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 16, 2007

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 relating to Year-End and Fourth Quarter Results

Fourth Quarter 2006 Conference Call Presentation

Fourth Quarter 2006 Premiums by Segment

Twelve Months 2006 Premiums by Segment

Fourth Quarter 2006 Additional Supplemental Information

ITEM 2.02 Results of Operations and Financial Condition

On February 16, 2007, the registrant conducted a conference call announcing the results of the Company’s operations for the year and quarter ended December 31, 2006. Also on February 16, 2007 the registrant issued a Press Release concerning its year-end and fourth 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 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, 2006.
	Exhibit 99.2 Fourth Quarter 2006 Conference Call Presentation.
	Exhibit 99.3 Fourth Quarter 2006 Premiums by Segment.
	Exhibit 99.4 Twelve Months 2006 Premiums by Segment.
	Exhibit 99.5 Fourth 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: February 20, 2007	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, 2006	Furnished electronically herewith.
99.2	Fourth Quarter 2006 Conference Call Presentation	Furnished electronically herewith.
99.3	Fourth Quarter 2006 Premiums by Segment	Furnished electronically herewith.
99.4	Twelve Months 2006 Premiums by Segment	Furnished electronically herewith.
99.5	Fourth Quarter 2006 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
FOURTH QUARTER AND YEAR END RESULTS
December 31, 2006

FEBRUARY 16, 2007 PRESS RELEASE

Bala Cynwyd, PA – Philadelphia Consolidated Holding Corp. (PHLY-NASDAQ) today reported net income for the quarter ended December 31, 2006 increased 155.4% to $73.8 million ($1.00 diluted earnings per share and $1.05 basic earnings per share) from $28.9 million ($0.39 diluted and $0.42 basic earnings per share) for the quarter ended December 31, 2005. After-tax net realized investment losses for the quarter ended December 31, 2006 were $0.1 million ($0.00 diluted loss per share) versus $1.7 million ($0.02 diluted loss per share) for the quarter ended December 31, 2005. Gross written premiums for the quarter ended December 31, 2006 increased 19.7% to $367.3 million from $306.9 million for the same quarter in 2005, and the combined ratio for the quarter ended December 31, 2006 was 70.9% compared to 74.2% for the quarter ended December 31, 2005. The Company’s book value per share at December 31, 2006 increased 39.8% to $16.48 from $11.79 at December 31, 2005.

Financial results for the fourth quarter of 2006 included a $13.2 million pre-tax ($8.6 million after-tax, or $0.12 diluted earnings per share) benefit from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claims emergence.

Net income for the year ended December 31, 2006 increased 84.3% to $288.8 million ($3.93 diluted earnings per share and $4.14 basic earnings per share), compared to $156.7 million ($2.14 diluted earnings per share and $2.29 basic earnings per share) for the year ended December 31, 2005. After-tax net realized investment losses for the year ended December 31, 2006 were $6.4 million ($0.09 diluted loss per share) versus $6.2 million of after-tax realized gains ($0.08 diluted earnings per share) for the year ended December 31, 2005. Gross written premiums for the year ended December 31, 2006 increased 18.0% to $1,493.2 million from $1,264.9 million for the year ended December 31, 2005, and the combined ratio for the year ended December 31, 2006 was 69.0%, compared to 78.6% for the year ended December 31, 2005.

Financial results for the year ended December 31, 2006 included a $91.4 million pre-tax ($59.4 million after-tax, or $0.81 diluted earnings per share) benefit from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claims emergence.

James J. Maguire, Jr., CEO, said, “I am extremely pleased with our quarterly results. Once again we have validated our differentiated business model by producing superior growth and underwriting profit as compared to our peer companies. Pricing levels have stabilized, although there has been increased competition for larger accounts and certain non-coastal property business. During the quarter we continued to renew in excess of 90% of our commercial business, and new business opportunities remain plentiful. I thank our more than 1,200 employees for executing at a high level throughout the year, and I anticipate that we will have continued success in 2007.”

Press Release
February 16, 2007
Page 2

The Company will hold its quarterly conference call to discuss fourth quarter and year end 2006 results today at 3:00 PM EST. 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) 289-0544.

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, PHLY designs, markets, and underwrites commercial property/casualty, personal lines and professional liability insurance products incorporating value added coverages and services for select industries. The Company, whose commercial and personal lines subsidiaries are rated A+ (Superior), and A- (Excellent), respectively, by A.M. Best Company, is nationally recognized as a member of Ward’s Top 50 and Forbes’ Platinum 400 list of America’s Best Big Companies, the organization has 38 offices strategically located across the United States to provide superior service.

CONTACT: Investor Relations: Joseph Barnholt, Assistant Vice President, +1-610-617-7626, jbarnholt@phlyins.com.

PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)

	As of
	December 31, 2006			December 31, 2005
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $2,136,231 AND $1,778,215)	$	2,129,609		$	1,761,530
EQUITY SECURITIES AT MARKET (COST $259,184 AND $160,926)		304,033			173,455
TOTAL INVESTMENTS		2,433,642			1,934,985
CASH AND CASH EQUIVALENTS		108,671			74,385
ACCRUED INVESTMENT INCOME		20,083			18,095
PREMIUMS RECEIVABLE		346,836			286,778
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		272,798			396,248
DEFERRED INCOME TAXES		26,657			31,893
DEFERRED ACQUISITION COSTS		158,805			129,486
PROPERTY AND EQUIPMENT, NET		26,999			23,886
OTHER ASSETS		44,046			32,070
TOTAL ASSETS	$	3,438,537		$	2,927,826
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,283,238		$	1,245,763
UNEARNED PREMIUMS		759,358			631,468
TOTAL POLICY LIABILITIES AND ACCRUALS		2,042,596			1,877,231
FUNDS HELD PAYABLE TO REINSURER		—			39,221
PREMIUMS PAYABLE		66,827			58,839
OTHER LIABILITIES		161,847			136,039
TOTAL LIABILITIES		2,271,270			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, 70,848,482 AND 69,266,016 SHARES ISSUED AND OUTSTANDING		376,986			332,757
NOTES RECEIVABLE FROM SHAREHOLDERS		(17,074	)		(7,217	)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		24,848			(2,702	)
RETAINED EARNINGS		782,507			493,658
TOTAL SHAREHOLDERS’ EQUITY		1,167,267			816,496
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,438,537		$	2,927,826

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,
	2006			2005			2006			2005
REVENUE:
NET EARNED PREMIUMS	$	307,596		$	261,986		$	1,169,302		$	976,647
NET INVESTMENT INCOME		26,127			17,866			91,699			63,709
NET REALIZED INVESTMENT GAIN (LOSS)		(79	)		(2,582	)		(9,861	)		9,609
OTHER INCOME		927			84			2,630			1,464
TOTAL REVENUE		334,571			277,354			1,253,770			1,051,429
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		143,999			252,595			497,288			711,706
NET REINSURANCE RECOVERIES		(12,913	)		(132,721	)		(29,076	)		(207,700	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		131,086			119,874			468,212			504,006
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		86,861			74,443			338,267			263,759
OTHER OPERATING EXPENSES		3,993			2,033			12,637			17,124
GOODWILL IMPAIRMENT LOSS		—			25,724			—			25,724
TOTAL LOSSES AND EXPENSES		221,940			222,074			819,116			810,613
INCOME BEFORE INCOME TAXES		112,631			55,280			434,654			240,816
INCOME TAX EXPENSE (BENEFIT):
CURRENT		38,956			22,106			155,404			89,510
DEFERRED		(106	)		4,287			(9,599	)		(5,382	)
TOTAL INCOME TAX EXPENSE		38,850			26,393			145,805			84,128
NET INCOME	$	73,781		$	28,887		$	288,849		$	156,688
PER AVERAGE SHARE DATA:
NET INCOME — BASIC	$	1.05		$	0.42		$	4.14		$	2.29
NET INCOME — DILUTED	$	1.00		$	0.39		$	3.93		$	2.14
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		70,029,636			69,041,580			69,795,947			68,551,572
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		3,887,446			4,925,142			3,674,121			4,533,807
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		73,917,082			73,966,722			73,470,068			73,085,379

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, 2006 Financial Highlights Financial Results Segment Information Investment Portfolio Selected Operating Statistics Drivers of Future Growth 2007 Expectations Q&A

Fourth Quarter Highlights (in millions, except share and per share data) For the Three Months Ended December 31, For the Three Months Ended December 31, For the Three Months Ended December 31, 2006 2005 Change Gross Written Premiums $367.3 $306.9 19.7% Net Earned Premiums (1) $307.6 $262.0 17.4% Net Investment Income $26.1 $17.9 45.8% Net Income (1) $73.8 $28.9 155.4% After Tax Net Realized Loss $(0.1) $(1.7) Loss & LAE Ratio 42.6% 45.8% Expense Ratio 28.3% 28.4% Combined Ratio 70.9% 74.2% Diluted Earnings Per Share $1.00 $0.39 156.4% After Tax Realized Investment Loss Per Share $0.00 $(0.02) Weighted Average Shares & Share Equivalents Outstanding 73,917,082 73,966,722 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 whereby $1.9 million of net earned premium and $(0.3) million in loss and loss adjustment expenses were ceded, and $2.3 million in ceding commission was earned during the three months ended December 31, 2005.

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, 2006 2005 Net Operating Income $73.9 $30.6 A-T Realized Investment Losses $(0.1) $(1.7) Net Income $73.8 $28.9 Diluted Operating Earnings Per Share $1.00 $0.41 A-T Realized Investment Losses Per Share $0.00 $(0.02) Diluted Earnings Per Share $1.00 $0.39 Net Loss and Loss Adjustment Expense Ratio 42.6% 45.8% Acquisition and Underwriting Expense Ratio 28.3% 28.4% Combined Ratio 70.9% 74.2%

Fourth Quarter Highlights (in millions, except share and per share data) December 31, 2006 December 31, 2005 % Increase Total Shareholders' Equity $1,167.3 $816.5 43.0% Book Value per Share $16.48 $11.79 39.8% Shares Outstanding 70,848,482 69,266,016 2.3% ROE (1) 30.1% 21.2% 42.0% Return on tangible equity excluding other comprehensive income (loss).

Fourth Quarter 2006 Events Financial results for the quarter ended December 31, 2006 included: Net Income Diluted Earnings Per Share As reported $73.8 $1.00 Favorable prior year net loss reserve development $8.6 $0.12 (in millions, except per share data)

Fourth 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 $0.7 Favorable claims emergence across most product lines; partially offset by unfavorable emergence on E&O product lines 2004 $1.0 Favorable claims emergence across most product lines; partially offset by unfavorable emergence on E&O product lines 2003 $6.8 Favorable claims emergence on professional liability and automobile rental leasing product lines 2002 $3.7 Favorable claims emergence on professional liability and automobile rental leasing product lines 2001 and Prior $1.0 Favorable claims emergence on automobile rental leasing product lines Total $13.2

Year End Highlights (in millions, except share and per share data) For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2006 2005 Change Gross Written Premiums $1,493.2 $1,264.9 18.0% Net Earned Premiums (1) $1,169.3 $976.6 19.7% Net Investment Income $91.7 $63.7 44.0% Net Income (1) $288.8 $156.7 84.3% After Tax Net Realized Gain (Loss) $(6.4) $6.2 Loss & LAE Ratio 40.1% 51.6% Expense Ratio 28.9% 27.0% Combined Ratio 69.0% 78.6% Diluted Earnings Per Share $3.93 $2.14 83.6% After Tax Realized Investment Gain (Loss) Per Share $(0.09) $0.08 Weighted Average Shares & Share Equivalents Outstanding 73,470,068 73,085,379 Quota share reinsurance agreements were entered into effective April 1, 2003 and January 1, 2004 whereby $39.9 million of net earned premium and $18.3 million in loss and loss adjustment expenses were ceded, $21.2 million in ceding commission was earned and diluted earnings per share was decreased by $0.02 during the year ended December 31, 2005.

Year-to-Date 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, 2006 2005 Net Operating Income $295.2 $150.5 A-T Realized Investment Gains (Losses) $(6.4) $6.2 Net Income $288.8 $156.7 Diluted Operating Earnings Per Share $4.02 $2.06 A-T Realized Investment Gains (Losses) Per Share $(0.09) $0.08 Diluted Earnings Per Share $3.93 $2.14 Net Loss and Loss Adjustment Expense Ratio 40.1% 51.6% Acquisition and Underwriting Expense Ratio 28.9% 27.0% Combined Ratio 69.0% 78.6%

Year-to-Date Events Financial results for the year ended December 31, 2006 included: Net Income (Loss) Diluted Earnings (Loss) Per Share As reported $288.8 $3.93 Favorable prior year net loss reserve development $59.4 $0.81 Realized investment losses $(6.4) $(0.09) (in millions, except per share data)

Year-to-Date Development on Prior Years - Net Basis ($'s in millions) Accident Year YTD Pre-Tax Net Decrease in Unpaid Loss and Loss Adjustment Expenses Decrease Primarily Due To: 2005 $59.2 Favorable claims emergence across most product lines; partially offset by unfavorable emergence on E&O product lines 2004 $12.6 Favorable claims emergence across most product lines; partially offset by unfavorable emergence on E&O product lines 2003 $9.9 Favorable claims emergence on professional liability and automobile rental leasing product lines 2002 $2.8 Favorable claims emergence on automobile rental leasing product lines 2001 $6.9 Favorable claims emergence across most product lines Total $91.4

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, % 2006 2005 Increase (Decrease) Segment Commercial Lines $294.1 $233.0 26.2% Specialty Lines 52.5 48.0 9.4% Personal Lines 20.7 25.9 (20.1)% Total $367.3 $306.9 19.7%

Commercial Lines Segment 80.1% of 4th Quarter 2006 GWP CAGR 2001-2006 = 29.9% 26.2% Q/Q Growth Gross Written Premiums 2001 2002 2003 2004 2005 2006 QTD 4Q05 QTD 4Q06 316 473 662.3 874 960.3 1169.4 233 294.1 (in millions)

Specialty Lines Segment (Professional Liability) 2001 2002 2003 2004 2005 2006 QTD 4Q05 QTD 4Q06 79.3 110.2 154.1 184.4 205.3 227.6 48 52.5 14.3% of 4th Quarter 2006 GWP CAGR 2001-2006 = 23.5% 9.4% Q/Q Growth Gross Written Premiums (in millions)

Gross Written Premiums 2001 2002 2003 2004 2005 2006 QTD 4Q05 QTD 4Q06 Dwelling/Fire 78.3 80.5 89.6 112.9 99.3 96.2 25.9 20.7 5.6% of 4th Quarter 2006 GWP CAGR 2001-2006 = 4.2% 20.1% Q/Q decrease Personal Lines (in millions)

High Quality Investment Portfolio Portfolio market value - $2,521.7mm Fixed income securities Average quality AAA Portfolio duration 4.6 years 5.4% taxable equivalent yield Quality long-term growth stocks As of December 31, 2006 Municipal Bonds 0.417 CMO 0.115 MBS 0.167 Other Structured Securities 0.08 Corporate Bonds 0.057 Common Stock 0.119 All Other 0.01 Cash Equivalents 0.035 Municipal Bonds CMO MBS Other Structured Securities Corporate Bonds Common Stock All Other Cash Equivalents

Net Investment Income 2001 2002 2003 2004 2005 2006 QTD 4Q05 QTD 4Q06 32.4 37.5 38.8 43.5 63.7 91.7 17.9 26.1 (in millions) 5 Year CAGR: 23.1% Effective Tax Rate 30.1% 28.3% 23.4% 20.2% 21.5% 23.6% 22.2% 23.7% Q/Q Change 45.8%

Selected Operating Statistics Operating Statistics 4th Quarter 06 Renewal Retention (Quoted) Commercial Lines - 93.2% Specialty Lines - 93.8% Personal Lines - 65.1% Rate Increases Commercial Lines - 0.9% increase (Q/Q) Specialty Lines - 1.3% decrease (Q/Q) Personal Lines - 48.9% increase (Q/Q) New Business Growth (Count), excluding Personal Lines 4th QTR: 05 - 7,735 4th QTR: 06 - 9,965 28.8% increase

Selected Operating Statistics Preferred Agents Total Count - 175 Total GWP Growth - $30.3 million (Q/Q); 33.7% increase Renewal Retention (Quoted) - 93.9% New Business 2006 - $30.2 million (Q/Q); 84.7% increase Employee Statistics Total Employee Count - 1,259 Total GWP Per Employee - $1.2 million Turnover (Y/Y) - 13.8%

Drivers of Future Growth National presence - 38 offices / Mixed marketing New product offerings - Complement Core Products 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 - 15.0% premium growth

2007 Expectations 2007 Operating EPS Range: $3.45- $3.60 Assumes one catastrophe loss retention for: Commercial Lines: $10.0 million (pre-tax) Personal Lines: $7.5 million (pre-tax) Organic Growth - approximating 15.0% Combined Ratio - approximating 80% 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, 2006 AND 2005
(IN THOUSANDS)

	12/31/2006		12/31/2005		2006 VS. 2005			12/31/2006		12/31/2005		2006 VS. 2005
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		294,082		233,051		26.2	%		284,950		230,606		23.6	%
SPECIALTY LINES		52,470		48,020		9.3	%		56,502		50,672		11.5	%
PERSONAL LINES		20,699		25,872		-20.0	%		24,582		23,846		3.1	%
TOTAL ALL LINES		367,251		306,943		19.6	%		366,034		305,124		20.0	%

	12/31/2006			12/31/2005		2006 VS. 2005			12/31/2006		12/31/2005		2006 VS. 2005
	NET			NET		%			NET		NET		%
	WRITTEN			WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS			PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		265,705			218,018		21.9	%		259,837		213,832		21.5	%
SPECIALTY LINES		41,278			38,452		7.3	%		44,696		40,450		10.5	%
PERSONAL LINES		(392	)		9,796		-104.0	%		3,062		7,703		-60.3	%
TOTAL ALL LINES		306,591			266,266		15.1	%		307,595		261,985		17.4	%

EX-99.4

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(IN THOUSANDS)

	12/31/2006		12/31/2005		2006 VS. 2005			12/31/2006		12/31/2005		2006 VS. 2005
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		1,169,468		960,344		21.8	%		1,046,812		873,812		19.8	%
SPECIALTY LINES		227,567		205,306		10.8	%		217,493		194,259		12.0	%
PERSONAL LINES		96,213		99,265		-3.1	%		101,053		97,225		3.9	%
TOTAL ALL LINES		1,493,248		1,264,915		18.1	%		1,365,358		1,165,296		17.2	%

	12/31/2006		12/31/2005		2006 VS. 2005			12/31/2006		12/31/2005		2006 VS. 2005
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		1,080,248		904,707		19.4	%		966,281		778,407		24.1	%
SPECIALTY LINES		181,358		159,112		14.0	%		173,974		151,678		14.7	%
PERSONAL LINES		21,258		46,952		-54.7	%		29,046		46,562		-37.6	%
TOTAL ALL LINES		1,282,864		1,110,771		15.5	%		1,169,301		976,647		19.7	%

EX-99.5

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 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 Twelve Months Ended				For The Three Months Ended				For The Twelve Months Ended
	December 31,					December 31,				December 31,				December 31,
PRODUCTS	2006		2005			2006		2005		2006		2005		2006			2005
COMMERCIAL LINES	$	93,562	$	94,818		$	343,575	$	375,590	$	69,264	$	57,724	$	262,999		$	216,955
SPECIALTY LINES		34,882		18,579			109,462		93,824		16,547		13,511		65,218			46,941
PERSONAL LINES		2,642		6,477			15,175		34,592		3,087		10,582		17,366			35,117
TOTAL	$	131,086	$	119,874		$	468,212	$	504,006	$	88,898	$	81,817	$	345,583		$	299,013
WHOLE ACCOUNT NET QUOTA SHARE REINSURANCE COMMUTATIONS		0		0			0		0		0		0		(31,804	)		(64,283	)
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	131,086	$	119,874		$	468,212	$	504,006	$	88,898	$	81,817	$	313,779		$	234,730
Net Loss & Lae Reserves @ December 31, 2006			$	1,095,429
Taxable Equivalent Yield @ December 31, 2006				5.4	%
Portfolio Duration @ December 31, 2006				4.6
Book Value Per Common Share @ December 31, 2006			$	16.48
Shares Repurchased During the Three Months Ended December 31, 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 twelve months ended December 31, 2006 and 2005, respectively.