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): February 7, 2006

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

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

FOURTH QUARTER 2005 CONFERENCE CALL PRESENTATION

FOURTH QUARTER 2005 PREMIUMS BY SEGMENT

TWELVE MONTHS 2005 PREMIUMS BY SEGMENT

FOURTH QUARTER 2005 ADDITIONAL SUPPLEMENTAL INFORMATION

ITEM 2.02 Results of Operations and Financial Condition

On February 7, 2006, the registrant conducted a conference call announcing the results of the Company’s operations for the year and quarter ended December 31, 2005. Also on February 7, 2006 the registrant issued a Press Release concerning its year end and fourth 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 Year End and Fourth Quarter Results for period ended December 31, 2005.
	Exhibit 99.2 Fourth Quarter 2005 Conference Call Presentation.
	Exhibit 99.3 Fourth Quarter 2005 Premiums by Segment.
	Exhibit 99.4 Twelve Months 2005 Premiums by Segment.
	Exhibit 99.5 Fourth 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: February 8, 2006		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 Year End and Fourth Quarter Results for period ended December 31, 2005.	Furnished electronically herewith.
99.2	Fourth Quarter 2005 Conference Call Presentation	Furnished electronically herewith.
99.3	Fourth Quarter 2005 Premiums by Segment	Furnished electronically herewith.
99.4	Twelve Months 2005 Premiums by Segment	Furnished electronically herewith.
99.5	Fourth Quarter 2005 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
YEAR END AND FOURTH QUARTER RESULTS
DECEMBER 31, 2005

FEBRUARY 7, 2006 PRESS RELEASE

Bala Cynwyd, PA — Philadelphia Consolidated Holding Corp. (PHLY-NASDAQ) today reported net income for the year ended December 31, 2005 increased 87.2% to $156.7 million ($6.43 diluted earnings per share and $6.86 basic earnings per share) from $83.7 million ($3.59 diluted earnings per share and $3.78 basic earnings per share) for the year ended December 31, 2004. After-tax net realized investment gains were $6.2 million for the year ended December 31, 2005 ($0.26 diluted earnings per share) vs. $0.5 million ($0.02 diluted earnings per share) for the year ended December 31, 2004. Gross written premiums increased 8.0% to $1,264.9 million from $1,171.3 million for the year ended December 31, 2004, and the combined ratio for the year was 78.6% versus 89.6% for the year ended December 31, 2004. The Company’s book value per share at December 31, 2005 increased 22.3% to $35.36 from $28.92 at December 31, 2004.

Financial results for the year 2005 included:

• A $25.7 million goodwill impairment loss ($1.06 diluted loss per share) related to the Company’s personal lines segment. This loss, which is the same on a pre-tax and after-tax basis, resulted from the Company’s annual evaluation of the carrying value of goodwill.

• A $29.9 million pre-tax ($19.4 million after-tax, or $0.80 diluted earnings per share) benefit due to a decrease in net unpaid loss and loss adjustment expenses due to favorable development in prior years’ claims emergence.

• $24.7 million of pre-tax ($16.1 million after-tax, or $0.66 diluted loss per share) hurricane catastrophe losses, and $3.9 million of pre-tax ($2.5 million after-tax, or $0.10 diluted loss per share) accelerated and reinstatement reinsurance premiums as a result of Hurricanes Dennis, Katrina, Rita and Wilma.

• A $6.3 million pre-tax ($4.1 million after-tax, or $0.17 diluted loss per share) charge related to assessments 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. These assessments are expected to be recouped through future insurance policy surcharges to Florida insureds.

• A net decrease of $143.8 million in gross written premiums due to Company underwriting factors and policyholders’ decisions to self-insure, primarily in the mobile homeowners and certain commercial automobile and professional liability products.

Net income for the quarter ended December 31, 2005 decreased 10.7% to $28.9 million ($1.17 diluted and $1.26 basic earnings per share) from $32.4 million ($1.38 diluted and $1.45 basic earnings per share) for the quarter ended December 31, 2004. Net income for the quarter ended December 31, 2005 included $1.7 million ($0.07 diluted loss per share) of after-tax net realized

Press Release
February 7, 2006
Page 2

investment losses versus $0.1 million ($0.00 diluted loss per share) for the quarter ended December 31, 2004. Gross written premiums increased 13.2% to $306.9 million from $271.1 million in the fourth quarter of 2004, and the combined ratio for the quarter was 74.2% vs. 83.0% for the quarter ended December 31, 2004.

Financial results for the fourth quarter of 2005 included:

• A $25.7 million goodwill impairment loss ($1.04 diluted loss per share) related to the Company’s personal lines segment. This loss, which is the same on a pre-tax and after-tax basis, resulted from the Company’s annual evaluation of the carrying value of goodwill.

• A $15.2 million pre-tax ($9.9 million after-tax, or $0.40 diluted earnings per share) benefit due to a decrease in net unpaid loss and loss adjustment expenses due to favorable development in prior years’ claims emergence.

• A $10.2 million pre-tax ($6.6 million after-tax, or $0.27 diluted earnings per share) benefit from the re-evaluation of the current accident year loss ratios (excluding catastrophe losses) based on the favorable development observed in the prior years claims emergence.

• $7.7 million of pre-tax ($5.0 million after-tax, or $0.20 diluted loss per share) hurricane catastrophe losses, and $2.5 million of pre-tax ($1.6 million after-tax, or $0.06 diluted loss per share) accelerated and reinstatement reinsurance premiums as a result of Hurricanes Dennis, Katrina, Rita and Wilma.

• A $2.8 million pre-tax ($1.8 million after-tax, or $0.07 diluted loss per share) charge related to assessments 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. These assessments are expected to be recouped through future insurance policy surcharges to Florida insureds.

• A net decrease of $30.1 million in gross written premiums due to Company underwriting factors and policyholders’ decisions to self-insure, primarily in the mobile homeowners and certain commercial automobile and professional liability products.

James J. Maguire, Jr. CEO said,

“I am pleased with the outstanding underwriting results posted by our core product lines. Our combined ratio of 74.2% in the quarter demonstrates that we possess superior underwriting capability, and that we have a differentiated process to support our efforts for sustaining continued, profitable growth. Our Florida personal lines operation performed admirably through the unprecedented hurricane activity over the past two years. However, based upon our annual goodwill impairment analysis, it was necessary to adjust the carrying value of this operation based on the changes in the business environment and the impact on our operations due to the recent and forecasted weather patterns in Florida. I remain optimistic that we should continue to achieve superior results through consistent application of our core values of responsible risk selection and appropriate pricing.”

Press Release
February 7, 2006
Page 3

The Company will hold its quarterly conference call to discuss year end and fourth quarter 2005 results today at 3:00 PM EST. The call is being web cast 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.

Philadelphia Insurance Companies is a specialty niche Company which markets and underwrites property and casualty insurance products through 38 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 December 31,
	2005			2004
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $1,778,215 AND $1,287,094)	$	1,761,530		$	1,299,704
EQUITY SECURITIES AT MARKET (COST $160,926 AND $110,601)		173,455			128,447
TOTAL INVESTMENTS		1,934,985			1,428,151
CASH AND CASH EQUIVALENTS		74,385			195,496
ACCRUED INVESTMENT INCOME		18,095			13,475
PREMIUMS RECEIVABLE		286,778			229,502
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		396,248			429,850
DEFERRED INCOME TAXES		31,893			14,396
DEFERRED ACQUISITION COSTS		129,486			91,647
PROPERTY AND EQUIPMENT, NET		23,886			21,281
GOODWILL		—			25,724
OTHER ASSETS		32,070			36,134
TOTAL ASSETS	$	2,927,826		$	2,485,656
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,245,763		$	996,667
UNEARNED PREMIUMS		631,468			531,849
TOTAL POLICY LIABILITIES AND ACCRUALS		1,877,231			1,528,516
FUNDS HELD PAYABLE TO REINSURER		39,221			131,119
LOANS PAYABLE		—			33,406
PREMIUMS PAYABLE		58,839			48,111
OTHER LIABILITIES		136,039			100,347
TOTAL LIABILITIES		2,111,330			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, 23,088,672 AND 22,273,917 SHARES ISSUED AND OUTSTANDING		336,277			292,856
NOTES RECEIVABLE FROM SHAREHOLDERS		(7,217	)		(5,465	)
RESTRICTED STOCK DEFERRED COMPENSATION COST		(3,520	)		—
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		(2,702	)		19,796
RETAINED EARNINGS		493,658			336,970
TOTAL SHAREHOLDERS’ EQUITY		816,496			644,157
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,927,826		$	2,485,656

PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES

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

	For the Three Months						For the Years
	Ended December 31,						Ended December 31,
	2005			2004			2005			2004
REVENUE:
NET EARNED PREMIUMS	$	261,986		$	221,418		$	976,647		$	770,248
NET INVESTMENT INCOME		17,866			11,821			63,709			43,490
NET REALIZED INVESTMENT GAIN (LOSS)		(2,582	)		(224	)		9,609			761
OTHER INCOME		84			1,427			1,464			4,357
TOTAL REVENUE		277,354			234,442			1,051,429			818,856
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		252,595			205,172			711,706			1,232,645
NET REINSURANCE RECOVERIES		(132,721	)		(80,386	)		(207,700	)		(756,530	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		119,874			124,786			504,006			476,115
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		74,443			58,880			263,759			214,369
OTHER OPERATING EXPENSES		2,033			3,354			17,124			9,439
GOODWILL IMPAIRMENT LOSS		25,724			—			25,724			—
TOTAL LOSSES AND EXPENSES		222,074			187,020			810,613			699,923
INCOME BEFORE INCOME TAXES		55,280			47,422			240,816			118,933
INCOME TAX EXPENSE (BENEFIT):
CURRENT		22,106			8,936			89,510			33,158
DEFERRED		4,287			6,135			(5,382	)		2,092
TOTAL INCOME TAX EXPENSE		26,393			15,071			84,128			35,250
NET INCOME	$	28,887		$	32,351		$	156,688		$	83,683
PER AVERAGE SHARE DATA:
BASIC EARNINGS PER SHARE	$	1.26		$	1.45		$	6.86		$	3.78
DILUTED EARNINGS PER SHARE	$	1.17		$	1.38		$	6.43		$	3.59
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		23,013,860			22,257,090			22,850,524			22,154,820
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		1,641,714			1,258,771			1,511,269			1,152,033
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		24,655,574			23,515,861			24,361,793			23,306,853

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; (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 Fourth Quarter and Year Ended December 31, 2005 Financial Highlights Financial Results Segment Information Investment Portfolio Selected Operating Statistics Drivers of Future Growth 2006 Expectations Q&A

Fourth Quarter Highlights (in millions, except per share data) For the Three Months Ended December 31, For the Three Months Ended December 31, For the Three Months Ended December 31, 2005 2004 Change Gross Written Premiums $306.9 $271.1 13.2% Net Earned Premiums (1) $262.0 $221.4 18.3% Net Investment Income $17.9 $11.8 51.7% Net Income (1) $28.9 $32.4 (10.7)% After Tax Net Realized (Loss) $(1.7) $(0.1) Loss & LAE Ratio 45.8% 56.4% Expense Ratio 28.4% 26.6% Combined Ratio 74.2% 83.0% Diluted Earnings Per Share $1.17 $1.38 (15.2)% After Tax Realized Investment (Loss) Per Share $(0.07) $ - Weighted Average Shares & Share Equivalents Outstanding 24,655,574 23,515,861 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 whereby $1.9 million and $23.4 million of net earned premium and $(0.3) million and $12.9 million in loss and loss adjustment expenses were ceded, $2.3 million and $10.9 million in ceding commission was earned and diluted earnings per share were decreased by $0.00 and $0.04 during the fourth quarter of 2005 and 2004, respectively.

Fourth Quarter Highlights (in millions, except per share data) For the Three Months Ended December 31, For the Three Months Ended December 31, For the Three Months Ended December 31, 2005 2004 Net Operating Income $30.6 $32.5 A-T Realized Investment (Losses) $(1.7) $(0.1) Net Income $28.9 $32.4 Diluted Operating Earnings Per Share $1.24 $1.38 A-T Realized Investment (Losses) Per Share $(0.07) $ - Diluted Earnings Per Share $1.17 $1.38 Net Loss and Loss Adjustment Expense Ratio 45.8% 56.4% Acquisition and Underwriting Expense Ratio 28.4% 26.6% Combined Ratio 74.2% 83.0%

Fourth Quarter Highlights (in millions, except share and per share data) December 31, 2005 December 31, 2004 % Increase Total Shareholders' Equity $816.5 $644.2 26.7% Book Value per Share $35.36 $28.92 22.3% Shares Outstanding 23,088,672 22,273,917 3.7%

2005 Events Financial results for the quarter ended December 31, 2005 included: Net Income (Loss) Diluted Earnings (Loss) Per Share As Reported $28.9 $1.17 Goodwill Impairment Loss ($25.7) ($1.04) Favorable Prior Year Loss Reserve Development $9.9 $0.40 Benefit from re-evaluation of current accident year loss ratios $6.6 $0.27 Net 2005 Hurricane Losses (including accelerated and reinstatement premium) ($6.6) ($0.26) Citizens Property Insurance Corporation Assessment (1) ($1.8) ($0.07) (in millions, except for share data) (1) This assessment may be recouped through future insurance policy surcharges to Florida insureds.

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 10/24/05 Wilma Total as of 12/31/05 Total as of 9/30/05 Gross Losses: Personal Lines $4.1 $2.0 $0.0 $66.5 $72.6 $7.0 Commercial Lines 0.0 6.4 5.8 42.0 54.2 20.0 Total $4.1 $8.4 $5.8 $108.5 $126.8 $27.0 Pre-Tax Net Losses: Personal Lines $3.5 $2.0 $0.0 $3.5 $9.0 $6.0 Commercial Lines 0.0 5.7 5.0 5.0 15.7 11.0 Total $3.5 $7.7 $5.0 $8.5 $24.7 $17.0 Pre-Tax Accelerated /Additional Reinsurance Expense: Personal Lines $3.3 $0.4 Commercial Lines 0.6 0.9 Total $3.9 $1.3

Year End Highlights (in millions, except per share data) For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2005 2004 Change Gross Written Premiums $1,264.9 $1,171.3 8.0% Net Earned Premiums (1) $976.6 $770.2 26.8% Net Investment Income $63.7 $43.5 46.5% Net Income (1) $156.7 $83.7 87.2% After Tax Net Realized Investment Gain $6.2 $0.5 Loss & LAE Ratio 51.6% 61.8% Expense Ratio 27.0% 27.8% Combined Ratio 78.6% 89.6% Diluted Earnings Per Share $6.43 $3.59 79.1% After Tax Realized Investment Gain Per Share $0.26 $0.02 Weighted Average Shares & Share Equivalents Outstanding 24,361,793 23,306,853 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 whereby $39.9 million and $121.2 million of net earned premium and $18.3 million and $59.8 million in loss and loss adjustment expenses were ceded, $21.2 million and $61.5 million in ceding commission was earned and diluted earnings per share were decreased by $0.05 and $0.21 during the years ended December 31, 2005 and 2004, respectively.

Year End Highlights (in millions, except per share data) For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2005 2004 Change Net Operating Income $150.5 $83.2 80.9% A-T Realized Investment Gains $6.2 $0.5 Net Income $156.7 $83.7 87.2% Diluted Operating Earnings Per Share $6.17 $3.57 72.8% A-T Realized Investment Gains Per Share $0.26 $0.02 Diluted Earnings Per Share $6.43 $3.59 79.1% Net Loss and Loss Adjustment Expense Ratio 51.6% 61.8% Acquisition and Underwriting Expense Ratio 27.0% 27.8% Combined Ratio 78.6% 89.6%

Gross Written Premiums by Segment (in millions) For the Quarters For the Quarters For the Quarters Ended December 31, Ended December 31, Ended December 31, % 2005 2004 Increase Segment Commercial Lines $233.0 $211.4 10.2% Specialty Lines 48.0 41.2 16.5% Personal Lines 25.9 18.5 40.0% Total $306.9 $271.1 13.2%

Commercial Lines Segment 75.9% of 4th Quarter 2005 GWP CAGR 2000-2005 = 32.0% 10.2% Q/Q Growth Gross Written Premiums 2000 2001 2002 2003 2004 2005 QTD 12/31/04 QTD 12/31/05 Commercial Auto 81.6 85 71.7 76.1 119.7 40.2 25.1 5.8 Commercial Package 136.6 207.8 364.6 535.6 700.5 868.1 177.1 213.7 Specialty Property 21.3 23.2 36.7 50.6 53.8 52 9.2 13.5 $239.5 $316.0 5 Year CAGR 19.5% 5 Year CAGR 44.8% 5 Year CAGR - -13.2% (in millions) $874.0 $473.0 $662.3 $211.4 $233.0 $960.3

Specialty Lines Segment (Professional Liability) 2000 2001 2002 2003 2004 2005 QTD 12/31/04 QTD 12/31/05 68.2 79.3 110.2 154.1 184.4 205.3 41.2 48 15.6% of 4th Quarter 2005 GWP CAGR 2000-2005 = 24.7% 16.5% Q/Q Growth Gross Written Premiums (in millions)

Gross Written Premiums 2000 2001 2002 2003 2004 2005 QTD 12/31/04 QTD 12/31/05 Manufactured Housing 37.2 40.2 38.4 52.4 63.3 18.4 9.5 2 Flood 10 13.4 15.9 20.1 23.9 26.1 5.5 6.2 Homeowners 7 24.7 26.2 17.1 25.2 50.9 3.5 16.2 Dwelling/Fire 0.5 3.9 1.5 $54.2 $78.3 8.5% of 4th Quarter 2005 GWP CAGR 2000-2005 = 12.9% 40.0% Q/Q increase Personal Lines $99.3 5 year CAGR 48.7% 5 year CAGR 21.2% 5 year CAGR - -13.1% (in millions) $80.5 $89.6 $112.9 $18.5 $25.9

High Quality Investment Portfolio Portfolio market value - $1,970.1mm Fixed income securities Average quality AAA Portfolio duration 4.0 years 4.8% taxable equivalent yield Quality long-term growth stocks As of December 31, 2005 Municipal Bonds 0.416 CMO 0.114 MBS 0.14 Other Structured Securities 0.07 Agency Bonds 0.026 Corporate Bonds 0.121 Common Stock 0.085 All Other 0.01 Cash Equivalents 0.018 Municipal Bonds CMO MBS Other Structured Securities Agency Bonds Corporate Bonds Common Stock All Other Cash Equivalents

Net Investment Income 2000 2001 2002 2003 2004 2005 QTD 12/31/04 QTD 12/31/05 25.8 32.4 37.5 38.8 43.5 63.7 11.8 17.9 (in millions) 5 Year CAGR: 19.8% Effective Tax Rat e 27.0% 30.1% 28.3% 23.4% 20.2% 21.5% 19.5% 22.2%

Selected Operating Statistics Operating Statistics Renewal Retention (Quoted) Commercial Lines - 95.3% Specialty Lines - 87.8% Personal Lines - 92.9% Rate Increases Commercial Lines - (-1.0%) (Q/Q); (-0.2%) (Y/Y) Specialty Lines - (-0.8%) (Q/Q) ; 1.3% (Y/Y) Personal Lines - 19.1% (Q/Q) ; 17.9% (Y/Y) New Business Growth (Count), excluding Personal Lines YTD: 04 - 28,324 YTD: 05 - 31,735 12.0% increase

Selected Operating Statistics Preferred Agents Total Count - 146 Total GWP Growth - $42.5 million (Y/Y); 13.2% increase Renewal Retention (Quoted) - 89.2% New Business 2005 - $65.6 million GWP; 16.8% increase Employee Statistics Total Employee Count - 1,112 Total GWP Per Employee - $1.1 million Turnover (Y/Y) - 12.7%

Drivers of Future Growth National presence - 38 offices / Mixed marketing New product offerings -Sports & Fitness Niche-American Specialty Agreement 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

2006 Expectations 2006 Operating EPS Range: $8.10 - $8.30 Organic Growth - approximating 15.0% Combined Ratio - Low 80's Renewal retention levels approximating 90% Investment environment in transition Increased competition

Philadelphia Consolidated Holding Corp. Founded 1962

EX-99.3

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

	12/31/2005		12/31/2004		2005 VS. 2004			12/31/2005		12/31/2004		2005 VS. 2004
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		233,051		211,328		10.3	%		230,606		208,557		10.6	%
SPECIALTY LINES		48,020		41,231		16.5	%		50,672		45,304		11.8	%
PERSONAL LINES		25,872		18,513		39.8	%		23,846		27,078		-11.9	%
TOTAL ALL LINES		306,943		271,072		13.2	%		305,124		280,939		8.6	%

	12/31/2005		12/31/2004		2005 VS. 2004			12/31/2005		12/31/2004		2005 VS. 2004
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		218,018		172,949		26.1	%		213,832		168,241		27.1	%
SPECIALTY LINES		38,452		34,311		12.1	%		40,450		37,242		8.6	%
PERSONAL LINES		9,796		14,792		-33.8	%		7,703		15,935		-51.7	%
TOTAL ALL LINES		266,266		222,052		19.9	%		261,985		221,418		18.3	%

EX-99.4

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

	12/31/2005		12/31/2004		2005 VS. 2004			12/31/2005		12/31/2004		2005 VS. 2004
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		960,344		874,018		9.9	%		873,812		788,579		10.8	%
SPECIALTY LINES		205,306		184,419		11.3	%		194,259		170,181		14.1	%
PERSONAL LINES		99,265		112,880		-12.1	%		97,225		103,297		-5.9	%
TOTAL ALL LINES		1,264,915		1,171,317		8.0	%		1,165,296		1,062,057		9.7	%

	12/31/2005		12/31/2004		2005 VS. 2004			12/31/2005		12/31/2004		2005 VS. 2004
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		904,707		720,639		25.5	%		778,407		614,151		26.7	%
SPECIALTY LINES		159,112		154,130		3.2	%		151,678		134,050		13.2	%
PERSONAL LINES		46,952		39,763		18.1	%		46,562		22,047		111.2	%
TOTAL ALL LINES		1,110,771		914,532		21.5	%		976,647		770,248		26.8	%

EX-99.5

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 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 Twelve Months Ended				For The Three Months Ended				For The Twelve Months Ended
	December 31,				December 31,				December 31,				December 31,
PRODUCTS	2005		2004		2005		2004		2005		2004		2005		2004
COMMERCIAL LINES	$	94,818	$	78,832	$	375,590	$	303,847	$	57,724	$	49,853	$	172,257	$	188,358
SPECIALTY LINES		18,579		31,564		93,824		123,597		13,511		11,604		28,433		52,715
PERSONAL LINES		6,477		14,390		34,592		48,671		10,582		22,815		34,040		44,818
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	119,874	$	124,786	$	504,006	$	476,115	$	81,817	$	84,272	$	234,730	$	285,891

Net Loss & Lae Reserves @ December 31, 2005	$	940,995
Taxable Equivalent Yield @ December 31, 2005		4.8	%
Portfolio Duration @ December 31, 2005	4.0		yrs
Book Value Per Common Share @ December 31, 2005	$	35.36
Shares Repurchased During the Three Months Ended December 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.