8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 25, 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))

ITEM 2.02 Results of Operations and Financial Condition

On October 25, 2007, the registrant conducted a conference call announcing the results of the Company’s operations for the quarter ended September 30, 2007. Also on October 25, 2007 the registrant issued a Press Release concerning its third 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 Third Quarter Results for period ended September 30, 2007.

Exhibit 99.2 Third Quarter 2007 Conference Call Presentation.

Exhibit 99.3 Third Quarter 2007 Premiums by Segment.

Exhibit 99.4 Nine Months 2007 Premiums by Segment.

Exhibit 99.5 Third 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: October 26, 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 Third Quarter Results for period ended September 30, 2007	Furnished electronically herewith.
99.2	Third Quarter 2007 Conference Call Presentation	Furnished electronically herewith.
99.3	Third Quarter 2007 Premiums by Segment	Furnished electronically herewith.
99.4	Nine Months 2007 Premiums by Segment	Furnished electronically herewith.
99.5	Third Quarter 2007 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

Exhibit 99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
THIRD QUARTER RESULTS
SEPTEMBER 30, 2007

OCTOBER 25, 2007 PRESS RELEASE

Bala Cynwyd, PA – Philadelphia Consolidated Holding Corp. (NASDAQ: PHLY) today reported net income for the quarter ended September 30, 2007 increased 7.0% to $96.2 million ($1.30 diluted earnings per share and $1.37 basic earnings per share) from $89.9 million ($1.22 diluted earnings per share and $1.28 basic earnings per share) for the quarter ended September 30, 2006. After-tax net realized investment gains (losses) were $1.8 million of gains ($0.02 diluted earnings per share) for the quarter ended September 30, 2007 versus $(4.5) million of losses ($0.06 diluted loss per share) for the quarter ended September 30, 2006. Gross written premiums for the quarter ended September 30, 2007 increased 10.5% to $504.6 million from $456.6 million for the quarter ended September 30, 2006, and the combined ratio for the quarter ended September 30, 2007 was 68.5% versus 58.6% for the quarter ended September 30, 2006. The Company’s book value per share at September 30, 2007 increased 22.8% to $20.23 from $16.48 at December 31, 2006.

Financial results for the quarter ended September 30, 2007 included:

• A $39.5 million pre-tax ($25.7 million after-tax, or $0.35 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. This benefit compares to a $42.7 million pre-tax ($27.7 million after-tax, or $0.38 diluted earnings per share) benefit recognized in the third quarter of 2006 from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claims emergence; and a $14.8 million pre-tax ($9.6 million after-tax, or $0.13 diluted earnings per share) benefit recognized in the third quarter of 2006 from the re-evaluation of the 2006 accident year loss ratio based on the favorable development observed in the prior years’ claim emergence.

Net income for the nine months ended September 30, 2007 increased 19.3% to $256.6 million ($3.46 diluted earnings per share and $3.65 basic earnings per share) compared to $215.1 million ($2.94 diluted earnings per share and $3.08 basic earnings per share) for the same period in 2006. After-tax net realized investment gains (losses) were $21.2 million of gains ($0.29 diluted earnings per share) for the nine months ended September 30, 2007 versus $(6.4) million of losses ($0.09 diluted loss per share) for the nine months ended September 30, 2006. Gross written premiums for the nine months ended September 30, 2007 increased 15.2% to $1,297.3 million from $1,126.0 million for the nine months ended September 30, 2006, and the combined ratio for the nine months ended September 30, 2007 was 73.3% compared to 68.3% for the nine months ended September 30, 2006.

Press Release
October 25, 2007
Page 2

Financial results for the nine months ended September 30, 2007 included:

• A $73.2 million pre-tax ($47.6 million after-tax, or $0.64 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. This benefit compares to a $78.3 million pre-tax ($50.9 million after-tax, or $0.70 diluted earnings per share) benefit recognized in the nine months ended September 30, 2006 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.

James J. Maguire, Jr., CEO, said: “I am very pleased with our results in the wake of an increasingly competitive marketplace. During the quarter, we continued to exercise underwriting and pricing discipline, and risk select the business in our various niches which we believe will be profitable. We renewed in excess of 90% of our quoted commercial business, and saw ample new business opportunities across most product lines. While pricing remained relatively stable for most small to medium sized accounts, larger accounts experienced more pricing pressure. We again recognized reserve redundancy from prior accident years due to continued favorable claims emergence. For the balance of this year, I anticipate we will continue to execute at a high level and deliver superior returns to our shareholders.”

The Company will hold its quarterly conference call to discuss third 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
October 25, 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, professional liability and personal lines 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, Forbes’ Platinum 400 list of America’s Best Big Companies and Forbes’ 100 Best Mid-Cap Stocks in America. The organization has 42 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
	September 30,			December 31,
	2007			2006
	(Unaudited)
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $2,503,942 AND $2,136,231)	$	2,495,045		$	2,129,609
EQUITY SECURITIES AT MARKET (COST $319,000 AND $259,184)		362,238			304,033
TOTAL INVESTMENTS		2,857,283			2,433,642
CASH AND CASH EQUIVALENTS		122,486			108,671
ACCRUED INVESTMENT INCOME		24,303			20,083
PREMIUMS RECEIVABLE		406,481			346,836
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		276,849			272,798
DEFERRED INCOME TAXES		47,926			26,657
DEFERRED ACQUISITION COSTS		188,144			158,805
PROPERTY AND EQUIPMENT, NET		26,813			26,999
OTHER ASSETS		47,502			44,046
TOTAL ASSETS	$	3,997,787		$	3,438,537
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,394,834		$	1,283,238
UNEARNED PREMIUMS		871,842			759,358
TOTAL POLICY LIABILITIES AND ACCRUALS		2,266,676			2,042,596
PREMIUMS PAYABLE		88,082			66,827
OTHER LIABILITIES		196,353			161,847
TOTAL LIABILITIES		2,551,111			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, 71,511,222 AND 70,848,482 SHARES ISSUED AND OUTSTANDING		402,010			376,986
NOTES RECEIVABLE FROM SHAREHOLDERS		(16,787	)		(17,074	)
ACCUMULATED OTHER COMPREHENSIVE INCOME		22,321			24,848
RETAINED EARNINGS		1,039,132			782,507
TOTAL SHAREHOLDERS’ EQUITY		1,446,676			1,167,267
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,997,787		$	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 Nine Months
	Ended September 30,						Ended September 30,
	2007			2006			2007			2006
REVENUE:
NET EARNED PREMIUMS	$	359,149		$	296,366		$	1,015,182		$	861,706
NET INVESTMENT INCOME		30,199			23,833			85,694			65,572
NET REALIZED INVESTMENT GAIN (LOSS)		2,817			(6,976	)		32,638			(9,782	)
OTHER INCOME		980			795			2,660			1,703
TOTAL REVENUE		393,145			314,018			1,136,174			919,199
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		146,389			95,662			479,142			353,289
NET REINSURANCE RECOVERIES		(1,584	)		(10,956	)		(35,243	)		(16,163	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		144,805			84,706			443,899			337,126
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		101,252			89,052			299,902			251,406
OTHER OPERATING EXPENSES		2,992			3,364			9,128			8,644
TOTAL LOSSES AND EXPENSES		249,049			177,122			752,929			597,176
INCOME BEFORE INCOME TAXES		144,096			136,896			383,245			322,023
INCOME TAX EXPENSE (BENEFIT):
CURRENT		53,198			49,725			146,528			116,448
DEFERRED		(5,346	)		(2,719	)		(19,908	)		(9,493	)
TOTAL INCOME TAX EXPENSE		47,852			47,006			126,620			106,955
NET INCOME	$	96,244		$	89,890		$	256,625		$	215,068
PER AVERAGE SHARE DATA:
NET INCOME – BASIC	$	1.37		$	1.28		$	3.65		$	3.08
NET INCOME – DILUTED	$	1.30		$	1.22		$	3.46		$	2.94
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		70,457,765			69,991,728			70,323,834			69,717,194
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		3,599,654			3,488,999			3,856,902			3,470,645
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		74,057,419			73,480,727			74,180,736			73,187,839

EX-99.2

Exhibit 99.2

Philadelphia Consolidated Holding Corp. Founded 1962

Certain information included in this presentation and other statements or materials published or to be published by the Company are not historical facts but are forward- looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new and existing products, expectations for market segment and growth, and similar matters. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary remarks regarding important factors which, among others, could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, results of the Company's business, and the other matters referred to above include, but are not limited to: (i) changes in the business environment in which the Company operates, including inflation and interest rates; (ii) changes in taxes, governmental laws, and regulations; (iii) competitive product and pricing activity; (iv) difficulties of managing growth profitably; (v) claims development and the adequacy of our liability for unpaid loss and loss adjustment expenses; (vi) severity of natural disasters and other catastrophe losses; (vii) adequacy of reinsurance coverage which may be obtained by the Company; (viii) ability and willingness of our reinsurers to pay; (ix) future terrorist attacks; (x) the outcome of the Securities and Exchange Commission's industry-wide investigation relating to the use of non-traditional insurance products, including finite risk reinsurance arrangements; and (xi) the outcome of industry-wide investigations being conducted by various insurance departments, attorneys- general and other authorities relating to the use of contingent commission arrangements. The Company does not intend to publicly update any forward looking statement, except as may be required by law.

AGENDA Third Quarter and YTD 2007 Financial Highlights Financial Results Segment Information Investment Portfolio Selected Operating Statistics Drivers of Future Growth 2007 Expectations Q&A

Third Quarter Highlights ($'s in millions, except per share data) For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended September 30, 2007 2006 Change Gross Written Premiums $504.6 $456.6 10.5% Net Earned Premiums $359.1 $296.4 21.2% Net Investment Income $30.2 $23.8 26.9% Net Income $96.2 $89.9 7.0% After Tax Realized Investment Gain (Loss) $1.8 $(4.5) Loss & LAE Ratio 40.3% 28.6% Expense Ratio 28.2% 30.0% Combined Ratio 68.5% 58.6% Diluted Earnings Per Share $1.30 $1.22 6.6% After Tax Realized Investment Gain (Loss) Per Share $0.02 $(0.06) Weighted Average Shares & Share Equivalents Outstanding 74,057,419 73,480,727

Third Quarter Highlights ($'s in millions, except per share data) For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended September 30, 2007 2006 Net Operating Income $94.4 $94.4 After Tax Realized Investment Gain (Loss) $1.8 $(4.5) Net Income $96.2 $89.9 Diluted Operating Earnings Per Share $1.28 $1.28 After Tax Realized Investment Gain (Loss) Per Share $0.02 $(0.06) Diluted Earnings Per Share $1.30 $1.22 Net Loss and Loss Adjustment Expense Ratio 40.3% 28.6% Acquisition and Underwriting Expense Ratio 28.2% 30.0% Combined Ratio 68.5% 58.6%

Third Quarter Highlights ($'s in millions, except per share data) September 30, 2007 December 31, 2006 % Increase Total Shareholders' Equity $1,446.7 $1,167.3 23.9% Book Value per Share $20.23 $16.48 22.8% Shares Outstanding 71,511,222 70,848,482 0.9% ROE (1) 24.9% 30.1% Return on equity excluding other comprehensive income (loss). September 30, 2007 ROE calculated on trailing twelve months basis.

Third Quarter 2007 Events Financial results for the quarter ended September 30, 2007 included: Net Income/(Loss) Diluted Earnings/(Loss) Per Share As reported $96.2 $1.30 Favorable prior year net loss reserve development $25.7 $0.35 (in millions, except per share data)

Third 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 $7.5 Favorable claims emergence on management liability and professional liability product lines 2005 $11.9 Favorable claims emergence on professional liability and management liability product lines 2004 $9.2 Favorable claims emergence on professional liability, management liability and commercial general liability product lines 2003 $7.4 Favorable claims emergence on professional liability, management liability and commercial general liability product lines 2002 and Prior $3.5 Favorable claims emergence across most product lines Total $39.5

Year-to-Date Highlights ($'s in millions, except share and per share data) For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2007 2006 Change Gross Written Premiums $1,297.3 $1,126.0 15.2% Net Earned Premiums $1,015.2 $861.7 17.8% Net Investment Income $85.7 $65.6 30.6% Net Income $256.6 $215.1 19.3% After Tax Net Realized Gain (Loss) $21.2 $(6.4) Loss & LAE Ratio 43.7% 39.1% Expense Ratio 29.6% 29.2% Combined Ratio 73.3% 68.3% Diluted Earnings Per Share $3.46 $2.94 17.7% After Tax Realized Investment Gain (Loss) Per Share $0.29 $(0.09) Weighted Average Shares & Share Equivalents Outstanding 74,180,736 73,187,839

Year-to-Date Highlights ($'s in millions, except per share data) For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2007 2006 Net Operating Income $235.4 $221.5 After Tax Realized Investment Gain (Loss) $21.2 $(6.4) Net Income $256.6 $215.1 Diluted Operating Earnings Per Share $3.17 $3.03 After Tax Realized Investment Gain (Loss) Per Share $0.29 $(0.09) Diluted Earnings Per Share $3.46 $2.94 Net Loss and Loss Adjustment Expense Ratio 43.7% 39.1% Acquisition and Underwriting Expense Ratio 29.6% 29.2% Combined Ratio 73.3% 68.3%

Year-To-Date Events Financial results for the nine months ended September 30, 2007 included: Net Income/(Loss) Diluted Earnings/(Loss) Per Share As reported $256.6 $3.46 Favorable prior year net loss reserve development $47.6 $0.64 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 $19.8 Favorable claims emergence on commercial property, management liability, professional liability and commercial automobile product lines 2005 $21.3 Favorable claims emergence on professional liability, management liability, commercial general liability and commercial automobile product lines 2004 $13.4 Favorable claims emergence on commercial general liability, professional liability, rental leasing and management liability product lines 2003 $11.5 Favorable claims emergence across most product lines 2002 and Prior $7.2 Favorable claims emergence on commercial general liability, professional liability and management liability product lines Total $73.2

Gross Written Premiums by Segment ($'s in millions) For the Three Months For the Three Months For the Three Months Ended September 30, Ended September 30, Ended September 30, % 2007 2006 Increase/ (Decrease) Segment Commercial Lines $425.1 $367.8 15.6% Specialty Lines 68.5 62.6 9.4% Personal Lines 11.0 26.2 (58.0)% Total $504.6 $456.6 10.5%

Gross Written Premiums by Segment ($'s in millions) For the Nine Months For the Nine Months For the Nine Months Ended September 30, Ended September 30, Ended September 30, % 2007 2006 Increase/ (Decrease) Segment Commercial Lines $1,058.4 $875.4 20.9% Specialty Lines 189.2 175.1 8.1% Personal Lines 49.7 75.5 (34.2)% Total $1,297.3 $1,126.0 15.2%

Commercial Lines Segment 2001 2002 2003 2004 2005 2006 YTD 2007 QTD 3Q06 QTD 3Q07 316 473 662.3 874 960.3 1169.4 1058.4 367.8 425.1 Gross Written Premiums ($'s in millions) 84.2% of 3rd Quarter 2007 GWP 81.6% of YTD 2007 GWP CAGR 2001-2006 = 29.9% 15.6% Q/Q Growth 20.9% Y/Y Growth

Specialty Lines Segment (Professional Liability) 2001 2002 2003 2004 2005 2006 YTD 2007 QTD 3Q06 QTD 3Q07 79.3 110.2 154.1 184.4 205.3 227.6 189.2 62.6 68.5 13.6% of 3rd Quarter 2007 GWP 14.6% of YTD 2007 GWP CAGR 2001-2006 = 23.5% 9.4% Q/Q Growth 8.1% Y/Y Growth Gross Written Premiums ($'s in millions)

Gross Written Premiums 2001 2002 2003 2004 2005 2006 YTD 2007 QTD 3Q06 QTD 3Q07 Flood 13.4 15.9 20.1 23.9 26.1 31.8 26.7 10 10.3 MHO/HO 64.9 64.6 69.5 89 73.2 64.4 23 16.2 0.7 2.2% of 3rd Quarter 2007 GWP 3.8% of YTD 2007 GWP CAGR 2001-2006 = 4.2% 58.0% Q/Q decrease 34.2% Y/Y decrease Personal Lines Segment ($'s in millions)

High Quality Investment Portfolio Portfolio market value - $2,936.9mm Fixed income securities Average quality AAA Portfolio duration 4.9 years 5.5% taxable equivalent yield Quality long-term growth stocks As of September 30, 2007 Municipal Bonds 0.404 CMO 0.117 MBS 0.209 Other Structured Securities 0.072 Corporate Bonds 0.042 Common Stock 0.121 All Other 0.008 Cash Equivalents 0.027 Municipal Bonds CMO MBS Other Structured Securities Corporate Bonds Common Stock All Other Cash Equivalents

Structured Securities Investment Portfolio As of September 30, 2007 CMBS 0.134 Residential Non-Agency 0.098 Residential Agency 0.733 Other 0.011 Auto 0.024 Credit Card 0 CMBS Other Agency Backed Residential Non-Agency Residential Auto Credit Card Total Structured Portfolio - $1,167.8mm 99.8% AAA rated $969mm backed by residential collateral consisting of: $612mm of agency backed MBS (GNMA, FNMA, FHLMC) $243mm of agency backed CMOs (GNMA, FNMA, FHLMC) $78mm of prime non-agency backed loans $27mm of Alt A loans $9mm of subprime loans ALT-A and Subprime loan portfolio: AAA rated first cash flow tranches Weighted average life - 1.8 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 YTD 2007 QTD 3Q06 QTD 3Q07 32.4 37.5 38.8 43.5 63.7 91.7 85.7 23.8 30.2 ($'s in millions) 5 Year CAGR: 23.1% Effective Tax Rate 30.1% 28.3% 23.4% 20.2% 21.5% 23.6% 22.9% 24.6% 23.1% Q/Q Change 26.9%

Selected Operating Statistics Operating Statistics 3rd Quarter 07 Renewal Retention (Quoted) Commercial Lines -95.0% Specialty Lines -94.0% Rate Changes Commercial Lines -(3.8)% decrease (Q/Q) Specialty Lines -(1.8)% decrease (Q/Q) New Business Growth (Count), excluding Personal Lines Segment and Collector Vehicle Product 3rd QTR: 06 - 11,589 3rd QTR: 07 - 19,443 67.8% increase (1) (1) Including the collector vehicle product, the increase is 152.6%.

Selected Operating Statistics Preferred Agents Total Count - 204 Total GWP Growth - $49.0 million (Q/Q); 33.1% increase Renewal Retention (Quoted) - 95.4% New Business 2007 - $13.4 million (Q/Q); 41.1% increase Employee Statistics Total Employee Count - 1,366 Total GWP Per Employee - $1.2 million Turnover (Y/Y) - 12.2%

Drivers of Future Growth National presence - 42 offices / Mixed marketing New product offerings - Complement Core Products Disruption in the industry Regulatory Actions ? Consolidations 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: $3.95 - $4.02 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% Accident Year Combined Ratio - approximating 80% Renewal retention levels approximating 90% Investment environment in transition Increased competition

Philadelphia Consolidated Holding Corp. Founded 1962

EX-99.3

Exhibit 99.3

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE THREE MONTHS ENDED SEPTEMBER 2007 AND 2006
(DOLLARS IN THOUSANDS)

	9/30/2007		9/30/2006		2007 VS. 2006			9/30/2007		9/30/2006		2007 VS. 2006
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		425,131		367,785		15.6	%		332,756		268,706		23.8	%
SPECIALTY LINES		68,476		62,602		9.4	%		59,984		55,962		7.2	%
PERSONAL LINES		11,021		26,204		-57.9	%		18,917		25,306		-25.2	%
TOTAL ALL LINES		504,628		456,591		10.5	%		411,657		349,974		17.6	%

	9/30/2007		9/30/2006		2007 VS. 2006			9/30/2007		9/30/2006		2007 VS. 2006
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		389,298		339,409		14.7	%		303,381		246,905		22.9	%
SPECIALTY LINES		55,930		50,217		11.4	%		48,675		45,415		7.2	%
PERSONAL LINES		-2,738		2,440		-212.2	%		7,093		4,046		75.3	%
TOTAL ALL LINES		442,490		392,066		12.9	%		359,149		296,366		21.2	%

EX-99.4

Exhibit 99.4

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE NINE MONTHS ENDED SEPTEMBER 2007 AND 2006
(DOLLARS IN THOUSANDS)

	9/30/2007		9/30/2006		2007 VS. 2006			9/30/2007		9/30/2006		2007 VS. 2006
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		1,058,407		875,386		20.9	%		945,953		761,861		24.2	%
SPECIALTY LINES		189,182		175,097		8.0	%		175,141		160,991		8.8	%
PERSONAL LINES		49,665		75,514		-34.2	%		63,676		76,472		-16.7	%
TOTAL ALL LINES		1,297,254		1,125,997		15.2	%		1,184,770		999,324		18.6	%

	9/30/2007		9/30/2006		2007 VS. 2006			9/30/2007		9/30/2006		2007 VS. 2006
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		968,264		814,543		18.9	%		861,926		706,445		22.0	%
SPECIALTY LINES		155,827		140,081		11.2	%		141,969		129,278		9.8	%
PERSONAL LINES		-4,980		21,650		-123.0	%		11,287		25,983		-56.6	%
TOTAL ALL LINES		1,119,111		976,274		14.6	%		1,015,182		861,706		17.8	%

EX-99.5

Exhibit 99.5

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS )

NET LOSS AND LOSS ADJUSTMENT EXPENSES:

	Net Incurred Loss and Loss Adjustment Expenses										(1) Net Paid Loss and Loss Adjustment Expenses
	For The Three Months Ended						For The Nine Months Ended				For The Three Months Ended				For The Nine Months Ended
	September 30,						September 30,				September 30,				September 30,
PRODUCTS	2007			2006			2007		2006		2007		2006		2007		2006
COMMERCIAL LINES	$	146,416		$	54,841		$	385,122	$	250,013	$	102,266	$	65,562	$	261,412	$	193,735
SPECIALTY LINES		(3,149	)		26,385			51,651		74,580		15,043		16,515		50,538		48,671
PERSONAL LINES		1,538			3,480			7,126		12,533		2,959		4,356		9,090		14,279
TOTAL	$	144,805		$	84,706		$	443,899	$	337,126	$	120,268	$	86,433	$	321,040	$	256,685
WHOLE ACCOUNT NET QUOTA SHARE REINSURANCE COMMUTATION		0			0			0		0		0		0		0		(31,804	)
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	144,805		$	84,706		$	443,899	$	337,126	$	120,268	$	86,433	$	321,040	$	224,881
Net Loss & Lae Reserves @ September 30, 2007				$	1,218,287
Taxable Equivalent Yield @ September 30, 2007					5.5	%
Portfolio Duration @ September 30, 2007					4.9	yrs
Book Value Per Common Share @ September 30, 2007				$	20.23
Shares Repurchased During the Three Months Ended September 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 nine months ended September 30, 2006.