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): July 27, 2006

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 July 27, 2006, the registrant conducted a conference call announcing the results of the Company’s operations for the quarter ended June 30, 2006. Also on July 27, 2006 the registrant issued a Press Release concerning its second quarter 2006 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 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.

On July 27, 2006, Margaret M. Mattix, one of the Company’s directors, advised the Company that she intends to resign as a member of the Company’s Board of Directors, effective October 31, 2006.

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 Second Quarter Results for period ended June 30, 2006.
	Exhibit 99.2 Second Quarter 2006 Conference Call Presentation.
	Exhibit 99.3 Second Quarter 2006 Premiums by Segment.
	Exhibit 99.4 Six Months 2006 Premiums by Segment.
	Exhibit 99.5 Second Quarter 2006 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: July 28, 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 Second Quarter Results for period ended June 30, 2006	Furnished electronically herewith.
99.2	Second Quarter 2006 Conference Call Presentation	Furnished electronically herewith.
99.3	Second Quarter 2006 Premiums by Segment	Furnished electronically herewith.
99.4	Six Months 2006 Premiums by Segment	Furnished electronically herewith.
99.5	Second Quarter 2006 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
SECOND QUARTER RESULTS
JUNE 30, 2006

JULY 27, 2006 PRESS RELEASE

Bala Cynwyd, PA — Philadelphia Consolidated Holding Corp. (PHLY-NASDAQ) today reported net income for the quarter ended June 30, 2006 increased 59.0% to $74.9 million ($1.03 diluted earnings per share and $1.07 basic earnings per share) from $47.1 million ($0.64 diluted earnings per share and $0.68 basic earnings per share) for the quarter ended June 30, 2005. After-tax net realized investment losses for the quarter ended June 30, 2006 were $1.6 million ($0.02 diluted loss per share) versus $0.2 million of after-tax net realized investment gains ($0.00 diluted earnings per share) for the quarter ended June 30, 2005. Gross written premiums for the quarter ended June 30, 2006 increased 20.1% to $341.4 million from $284.3 million for the same quarter in 2005, and the combined ratio for the quarter ended June 30, 2006 was 67.2% compared to 74.5% for the quarter ended June 30, 2005. The Company’s book value per share at June 30, 2006 increased 13.8% to $13.42 from $11.79 at December 31, 2005.

Financial results for the second quarter of 2006 included:

• A $35.7 million pre-tax ($23.2 million after-tax, or $0.32 diluted earnings per share) decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claims emergence.

• A $3.3 million pre-tax ($2.1 million after-tax or $0.03 diluted loss per share) charge for an assessment levied by the Florida Insurance Guaranty Association, Inc. (“FIGA”) on member insurers. This assessment is expected to be recouped through future policy surcharges to Florida insureds.

Net income for the six months ended June 30, 2006 increased 35.1% to $125.2 million ($1.73 diluted earnings per share and $1.80 basic earnings per share) compared to $92.7 million ($1.29 diluted earnings per share and $1.36 basic earnings per share) for the same period in 2005. After-tax net realized investment losses for the six months ended June 30, 2006 were $1.8 million ($0.02 diluted loss per share) versus $7.2 million of after-tax net realized investment gains ($0.10 diluted earnings per share) for the same period in 2005. Gross written premiums for the six months ended June 30, 2006 increased 17.5% to $669.4 million from $569.5 million for the six months ended June 30, 2005, and the combined ratio for the six months ended June 30, 2006 was 73.4% compared to 77.5% for the six months ended June 30, 2005. Financial results for the six months ended June 30, 2006 included the impact of the decrease in the loss and loss adjustment expenses and the FIGA assessment as referred to above.

Press Release
July 27, 2006
Page 2

James J. Maguire, Jr. CEO said, “During the quarter, our business model continued to generate excellent growth and profitability. We continued to see new business opportunities across most product lines, and renewal retention percentage levels remained at their historical high levels in the mid 90’s. The $35.7 million decrease in reserves resulted from better than expected claims emergence in prior accident years, and is a testament to our constant focus on underwriting excellence. Pricing levels remained adequate for all lines of business, with non-coastal property showing the greatest competitive pressure. I remain optimistic that we will execute at a high level for the balance of 2006.”

The Company will hold its quarterly conference call to discuss second quarter 2006 results today at 3:00 PM EDT. 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.

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 2005 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
	June 30, 2006
	(Unaudited)			December 31, 2005
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $1,930,635 AND $1,778,215)	$	1,882,505		$	1,761,530
EQUITY SECURITIES AT MARKET (COST $233,339 AND $160,926)		250,395			173,455
TOTAL INVESTMENTS		2,132,900			1,934,985
CASH AND CASH EQUIVALENTS		107,999			74,385
ACCRUED INVESTMENT INCOME		18,592			18,095
PREMIUMS RECEIVABLE		283,252			286,778
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		270,702			396,248
DEFERRED INCOME TAXES		48,087			31,893
DEFERRED ACQUISITION COSTS		136,678			129,486
PROPERTY AND EQUIPMENT, NET		24,507			23,886
OTHER ASSETS		30,411			32,070
TOTAL ASSETS	$	3,053,128		$	2,927,826
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,248,218		$	1,245,763
UNEARNED PREMIUMS		651,525			631,468
TOTAL POLICY LIABILITIES AND ACCRUALS		1,899,743			1,877,231
FUNDS HELD PAYABLE TO REINSURER		—			39,221
PREMIUMS PAYABLE		54,168			58,839
OTHER LIABILITIES		154,921			136,039
TOTAL LIABILITIES		2,108,832			2,111,330
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, 70,379,718 AND 69,266,016 SHARES ISSUED AND OUTSTANDING		356,474			332,757
NOTES RECEIVABLE FROM SHAREHOLDERS		(10,815	)		(7,217	)
ACCUMULATED OTHER COMPREHENSIVE LOSS		(20,199	)		(2,702	)
RETAINED EARNINGS		618,836			493,658
TOTAL SHAREHOLDERS’ EQUITY		944,296			816,496
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,053,128		$	2,927,826

2005 share information restated to reflect a three-for-one split of the Company’s common stock distributed on March 1, 2006.

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 Six Months
	Ended June 30,						Ended June 30,
	2006			2005			2006			2005
REVENUE:
NET EARNED PREMIUMS	$	288,794		$	233,136		$	565,340		$	469,891
NET INVESTMENT INCOME		21,677			15,373			41,739			28,864
NET REALIZED INVESTMENT GAIN (LOSS)		(2,412	)		296			(2,806	)		11,094
OTHER INCOME		417			300			908			780
TOTAL REVENUE		308,476			249,105			605,181			510,629
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		95,603			142,393			257,627			296,857
NET REINSURANCE RECOVERIES		13,152			(26,591	)		(5,207	)		(54,584	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		108,755			115,802			252,420			242,273
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		85,337			57,826			162,354			121,774
OTHER OPERATING EXPENSES		2,948			6,010			5,280			9,949
TOTAL LOSSES AND EXPENSES		197,040			179,638			420,054			373,996
INCOME BEFORE INCOME TAXES		111,436			69,467			185,127			136,633
INCOME TAX EXPENSE (BENEFIT):
CURRENT		37,599			29,585			66,723			53,860
DEFERRED		(1,020	)		(7,258	)		(6,774	)		(9,938	)
TOTAL INCOME TAX EXPENSE		36,579			22,327			59,949			43,922
NET INCOME	$	74,857		$	47,140		$	125,178		$	92,711
PER AVERAGE SHARE DATA:
BASIC EARNINGS PER SHARE	$	1.07		$	0.68		$	1.80		$	1.36
DILUTED EARNINGS PER SHARE	$	1.03		$	0.64		$	1.73		$	1.29
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		69,775,336			68,858,718			69,577,653			68,070,354
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		2,721,730			4,461,048			2,915,528			3,955,779
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		72,497,066			73,319,766			72,493,181			72,026,133

2005 share information restated to reflect a three-for-one split of the Company’s common stock distributed on March 1, 2006.

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 Second Quarter and YTD 2006 Financial Highlights Financial Results Segment Information 2006/2007 Excess Catastrophe Program Investment Portfolio Selected Operating Statistics Drivers of Future Growth 2006 Expectations Q&A

Second Quarter Highlights (in millions, except share and per share data) For the Three Months Ended June 30, For the Three Months Ended June 30, For the Three Months Ended June 30, 2006 2005 Change Gross Written Premiums $341.4 $284.3 20.1% Net Earned Premiums (1) $288.8 $233.1 23.9% Net Investment Income $21.7 $15.4 40.9% Net Income (1) $74.9 $47.1 59.0% After Tax Net Realized Gain (Loss) $(1.6) $0.2 Loss & LAE Ratio 37.7% 49.7% Expense Ratio 29.5% 24.8% Combined Ratio 67.2% 74.5% Diluted Earnings Per Share (2) $1.03 $0.64 60.9% After Tax Realized Investment Gain (Loss) Per Share (2) $(0.02) $0.00 Weighted Average Shares & Share Equivalents Outstanding (2) 72,497,066 73,319,766 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 whereby $13.4 million of net earned premium and $6.5 million in loss and loss adjustment expenses were ceded, $6.6 million in ceding commission was earned and diluted earnings per share was decreased by $0.01 during the three months ended June 30, 2005. 2. 2005 share data restated to reflect a three-for-one split of the Company's common stock distributed on March 1, 2006.

Second Quarter Highlights (in millions, except per share data) For the Three Months Ended June 30, For the Three Months Ended June 30, For the Three Months Ended June 30, 2006 2005 Net Operating Income $76.5 $46.9 A-T Realized Investment Gains (Losses) $(1.6) $0.2 Net Income $74.9 $47.1 Diluted Operating Earnings Per Share (1) $1.05 $0.64 A-T Realized Investment Gains (Losses) Per Share (1) $(0.02) $0.00 Diluted Earnings Per Share (1) $1.03 $0.64 Net Loss and Loss Adjustment Expense Ratio 37.7% 49.7% Acquisition and Underwriting Expense Ratio 29.5% 24.8% Combined Ratio 67.2% 74.5% 1. 2005 share data restated to reflect a three-for-one split of the Company's common stock distributed on March 1, 2006.

Second Quarter Highlights (in millions, except share and per share data) June 30, 2006 December 31, 2005 % Increase Total Shareholders' Equity $944.3 $816.5 15.7% Book Value per Share (1) $13.42 $11.79 13.8% Shares Outstanding (1) 70,379,718 69,266,016 1.6% ROE (2) 22.7% 21.2% 2005 share data restated to reflect a three-for-one split of the Company's common stock distributed on March 1, 2006. Return on tangible equity excluding other comprehensive income (loss). June 30, 2006 ROE calculated on trailing twelve months basis.

Year-to-Date Highlights (in millions, except share and per share data) For the Six Months Ended June 30, For the Six Months Ended June 30, For the Six Months Ended June 30, 2006 2005 Change Gross Written Premiums $669.4 $569.5 17.5% Net Earned Premiums (1) $565.3 $469.9 20.3% Net Investment Income $41.7 $28.9 44.3% Net Income (1) $125.2 $92.7 35.1% After Tax Net Realized Gain (Loss) $(1.8) $7.2 Loss & LAE Ratio 44.7% 51.6% Expense Ratio 28.7% 25.9% Combined Ratio 73.4% 77.5% Diluted Earnings Per Share (2) $1.73 $1.29 34.1% After Tax Realized Investment Gain (Loss) Per Share (2) $(0.02) $0.10 Weighted Average Shares & Share Equivalents Outstanding (2) 72,493,181 72,026,133 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 whereby $31.1 million of net earned premium and $15.5 million in loss and loss adjustment expenses were ceded, $15.0 million in ceding commission was earned and diluted earnings per share was decreased by $0.02 during the six months ended June 30, 2005. 2. 2005 share data restated to reflect a three-for-one split of the Company's common stock distributed on March 1, 2006.

Second Quarter 2006 Events Financial results for the quarter ended June 30, 2006 included: Net Income (Loss) Diluted Earnings (Loss) Per Share As Reported $74.9 $1.03 Favorable Prior Year Net Loss Reserve Development $23.2 $0.32 Florida Guaranty Fund ("FIGA") Assessment (1) $(2.1) $(0.03) (in millions, except for share data) (1) This assessment is expected to be recouped through future insurance policy surcharges to Florida insureds.

Second Quarter 2006 Development on Prior Years - Net Basis ($'s in millions) Accident Year Pre-Tax Net Decrease in Unpaid Loss and Loss Adjustment Expenses Decrease Primarily Due To: 2005 $23.1 Favorable claims emergence on property and Director and Officers' policies 2004 $4.2 Favorable claims emergence on property and general liability policies 2003 and Prior $8.4 Favorable claims emergence on automobile and Directors and Officers' policies Total $35.7

Year-to-Date Highlights (in millions, except per share data) For the Six Months Ended June 30, For the Six Months Ended June 30, For the Six Months Ended June 30, 2006 2005 Net Operating Income $127.0 $85.5 A-T Realized Investment Gains (Losses) $(1.8) $7.2 Net Income $125.2 $92.7 Diluted Operating Earnings Per Share (1) $1.75 $1.19 A-T Realized Investment Gains (Losses) Per Share (1) $(0.02) $0.10 Diluted Earnings Per Share (1) $1.73 $1.29 Net Loss and Loss Adjustment Expense Ratio 44.7% 51.6% Acquisition and Underwriting Expense Ratio 28.7% 25.9% Combined Ratio 73.4% 77.5% 1. 2005 share data restated to reflect a three-for-one split of the Company's common stock distributed on March 1, 2006.

Gross Written Premiums by Segment (in millions) For the Quarters For the Quarters For the Quarters Ended June 30, Ended June 30, Ended June 30, % 2006 2005 Increase (Decrease) Segment Commercial Lines $265.3 $211.7 25.3% Specialty Lines 53.7 48.2 11.4% Personal Lines 22.4 24.4 (8.2)% Total $341.4 $284.3 20.1%

Commercial Lines Segment 77.7% of 2nd Quarter 2006 GWP CAGR 2000-2005 = 32.0% 25.3% Q/Q Growth Gross Written Premiums 2000 2001 2002 2003 2004 2005 QTD 6/30/05 QTD 6/30/06 239.5 316 473 662.3 874 960.3 211.7 265.3 (in millions)

Specialty Lines Segment (Professional Liability) 2000 2001 2002 2003 2004 2005 QTD 6/30/05 QTD 6/30/06 68.2 79.3 110.2 154.1 184.4 205.3 48.2 53.7 15.7% of 2nd Quarter 2006 GWP CAGR 2000-2005 = 24.7% 11.4% Q/Q Growth Gross Written Premiums (in millions)

Gross Written Premiums 2000 2001 2002 2003 2004 2005 QTD 6/30/05 QTD 6/30/06 Dwelling/Fire 54.2 78.3 80.5 89.6 112.9 99.3 24.4 22.4 6.6% of 2nd Quarter 2006 GWP CAGR 2000-2005 = 12.9% 8.2% Q/Q decrease Personal Lines (in millions)

Philadelphia Insurance Companies 2006/07 Excess Catastrophe Program Notes: 1) FHCF based on $15B excess of $5.3B 2) PMLs based on midpoint of the combined hurricane and earthquake RMS and AIR 9/1/06 projections. AIR results are net of deductibles. RMS results are net of deductibles and underlying XPR. $20.0M xs $20.0M Company Retention $10.0M xs $10.0M $60.0M xs $40.0M Inuring FHCF 90% of $1.2M xs $0.40M ($1.1M of Coverage) $100.0M $40.0M $20.0M $10.0M

$60.0M xs $60.0M Company Retention $25.0M xs $35.0M $17.5M xs $17.5M Liberty American Insurance Group, Inc. 2006/07 Excess Catastrophe Program Liberty American Select Inuring FHCF 90% of $96.0M xs $30.4M ($86.4M of Coverage) Note: 1) FHCF estimate based on $15B excess of $5.3B 2) Limited Apportionment Company FHCF applies to Liberty American Select Only Limited Apportionment Co. FHCF Layer $10.0M xs $7.5M Liberty American Insurance Company Inuring FHCF 90% of $12.6M xs $4.0M ($11.3M of Coverage) $7.5M $17.5M $35.0M $60.0M $120.0M

High Quality Investment Portfolio Portfolio market value - $2,226.0mm Fixed income securities Average quality AAA Portfolio duration 4.1 years 5.1% taxable equivalent yield Quality long-term growth stocks As of June 30, 2006 Municipal Bonds 0.359 CMO 0.133 MBS 0.147 Other Structured Securities 0.1 Corporate Bonds 0.09 Common Stock 0.11 All Other 0.019 Cash Equivalents 0.042 Municipal Bonds CMO MBS Other Structured Securities Corporate Bonds Common Stock All Other Cash Equivalents

Net Investment Income 2000 2001 2002 2003 2004 2005 QTD 6/30/05 QTD 6/30/06 25.8 32.4 37.5 38.8 43.5 63.7 15.4 21.7 (in millions) 5 Year CAGR: 19.8% Effective Tax Rat e 27.0% 30.1% 28.3% 23.4% 20.2% 21.5% 22.5% 23.4% Q/Q Change 40.9%

Selected Operating Statistics Operating Statistics Renewal Retention (Quoted) Commercial Lines - 93.8% Specialty Lines - 91.2% Personal Lines - 92.7% Rate Increases Commercial Lines - 1.3% (Q/Q) Specialty Lines - -0.5% (Q/Q) Personal Lines - 8.3% (Q/Q) New Business Growth (Count), excluding Personal Lines 2nd QTR: 05 - 7,273 2nd QTR: 06 - 8,668 19.2% increase

Selected Operating Statistics Preferred Agents Total Count - 164 Total GWP Growth - $25.1 million (Q/Q); 29.3% increase Renewal Retention (Quoted) - 94.6% New Business 2006 - $22.4 million GWP; 30.5% increase Employee Statistics Total Employee Count - 1,190 Total GWP Per Employee - $1.1 million Turnover (Y/Y) - 15.8%

Drivers of Future Growth National presence - 38 offices / Mixed marketing New product offerings Grundy Collector Car Program Purchased the renewal rights of the Grundy Collector Car Program together with the Grundy Worldwide name in July 2006 and entered into an exclusive agency agreement with the James A. Grundy Agency, Inc. Grundy worldwide has been providing specialized automobile liability and physical damage insurance for the collector car industry for over 50 years Collector car program approximates $27.0 million in gross written premium Partnership will combine risk selection, pricing, and coverage expertise with a national presence for potential 3-5 yr growth of 100% Sports & Fitness Niche American Specialty Insurance & Risk Services, Inc. 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: $2.99 - $3.06 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 JUNE 30, 2006 AND 2005
(IN THOUSANDS)

	6/30/2006		6/30/2005		2006 VS. 2005			6/30/2006		6/30/2005		2006 VS. 2005
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		265,185		211,801		25.2	%		252,835		209,299		20.8	%
SPECIALTY LINES		53,736		48,187		11.5	%		53,061		47,189		12.4	%
PERSONAL LINES		22,443		24,357		-7.9	%		25,825		23,715		8.9	%
TOTAL ALL LINES		341,364		284,345		20.1	%		331,721		280,203		18.4	%

	6/30/2006		6/30/2005		2006 VS. 2005			6/30/2006		6/30/2005		2006 VS. 2005
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		247,659		198,051		25.0	%		235,598		183,457		28.4	%
SPECIALTY LINES		43,792		39,608		10.6	%		43,507		36,836		18.1	%
PERSONAL LINES		4,801		12,691		-62.2	%		9,690		12,843		-24.6	%
TOTAL ALL LINES		296,252		250,350		18.3	%		288,795		233,136		23.9	%

EX-99.4

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005
(IN THOUSANDS)

	6/30/2006		6/30/2005		2006 VS. 2005			6/30/2006		6/30/2005		2006 VS. 2005
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		508,292		421,811		20.5	%		493,623		423,034		16.7	%
SPECIALTY LINES		111,804		101,822		9.8	%		104,561		94,503		10.6	%
PERSONAL LINES		49,310		45,817		7.6	%		51,165		50,678		1.0	%
TOTAL ALL LINES		669,406		569,450		17.6	%		649,349		568,215		14.3	%

	6/30/2006		6/30/2005		2006 VS. 2005			6/30/2006		6/30/2005		2006 VS. 2005
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		475,778		402,373		18.2	%		459,968		367,175		25.3	%
SPECIALTY LINES		89,220		75,909		17.5	%		83,434		72,221		15.5	%
PERSONAL LINES		19,210		25,853		-25.7	%		21,938		30,496		-28.1	%
TOTAL ALL LINES		584,208		504,136		15.9	%		565,340		469,891		20.3	%

EX-99.5

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 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 Six Months Ended				For The Three Months Ended				For The Six Months Ended
	June 30,					June 30,				June 30,				June 30,
PRODUCTS	2006		2005			2006		2005		2006		2005		2006			2005
COMMERCIAL LINES	$	84,375	$	83,238		$	195,172	$	172,924	$	65,497	$	49,426	$	128,173		$	104,561
SPECIALTY LINES		21,376		23,878			48,195		49,741		17,702		10,458		32,156			22,667
PERSONAL LINES		3,005		8,686			9,053		19,608		4,732		8,306		9,923			16,129
TOTAL	$	108,755	$	115,802		$	252,420	$	242,273	$	87,931	$	68,190	$	170,252		$	143,357
WHOLE ACCOUNT NET QUOTA SHARE REINSURANCE COMMUTATIONS		0		0			0		0		0		0		(31,804	)		(64,283	)
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	108,755	$	115,802		$	252,420	$	242,273	$	87,931	$	68,190	$	138,448		$	79,074
Net Loss & Lae Reserves @ June 30, 2006			$	1,054,968
Taxable Equivalent Yield @ June 30, 2006				5.1	%
Portfolio Duration @ June 30, 2006				4.1
Book Value Per Common Share @ June 30, 2006			$	13.42
Shares Repurchased During the Three Months Ended June 30, 2006				0

(1) During February 2006 and 2005, the Company entered into Reinsurance Commutation and Release Agreements effective as of January 1, 2006 and 2005 with respect to the 2004 and 2003 Whole Account Net Quota Share Reinsurance contracts. As a result of these commutations, the Company increased its Net Unpaid Loss and Loss Adjustment Expenses and decreased its Net Paid Loss and Loss Adjustment Expenses by $31.8 million and $64.3 million for the six months ended June 30, 2006 and 2005, respectively.