Accelerated/Additional Reinsurance Expense: Personal Lines $0.4 Commercial Lines 1.0 Total $1.4

Year-to-Date Highlights (in millions, except per share data) For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2005 2004 Change Gross Written Premiums $958.0 $900.2 6.4% Net Earned Premiums (1) $714.7 $548.8 30.2% Net Investment Income $45.8 $31.7 44.5% Net Income (1) $127.8 $51.3 149.0% After Tax Net Realized Investment Gain $7.9 $0.6 Loss & LAE Ratio 53.8% 64.0% Expense Ratio 26.5% 28.3% Combined Ratio 80.3% 92.3% Diluted Earnings Per Share $5.27 $2.21 138.5% After Tax Realized Investment Gain Per Share $0.33 $0.03 Weighted Average Shares & Share Equivalents Outstanding 24,255,851 23,241,016 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 whereby $38.0 million and $97.8 million of net earned premium and $18.6 million and $46.9 million in loss and loss adjustment expenses were ceded, $18.9 million and $50.6 million in ceding commission was earned and diluted earnings per share were decreased by $0.05 and $0.17 during the nine months ended September 30, 2005 and 2004, respectively.

Year-to-Date Highlights (in millions, except per share data) For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2005 2004 Change Net Operating Income $119.9 $50.7 136.5% A-T Realized Investment Gains $7.9 $0.6 Net Income $127.8 $51.3 149.1% Diluted Operating Earnings Per Share $4.94 $2.18 126.6% A-T Realized Investment Gains Per Share $0.33 $0.03 Diluted Earnings Per Share $5.27 $2.21 138.5% Net Loss and Loss Adjustment Expense Ratio 53.8% 64.0% Acquisition and Underwriting Expense Ratio 26.5% 28.3% Combined Ratio 80.3% 92.3%

Gross Written Premiums by Segment (in millions) For the Quarter For the Quarter For the Quarter Ended September 30, Ended September 30, Ended September 30, % 2005 2004 Increase (Decrease) Segment Commercial Lines $305.4 $289.0 5.7% Specialty Lines 55.5 49.4 12.4% Personal Lines 27.6 29.0 (4.8)% Total $388.5 $367.4 5.7%

Commercial Lines Segment 78.6% of 3rd Quarter 2005 GWP 75% 3 to 5 year growth potential 5.7% QOQ Growth Gross Written Premiums 1999 2000 2001 2002 2003 2004 QTD 9/30/04 QTD 9/30/05 Commercial Auto 89.4 81.6 85 71.7 76.1 119.7 36.5 8.1 Commercial Package 90 136.6 207.8 364.6 535.6 700.5 236.1 279.2 Specialty Property 21.6 21.3 23.2 36.7 50.6 53.8 16.4 18.1 $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 $289.0 $305.4

Specialty Lines Segment 1999 2000 2001 2002 2003 2004 QTD 9/30/04 QTD 9/30/05 48.5 68.2 79.3 110.2 154.1 184.4 49.4 55.5 14.3% of 3rd Quarter 2005 GWP 75% 3 to 5 year growth potential 12.4% QOQ Growth CAGR 1999-2004 = 30.6% Gross Written Premiums (Professional Liability) (in millions)

Gross Written Premiums 1999 2000 2001 2002 2003 2004 QTD 9/30/04 QTD 9/30/05 Manufactured Housing 17.3 37.2 40.2 38.4 52.4 63.3 12.7 3 Flood 5.3 10 13.4 15.9 20.1 23.9 8.2 8.1 Homeowners 2.8 7 24.7 26.2 17.1 25.2 7.9 15.2 Dwelling/Fire 0.5 0.2 1.3 $54.2 $78.3 7.1% of 3rd Quarter 2005 GWP 50% 3 to 5 year growth potential 4.8% 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 $29.0 $27.6

Corp. Bonds 13.1 Common Stock 8.2 All Other 1.1 Cash Equivalents 2.8 Municpal Bonds 40.2 CMO 9.9 MBS 14.7 Other Structured Securities 6 Agency Bonds 4 High Quality Investment Portfolio Corporate Bonds Common Stock Cash Equivalents Municipal Bonds As of September 30, 2005 Portfolio market value - $1,886.9mm Fixed income securities Average quality AAA Portfolio duration 4.1 years 4.8% taxable equivalent yield Quality long-term growth stocks 2.8% 6.0% 40.2% 8.2% All Other 1.1% 4.0% Agency Bonds 13.1% MBS 9.9% 14.7% CMO Other Structured Securities

Net Investment Income 1999 2000 2001 2002 2003 2004 QTD 9/30/04 QTD 9/30/05 20.7 25.8 32.4 37.5 38.8 43.5 10.9 17 (in millions) 5 Year CAGR: 16.0% Effective Tax Rate 25.7% 27.0% 30.1% 28.3% 23.4% 20.2% 20.1% 21.2%

Selected Operating Statistics Operating Statistics Renewal Retention (Quoted) Commercial Lines - 94.3% Specialty Lines - 86.9% Personal Lines - 92.2% Rate Increases Commercial Lines - (-1.1%) (Q/Q); 0.0% (Y/Y) Specialty Lines - 0.8% (Q/Q) ; 2.1% (Y/Y) Personal Lines - 20.1% (Q/Q) ; 17.3% (Y/Y) New Business Growth (Count), excluding Personal Lines YTD: 04 - 21,707 YTD: 05 - 24,000 10.6% increase

Selected Operating Statistics Preferred Agents Total Count - 146 Total GWP Growth - $38.1 million (Y/Y); 16.1% increase Renewal Retention (Quoted) - 86.5% New Business 2005 - $49.3 million GWP; 42.4% increase Employee Statistics Total Employee Count - 1,107 Total GWP Per Employee - $1.1 million Turnover (YOY) - 14.3%

Drivers of Future Growth National presence - 38 offices / Mixed marketing New product offerings -Sports & Fitness Niche Disruption in the industry Regulatory Actions ? Rating downgrades 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: $6.75 - $6.80 (excluding any losses from Hurricane Wilma) Organic Growth - approximating 10% Combined Ratio - approximating 80% Renewal retention levels in excess of 90% Unchanged investment environment Increased competition

Philadelphia Consolidated Holding Corp. Founded 1962

EX-99.3

Exhibit 99.3

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(IN THOUSANDS)

	9/30/2005		9/30/2004		2005 VS. 2004			9/30/2005		9/30/2004		2005 VS. 2004
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		305,482		289,002		5.7	%		220,171		209,686		5.0	%
SPECIALTY LINES		55,463		49,358		12.4	%		49,084		44,040		11.5	%
PERSONAL LINES		27,577		29,066		-5.1	%		22,702		27,451		-17.3	%
TOTAL ALL LINES		388,522		367,426		5.7	%		291,957		281,177		3.8	%

	9/30/2005		9/30/2004		2005 VS. 2004			9/30/2005		9/30/2004		2005 VS. 2004
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		284,315		237,925		19.5	%		197,400		165,756		19.1	%
SPECIALTY LINES		44,751		41,626		7.5	%		39,006		35,791		9.0	%
PERSONAL LINES		11,303		-13,848		-181.6	%		8,364		-13,702		-161.0	%
TOTAL ALL LINES		340,369		265,703		28.1	%		244,770		187,845		30.3	%

EX-99.4

Exhibit 99.4

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(IN THOUSANDS)

	9/30/2005		9/30/2004		2005 VS. 2004			9/30/2005		9/30/2004		2005 VS. 2004
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		727,292		662,691		9.7	%		643,204		580,022		10.9	%
SPECIALTY LINES		157,286		143,188		9.8	%		143,587		124,877		15.0	%
PERSONAL LINES		73,394		94,367		-22.2	%		73,380		76,219		-3.7	%
TOTAL ALL LINES		957,972		900,246		6.4	%		860,171		781,118		10.1	%

	9/30/2005		9/30/2004		2005 VS. 2004			9/30/2005		9/30/2004		2005 VS. 2004
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		686,689		547,690		25.4	%		564,575		445,910		26.6	%
SPECIALTY LINES		120,660		119,819		0.7	%		111,227		96,808		14.9	%
PERSONAL LINES		37,156		24,971		48.8	%		38,859		6,112		535.8	%
TOTAL ALL LINES		844,505		692,480		22.0	%		714,661		548,830		30.2	%

EX-99.5

Exhibit 99.5

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(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 Nine Months Ended				For The Three Months Ended				For The Nine Months Ended
	September 30,					September 30,				September 30,				September 30,
PRODUCTS	2005		2004			2005		2004		2005		2004		2005		2004
COMMERCIAL LINES	$	107,237	$	70,023		$	280,161	$	225,016	$	53,297	$	45,922	$	113,160	$	138,526
SPECIALTY LINES		25,535		52,280			75,276		92,033		10,763		12,548		14,922		41,091
PERSONAL LINES		9,087		25,466			28,695		34,280		9,779		13,541		24,831		22,003
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	141,859	$	147,769		$	384,132	$	351,329	$	73,839	$	72,011	$	152,913	$	201,620
Net Loss & Lae Reserves @ September 30, 2005			$	902,939
Taxable Equivalent Yield @ September 30, 2005				4.8	%
Portfolio Duration @ September 30, 2005			4.1 yrs
Book Value Per Common Share @ September 30, 2005			$	34.14
Shares Repurchased During the Three Months Ended September 30, 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.