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, 2007

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, 2007, the registrant conducted a conference call announcing the results of the Company’s operations for the quarter ended June 30, 2007. Also on July 27, 2007 the registrant issued a Press Release concerning its second quarter 2007 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 Second Quarter Results for period ended June 30, 2007.
	Exhibit 99.2 Second Quarter 2007 Conference Call Presentation.
	Exhibit 99.3 Second Quarter 2007 Premiums by Segment.
	Exhibit 99.4 Six Months 2007 Premiums by Segment.
	Exhibit 99.5 Second Quarter 2007 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 30, 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 Second Quarter Results for period ended June 30, 2007	Furnished electronically herewith.
99.2	Second Quarter 2007 Conference Call Presentation	Furnished electronically herewith.
99.3	Second Quarter 2007 Premiums by Segment	Furnished electronically herewith.
99.4	Six Months 2007 Premiums by Segment	Furnished electronically herewith.
99.5	Second Quarter 2007 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
SECOND QUARTER RESULTS
JUNE 30, 2007

JULY 27, 2007 PRESS RELEASE

Bala Cynwyd, PA – Philadelphia Consolidated Holding Corp. (NASDAQ: PHLY) today reported net income for the quarter ended June 30, 2007 increased 26.0% to $94.4 million ($1.27 diluted earnings per share and $1.34 basic earnings per share) from $74.9 million ($1.03 diluted earnings per share and $1.07 basic earnings per share) for the quarter ended June 30, 2006. After-tax net realized investment gains (losses) were $18.2 million of gains ($0.25 diluted earnings per share) for the quarter ended June 30, 2007 versus $(1.6) million of losses ($0.02 diluted loss per share) for the quarter ended June 30, 2006. Gross written premiums for the quarter ended June 30, 2007 increased 16.7% to $398.5 million from $341.4 million for the quarter ended June 30, 2006, and the combined ratio for the quarter ended June 30, 2007 was 74.2% versus 67.2% for the quarter ended June 30, 2006. The Company’s book value per share at June 30, 2007 increased 12.4% to $18.53 from $16.48 at December 31, 2006.

Financial results for the second quarter of 2007 included:

• A $20.8 million pre-tax ($13.5 million after-tax, or $0.18 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.

• $22.2 million of pre-tax ($14.4 million after-tax, or $0.19 diluted earnings per share) net realized investment gains resulting from the liquidation of one of the Company’s equity security portfolios following the Company’s decision to change one of its equity security investment managers.

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) benefit from a 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.

Net income for the six months ended June 30, 2007 increased 28.1% to $160.4 million ($2.16 diluted earnings per share and $2.28 basic earnings per share) compared to $125.2 million ($1.73 diluted earnings per share and $1.80 basic earnings per share) for the same period in 2006. After-tax net realized investment gains (losses) were $19.4 million of gains ($0.26 diluted earnings per share) for the six months ended June 30, 2007 versus $(1.8) million of losses ($0.02 diluted loss per share) for the six months ended June 30, 2006. Gross written premiums for the six months ended

Press Release
July 27, 2007
Page 2

June 30, 2007 increased 18.4% to $792.6 million from $669.4 million for the six months ended June 30, 2006, and the combined ratio for the six months ended June 30, 2007 was 75.9% compared to 73.4% for the six months ended June 30, 2006.

Financial results for the six months ended June 30, 2007 included:

• A $33.7 million pre-tax ($21.9 million after-tax, or $0.30 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.

• $22.2 million of pre-tax ($14.4 million after-tax, or $0.19 diluted earnings per share) net realized investment gains resulting from the liquidation of one of the Company’s equity security portfolios following the Company’s decision to change one of its equity security investment managers.

Financial results for the six months ended June 30, 2006 included the impact of the benefit from the decrease in the loss and loss adjustment expenses, and the charge for the FIGA assessment as referred to above.

James J. Maguire, Jr., CEO, said: “In the wake of increasing competition, we continued to validate our differentiated business model during the quarter by producing superior underwriting results and double-digit gross written premium growth. New business for the quarter grew by approximately 30% over last year to $107 million, while renewal retention levels remained high at approximately 93% for our commercial business. During the quarter, non-recurring premium from discontinued products amounted to $3.5 million and production from new products contributed roughly $19 million. I thank our more than 1,300 professionals on executing at a high level, and I remain optimistic about our opportunities for continued profitable growth through the balance of the year.”

The Company will hold its quarterly conference call to discuss second quarter 2007 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) 289-0544.

Press Release
July 27, 2007
Page 3

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 41 offices strategically located across the United States to provide superior local 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
	June 30, 2007			December 31,
	(Unaudited)			2006
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $2,408,375 AND $2,136,231)	$	2,367,228		$	2,129,609
EQUITY SECURITIES AT MARKET (COST $313,353 AND $259,184)		358,231			304,033
TOTAL INVESTMENTS		2,725,459			2,433,642
CASH AND CASH EQUIVALENTS		102,101			108,671
ACCRUED INVESTMENT INCOME		22,255			20,083
PREMIUMS RECEIVABLE		337,817			346,836
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		275,664			272,798
DEFERRED INCOME TAXES		53,293			26,657
DEFERRED ACQUISITION COSTS		167,352			158,805
PROPERTY AND EQUIPMENT, NET		25,882			26,999
OTHER ASSETS		45,126			44,046
TOTAL ASSETS	$	3,754,949		$	3,438,537
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,383,452		$	1,283,238
UNEARNED PREMIUMS		778,871			759,358
TOTAL POLICY LIABILITIES AND ACCRUALS		2,162,323			2,042,596
PREMIUMS PAYABLE		64,174			66,827
OTHER LIABILITIES		204,292			161,847
TOTAL LIABILITIES		2,430,789			2,271,270
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, 71,457,574 AND 70,848,482 SHARES ISSUED AND OUTSTANDING		396,580			376,986
NOTES RECEIVABLE FROM SHAREHOLDERS		(17,733	)		(17,074	)
ACCUMULATED OTHER COMPREHENSIVE INCOME		2,425			24,848
RETAINED EARNINGS		942,888			782,507
TOTAL SHAREHOLDERS’ EQUITY		1,324,160			1,167,267
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,754,949		$	3,438,537

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,
	2007			2006			2007			2006
REVENUE:
NET EARNED PREMIUMS	$	337,315		$	288,794		$	656,033		$	565,340
NET INVESTMENT INCOME		28,522			21,677			55,495			41,739
NET REALIZED INVESTMENT GAIN (LOSS)		28,064			(2,412	)		29,821			(2,806	)
OTHER INCOME		850			417			1,680			908
TOTAL REVENUE		394,751			308,476			743,029			605,181
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		172,234			95,603			332,753			257,627
NET REINSURANCE RECOVERIES		(23,645	)		13,152			(33,659	)		(5,207	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		148,589			108,755			299,094			252,420
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		101,746			85,337			198,650			162,354
OTHER OPERATING EXPENSES		2,981			2,948			6,136			5,280
TOTAL LOSSES AND EXPENSES		253,316			197,040			503,880			420,054
INCOME BEFORE INCOME TAXES		141,435			111,436			239,149			185,127
INCOME TAX EXPENSE (BENEFIT):
CURRENT		56,511			37,599			93,330			66,723
DEFERRED		(9,477	)		(1,020	)		(14,562	)		(6,774	)
TOTAL INCOME TAX EXPENSE		47,034			36,579			78,768			59,949
NET INCOME	$	94,401		$	74,857		$	160,381		$	125,178
PER AVERAGE SHARE DATA:
NET INCOME — BASIC	$	1.34		$	1.07		$	2.28		$	1.80
NET INCOME — DILUTED	$	1.27		$	1.03		$	2.16		$	1.73
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		70,361,554			69,775,336			70,255,758			69,577,653
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		3,835,617			2,721,730			3,966,198			2,915,528
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		74,197,171			72,497,066			74,221,956			72,493,181

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 2007 Financial Highlights Financial Results Segment Information 2007/2008 Excess Catastrophe Program Investment Portfolio Selected Operating Statistics Drivers of Future Growth 2007 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, 2007 2006 Change Gross Written Premiums $398.5 $341.4 16.7% Net Earned Premiums $337.3 $288.8 16.8% Net Investment Income $28.5 $21.7 31.3% Net Income $94.4 $74.9 26.0% After Tax Realized Gain (Loss) $18.2 $(1.6) Loss & LAE Ratio 44.0% 37.7% Expense Ratio 30.2% 29.5% Combined Ratio 74.2% 67.2% Diluted Earnings Per Share $1.27 $1.03 23.3% After Tax Realized Investment Gain (Loss) Per Share $0.25 $(0.02) Weighted Average Shares & Share Equivalents Outstanding 74,197,171 72,497,066

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, 2007 2006 Net Operating Income $76.2 $76.5 A-T Realized Investment Gain (Loss) $18.2 $(1.6) Net Income $94.4 $74.9 Diluted Operating Earnings Per Share $1.02 $1.05 A-T Realized Investment Gain (Loss) Per Share $0.25 $(0.02) Diluted Earnings Per Share $1.27 $1.03 Net Loss and Loss Adjustment Expense Ratio 44.0% 37.7% Acquisition and Underwriting Expense Ratio 30.2% 29.5% Combined Ratio 74.2% 67.2%

Second Quarter Highlights (in millions, except share and per share data) June 30, 2007 December 31, 2006 % Increase Total Shareholders' Equity $1,324.2 $1,167.3 13.4% Book Value per Share $18.53 $16.48 12.4% Shares Outstanding 71,457,574 70,848,482 0.9% ROE (1) 27.1% 30.1% Return on equity excluding other comprehensive income (loss). June 30, 2007 ROE calculated on trailing twelve months basis.

Second Quarter 2007 Events Financial results for the quarter ended June 30, 2007 included: Net Income/(Loss) Diluted Earnings/(Loss) Per Share As reported $94.4 $1.27 Favorable prior year net loss reserve development $13.5 $0.18 Net realized investment gains resulting from liquidation of equity securities following the Company's decision to change one of its equity security investment managers $14.4 $0.19 (in millions, except per share data)

Second Quarter 2007 Development on Prior Years - Net Basis ($'s in millions) Accident Year Pre-Tax Net Decrease in Unpaid Loss and Loss Adjustment Expenses Primarily Due To: 2006 $5.2 Favorable claims emergence on professional liability, management liability and commercial property product lines 2005 $4.5 Favorable claims emergence on professional liability, management liability and commercial general liability product lines 2004 $1.2 Favorable claims emergence on commercial general liability product lines 2003 $5.3 Favorable claims emergence across most product lines 2002 and Prior $4.6 Favorable claims emergence across most product lines Total $20.8

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, 2007 2006 Change Gross Written Premiums $792.6 $669.4 18.4% Net Earned Premiums $656.0 $565.3 16.0% Net Investment Income $55.5 $41.7 33.1% Net Income $160.4 $125.2 28.1% After Tax Net Realized Gain (Loss) $19.4 $(1.8) Loss & LAE Ratio 45.6% 44.7% Expense Ratio 30.3% 28.7% Combined Ratio 75.9% 73.4% Diluted Earnings Per Share $2.16 $1.73 24.9% After Tax Realized Investment Gain (Loss) Per Share $0.26 $(0.02) Weighted Average Shares & Share Equivalents Outstanding 74,221,956 72,493,181

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, 2007 2006 Net Operating Income $141.0 $127.0 A-T Realized Investment Gain (Loss) $19.4 $(1.8) Net Income $160.4 $125.2 Diluted Operating Earnings Per Share $1.90 $1.75 A-T Realized Investment Gain (Loss) Per Share $0.26 $(0.02) Diluted Earnings Per Share $2.16 $1.73 Net Loss and Loss Adjustment Expense Ratio 45.6% 44.7% Acquisition and Underwriting Expense Ratio 30.3% 28.7% Combined Ratio 75.9% 73.4%

Year-To-Date Events Financial results for the six months ended June 30, 2007 included: Net Income/(Loss) Diluted Earnings/(Loss) Per Share As reported $160.4 $2.16 Favorable prior year net loss reserve development $21.9 $0.30 Net realized investment gains resulting from liquidation of equity securities following the Company's decision to change one of its equity security investment managers $14.4 $0.19 (in millions, except per share data)

Year-To-Date 2007 Development on Prior Years - Net Basis ($'s in millions) Accident Year Pre-Tax Net Decrease in Unpaid Loss and Loss Adjustment Expenses Primarily Due To: 2006 $12.2 Favorable claims emergence on commercial property, commercial automobile, professional liability and management liability product lines 2005 $9.4 Favorable claims emergence on professional liability, management liability and most commercial product lines 2004 $4.2 Favorable claims emergence on automobile rental/leasing and commercial general liability product lines 2003 $4.1 Favorable claims emergence across most product lines 2002 and Prior $3.8 Favorable claims emergence across most product lines Total $33.7

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, % 2007 2006 Increase/ (Decrease) Segment Commercial Lines $321.9 $265.3 21.3% Specialty Lines 60.0 53.7 11.7% Personal Lines 16.6 22.4 (25.9)% Total $398.5 $341.4 16.7%

Commercial Lines Segment 80.8% of 2nd Quarter 2007 GWP CAGR 2001-2006 = 29.9% 21.3% Q/Q Growth Gross Written Premiums 2001 2002 2003 2004 2005 2006 QTD 2Q06 QTD 2Q07 316 473 662.3 874 960.3 1169.4 265.3 321.9 (in millions)

Specialty Lines Segment (Professional Liability) 2001 2002 2003 2004 2005 2006 QTD 2Q06 QTD 2Q07 79.3 110.2 154.1 184.4 205.3 227.6 53.7 60 15.0% of 2nd Quarter 2007 GWP CAGR 2001-2006 = 23.5% 11.7% Q/Q Growth Gross Written Premiums (in millions)

Gross Written Premiums 2001 2002 2003 2004 2005 2006 QTD 2Q06 QTD 2Q07 Dwelling/Fire 78.3 80.5 89.6 112.9 99.3 96.2 22.4 16.6 4.2% of 2nd Quarter 2007 GWP CAGR 2001-2006 = 4.2% 25.9% Q/Q decrease Personal Lines Segment (in millions)

Philadelphia Insurance Companies 2007/08 Excess Catastrophe Program Note: Reinstatement Premium Protection coverage purchased for the $10.0M xs $10.0M layer and the $30.0M xs $20.0M layer. 100 yr PML = $195.4M $30.0M xs $20.0M Company Retention $10.0M xs $10.0M $50.0M xs $100.0M $50.0M xs $50.0M $55.0M xs $150.0M $10.0M $100.0M $150.0M $20.0M $50.0M $205.0M $255.0M $50.0M xs $205.0M

Company Retention $30.0M xs $24.0M $8.0M xs $16.0M Liberty American Insurance Group, Inc. 2007/08 Florida Only Excess Catastrophe Program Note: Reinstatement Premium Protection coverage purchased for the $4.2M xs $3.5M layer, the $8.3M xs $7.7M layer and the $8.0M xs $16.0M layer. $4.2M xs $3.5M $3.5M $16.0M $24.0M $54.0M Liberty American Insurance Group Inuring Traditional and TICL (Temporary Increase in Coverage Limit) FHCF Coverage 90% of $78.3M xs $15.4M ($70.5M of Coverage) $3.5M $16.0M $94.5M $124.5M Gross of FHCF Net of FHCF $7.7M $7.7M $8.3M xs $7.7M 100 yr PML = $69.3M 250 yr PML = $119.3M

High Quality Investment Portfolio Portfolio market value - $2,798.1mm Fixed income securities Average quality AAA Portfolio duration 4.7 years 5.5% taxable equivalent yield Quality long-term growth stocks As of June 30, 2007 Municipal Bonds 0.411 CMO 0.124 MBS 0.183 Other Structured Securities 0.077 Corporate Bonds 0.045 Common Stock 0.126 All Other 0.008 Cash Equivalents 0.026 Municipal Bonds CMO MBS Other Structured Securities Corporate Bonds Common Stock All Other Cash Equivalents

Structured Securities Investment Portfolio As of June 30, 2007 CMBS 0.14 Residential Non-Agency 0.11 Residential Agency 0.7 Other 0.02 Auto 0.03 Credit Card 0 CMBS Other Agency Backed Residential Non-Agency Residential Auto Credit Card Total Structured Portfolio - $1,075.8mm 99% AAA rated $874mm backed by residential collateral consisting of: $511mm of agency backed MBS (GNMA, FNMA, FHLMC) $244mm of agency backed CMOs (GNMA, FNMA, FHLMC) $77mm of prime non-agency backed loans $30mm of Alt A loans $12mm of subprime loans ALT-A and Subprime loan portfolio: AAA rated first cash flow tranches Weighted average life - 1.2 yrs. Spread across multiple vintages No ratings downgrades No surveillance issues No investment in Collateralized Debt Obligations or Net Interest Margins

Net Investment Income 2001 2002 2003 2004 2005 2006 QTD 2Q06 QTD 2Q07 32.4 37.5 38.8 43.5 63.7 91.7 21.7 28.5 (in millions) 5 Year CAGR: 23.1% Effective Tax Rate 30.1% 28.3% 23.4% 20.2% 21.5% 23.6% 23.4% 22.7% Q/Q Change 31.3%

Selected Operating Statistics Operating Statistics 2nd Quarter 07 Renewal Retention (Quoted) Commercial Lines -93.0% Specialty Lines -94.0% Personal Lines -67.2% Rate Changes Commercial Lines -(0.7)% decrease (Q/Q) Specialty Lines -(1.8)% decrease (Q/Q) Personal Lines - 25.2% increase (Q/Q) New Business Growth (Count), excluding Personal Lines Segment and Collector Vehicle Product 2nd QTR: 06 - 8,668 2nd QTR: 07 - 12,642 45.9% increase (1) (1) Including the collector vehicle product, the increase is 405%.

Selected Operating Statistics Preferred Agents Total Count - 192 Total GWP Growth - $36.3 million (Q/Q); 32.8% increase Renewal Retention (Quoted) -93.8% New Business 2007 - $19.2 million (Q/Q); 85.8% increase Employee Statistics Total Employee Count - 1,360 Total GWP Per Employee - $1.2 million Turnover (Y/Y) -11.2%

Drivers of Future Growth National presence - 41 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: $3.63 - $3.78 Assumes one catastrophe loss retention for: Commercial Lines: $10.0 million (pre-tax) Personal Lines: $3.5 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 JUNE 30, 2007 AND 2006
(IN THOUSANDS)

	6/30/2007		6/30/2006		2007 VS. 2006			6/30/2007		6/30/2006		2007 VS. 2006
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		321,908		265,185		21.4	%		315,463		252,835		24.8	%
SPECIALTY LINES		59,963		53,736		11.6	%		58,393		53,061		10.0	%
PERSONAL LINES		16,642		22,443		-25.8	%		21,644		25,825		-16.2	%
TOTAL ALL LINES		398,513		341,364		16.7	%		395,500		331,721		19.2	%

	6/30/2007		6/30/2006		2007 VS. 2006			6/30/2007		6/30/2006		2007 VS. 2006
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		293,543		247,659		18.5	%		286,642		235,598		21.7	%
SPECIALTY LINES		49,337		43,792		12.7	%		47,811		43,507		9.9	%
PERSONAL LINES		-3,693		4,801		-176.9	%		2,863		9,690		-70.5	%
TOTAL ALL LINES		339,187		296,252		14.5	%		337,316		288,795		16.8	%

EX-99.4

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006
(IN THOUSANDS)

	6/30/2007		6/30/2006		2007 VS. 2006			6/30/2007		6/30/2006		2007 VS. 2006
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		633,277		508,292		24.6	%		613,197		493,623		24.2	%
SPECIALTY LINES		120,706		111,804		8.0	%		115,158		104,561		10.1	%
PERSONAL LINES		38,644		49,310		-21.6	%		44,759		51,165		-12.5	%
TOTAL ALL LINES		792,627		669,406		18.4	%		773,114		649,349		19.1	%

	6/30/2007		6/30/2006		2007 VS. 2006			6/30/2007		6/30/2006		2007 VS. 2006
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		578,965		475,778		21.7	%		558,547		459,968		21.4	%
SPECIALTY LINES		99,897		89,220		12.0	%		93,293		83,434		11.8	%
PERSONAL LINES		-2,242		19,210		-111.7	%		4,193		21,938		-80.9	%
TOTAL ALL LINES		676,620		584,208		15.8	%		656,033		565,340		16.0	%

EX-99.5

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 AND 2006
(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	2007		2006			2007		2006		2007		2006		2007		2006
COMMERCIAL LINES	$	123,238	$	84,374		$	238,706	$	195,172	$	86,002	$	65,497	$	159,145	$	128,173
SPECIALTY LINES		24,024		21,376			54,800		48,195		19,638		17,702		35,496		32,156
PERSONAL LINES		1,327		3,005			5,588		9,053		2,930		4,732		6,131		9,923
TOTAL	$	148,589	$	108,755		$	299,094	$	252,420	$	108,570	$	87,931	$	200,772	$	170,252
WHOLE ACCOUNT NET QUOTA SHARE REINSURANCE COMMUTATIONS		0		0			0		0		0		0		0		(31,804	)
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	148,589	$	108,755		$	299,094	$	252,420	$	108,570	$	87,931	$	200,772	$	138,448
Net Loss & Lae Reserves @ June 30, 2007			$	1,193,751
Taxable Equivalent Yield @ June 30, 2007				5.5	%
Portfolio Duration @ June 30, 2007			4.7 yrs
Book Value Per Common Share @ June 30, 2007			$	18.53
Shares Repurchased During the Three Months Ended June 30, 2007				0

(1) During February 2006, the Company entered into a Reinsurance Commutation and Release Agreement effective as of January 1, 2006 with respect to the 2004 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 $31.8 million for the six months ended June 30, 2006.