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): April 24, 2008

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 April 24, 2008, the registrant conducted a conference call announcing the results of the Company’s operations for the quarter ended March 31, 2008. Also on April 24, 2008 the registrant issued a Press Release concerning its first quarter 2008 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 First Quarter Results for period ended March 31, 2008.
	Exhibit 99.2 First Quarter 2008 Conference Call Presentation.
	Exhibit 99.3 First Quarter 2008 Premiums by Segment.
	Exhibit 99.4 First Quarter 2008 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: April 25, 2008	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 First Quarter Results for period ended March 31, 2008	Furnished electronically herewith.
99.2	First Quarter 2008 Conference Call Presentation	Furnished electronically herewith.
99.3	First Quarter 2008 Premiums by Segment	Furnished electronically herewith.
99.4	First Quarter 2008 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

Exhibit 99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
FIRST QUARTER RESULTS
MARCH 31, 2008

APRIL 24, 2008 PRESS RELEASE

Bala Cynwyd, PA – Philadelphia Consolidated Holding Corp. (NASDAQ: PHLY) today reported net income for the quarter ended March 31, 2008 of $62.7 million ($0.86 diluted earnings per share and $0.89 basic earnings per share). This compares to $66.0 million of net income ($0.89 diluted earnings per share and $0.94 basic earnings per share) for the quarter ended March 31, 2007. After-tax net realized investment gains (losses) were $(7.4) million ($0.10 diluted loss per share) for the quarter ended March 31, 2008 versus $1.1 million ($0.02 diluted earnings per share) for the quarter ended March 31, 2007. Gross written premiums for the quarter ended March 31, 2008 increased 12.4% to $443.1 million from $394.1 million for the quarter ended March 31, 2007, and the combined ratio for the quarter ended March 31, 2008 was 81.1% compared to 77.6% for the quarter ended March 31, 2007. The Company’s book value per share as of March 31, 2008 increased to $21.90 from $21.47 as of December 31, 2007.

Financial results for the quarter ended March 31, 2008 included:

• A $5.9 million pre-tax benefit ($3.8 million after-tax, or $0.05 diluted earnings per share) from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claim emergence. This benefit compares to a $12.9 million pre-tax benefit ($8.4 million after-tax, or $0.11 diluted earnings per share) recognized in the quarter ended March 31, 2007 from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claims emergence.

• An $11.6 million (pre-tax) non-cash realized investment loss ($7.5 million after-tax, or $0.10 diluted loss per share) resulting from other than temporary impairment evaluations related to the Company’s equity holdings.

James J. Maguire, Jr., CEO, said: “In spite of a soft pricing environment, we continue to find new business opportunities across most of our product lines. In addition, we renewed in excess of 94% of quoted accounts in our Commercial & Specialty Lines segments. We remain disciplined in our underwriting process, as evidenced by our 81.1% combined ratio for the quarter. I thank our 1,400+ employees for continuing to execute at a high level, and I remain optimistic about our prospects for continued, profitable growth.”

The Company also announced today that its Board of Directors has authorized a $50.0 million increase in its common stock repurchase program. This $50.0 million authorization is in addition to the $2.1 million remaining under the previous aggregate $75.3 million authorizations. Purchases may be made from time to time in the open market based on stock price, market conditions and other factors. During the first quarter of 2008 the Company repurchased 1,353,200 shares of its

Press Release
April 24, 2008
Page 2

common stock for an aggregate purchase price of $42.9 million under the previously announced authorizations.

The Company will hold its quarterly conference call to discuss first quarter 2008 results today at 3:00 PM EDST. The call will be webcast and may be accessed at the Company’s website at www.phly.com. The dial-in phone number for the conference call is (800) 289-0504.

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; and (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. 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 and professional liability insurance products incorporating value added coverages and services for select industries. Philadelphia Consolidated Holding Corp., whose commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best Company and A1 for insurance financial strength by Moody’s Investors Service, 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 Company has 46 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
	March 31, 2008			December 31,
	(Unaudited)			2007
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $2,745,827 AND $2,639,471)	$	2,766,054		$	2,659,197
EQUITY SECURITIES AT MARKET (COST $323,474 AND $322,877)		331,041			356,026
TOTAL INVESTMENTS		3,097,095			3,015,223
CASH AND CASH EQUIVALENTS		113,105			106,342
ACCRUED INVESTMENT INCOME		28,213			24,964
PREMIUMS RECEIVABLE		385,997			378,217
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		269,805			280,110
DEFERRED INCOME TAXES		59,399			42,855
DEFERRED ACQUISITION COSTS		186,579			184,446
PROPERTY AND EQUIPMENT, NET		25,539			26,330
OTHER ASSETS		79,957			41,451
TOTAL ASSETS	$	4,245,689		$	4,099,938
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,504,575		$	1,431,933
UNEARNED PREMIUMS		861,663			847,485
TOTAL POLICY LIABILITIES AND ACCRUALS		2,366,238			2,279,418
PREMIUMS PAYABLE		74,011			97,674
OTHER LIABILITIES		245,696			175,373
TOTAL LIABILITIES		2,685,945			2,552,465
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, 71,216,436 AND 72,087,287 SHARES ISSUED AND OUTSTANDING		388,144			423,379
NOTES RECEIVABLE FROM SHAREHOLDERS		(18,462	)		(19,595	)
ACCUMULATED OTHER COMPREHENSIVE INCOME		18,066			34,369
RETAINED EARNINGS		1,171,996			1,109,320
TOTAL SHAREHOLDERS’ EQUITY		1,559,744			1,547,473
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,245,689		$	4,099,938

PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES

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

	For the Three Months
	Ended March 31,
	2008			2007
REVENUE:
NET EARNED PREMIUMS	$	379,388		$	318,718
NET INVESTMENT INCOME		32,005			26,973
NET REALIZED INVESTMENT GAIN (LOSS)		(11,394	)		1,757
OTHER INCOME		1,353			830
TOTAL REVENUE		401,352			348,278
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		223,386			160,519
NET REINSURANCE RECOVERIES		(29,967	)		(10,014	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		193,419			150,505
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		114,156			96,904
OTHER OPERATING EXPENSES		3,589			3,155
TOTAL LOSSES AND EXPENSES		311,164			250,564
INCOME BEFORE INCOME TAXES		90,188			97,714
INCOME TAX EXPENSE (BENEFIT):
CURRENT		35,278			36,819
DEFERRED		(7,766	)		(5,085	)
TOTAL INCOME TAX EXPENSE		27,512			31,734
NET INCOME	$	62,676		$	65,980
PER AVERAGE SHARE DATA:
NET INCOME — BASIC	$	0.89		$	0.94
NET INCOME — DILUTED	$	0.86		$	0.89
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING		70,448,471			70,148,787
WEIGHTED-AVERAGE SHARE EQUIVALENTS OUTSTANDING		2,581,468			4,054,030
WEIGHTED-AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		73,029,939			74,202,817

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; and (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. The Company does not intend to publicly update any forward looking statement, except as may be required by law.

AGENDA First Quarter 2008 Financial Highlights Financial Results Segment Information Investment Portfolio Selected Operating Metrics Drivers of Future Growth 2008 Expectations Q&A

First Quarter Highlights ($'s in millions, except per share data) For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2008 2007 Change Gross Written Premiums $443.1 $394.1 12.4% Net Earned Premiums $379.4 $318.7 19.0% Net Investment Income $32.0 $27.0 18.5% Net Income $62.7 $66.0 (5.0)% After Tax Realized Investment Gain (Loss) $(7.4) $1.1 Loss & LAE Ratio 51.0% 47.2% Expense Ratio 30.1% 30.4% Combined Ratio 81.1% 77.6% Diluted Earnings Per Share $0.86 $0.89 (3.4)% After Tax Realized Investment Gain (Loss) Per Share $(0.10) $0.02 Weighted Average Shares & Share Equivalents Outstanding 73,029,939 74,202,817

First Quarter Highlights ($'s in millions, except per share data) For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2008 2007 Net Operating Income $70.1 $64.9 After Tax Realized Investment Gain (Loss) $(7.4) $1.1 Net Income $62.7 $66.0 Diluted Operating Earnings Per Share $0.96 $0.87 After Tax Realized Investment Gain (Loss) Per Share $(0.10) $0.02 Diluted Earnings Per Share $0.86 $0.89 Net Loss and Loss Adjustment Expense Ratio 51.0% 47.2% Acquisition and Underwriting Expense Ratio 30.1% 30.4% Combined Ratio 81.1% 77.6%

First Quarter Highlights ($'s in millions, except per share data) March 31, 2008 December 31, 2007 % Increase (Decrease) Total Shareholders' Equity $1,559.7 $1,547.5 0.8% Book Value per Share $21.90 $21.47 2.0% Shares Outstanding 71,216,436 72,087,287 (1.2)% ROE (1) 22.7% 23.2% Return on equity excluding other comprehensive income (loss). ROE calculated on trailing twelve months basis.

First Quarter 2008 Events Financial results for the quarter ended March 31, 2008 included: Net Income (Loss) Diluted Earnings (Loss) Per Share As reported $62.7 $0.86 Favorable prior year net loss reserve development $3.8 $0.05 Non-cash realized investment loss resulting from other than temporary impairment evaluations related to equity holdings $(7.5) $(0.10) (in millions, except per share data)

First Quarter 2008 Development on Prior Years - Net Basis ($'s in millions) Accident Year Pre-Tax Net Increase (Decrease) in Unpaid Loss and Loss Adjustment Expenses Primarily Due To: 2007 $1.9 Unfavorable claims emergence on commercial automobile and commercial property product lines 2006 $(4.1) Favorable claims emergence on commercial general liability and professional liability product lines 2005 $(1.2) Favorable claims emergence on the commercial general liability product line 2004 $(2.2) Favorable claims emergence on commercial general liability, commercial automobile and commercial property product lines 2003 and Prior $(0.3) Favorable claims emergence on the commercial general liability product line Total $(5.9)

Gross Written Premiums by Segment ($'s in millions) For the Three Months For the Three Months For the Three Months Ended March 31, Ended March 31, Ended March 31, % 2008 2007 Increase/ (Decrease) Segment Commercial Lines $358.4 $311.4 15.1% Specialty Lines 69.1 60.7 13.8% Run-Off (Personal Lines) 15.6 22.0 (29.1)% Total $443.1 $394.1 12.4%

Commercial Lines Segment 2002 2003 2004 2005 2006 2007 QTD 1Q07 QTD 1Q08 473 662.3 874 960.3 1169.4 1388.2 311.4 358.4 Gross Written Premiums ($'s in millions) 80.9% of 1st Quarter 2008 GWP CAGR 2002-2007 = 24.0% 15.1% Q/Q Growth

Specialty Lines Segment (Professional Liability) 2002 2003 2004 2005 2006 2007 QTD 1Q07 QTD 1Q08 110.2 154.1 184.4 205.3 227.6 245.2 60.7 69.1 15.6% of 1st Quarter 2008 GWP CAGR 2002-2007 = 17.3% 13.8% Q/Q Growth Gross Written Premiums ($'s in millions)

High Quality Investment Portfolio Portfolio market value - $3,216.0mm Fixed income securities Average quality AA+ Portfolio duration 5.2 years 5.5% taxable equivalent yield Quality long-term growth/value stocks As of March 31, 2008 Municipal Bonds 0.475 CMO 0.098 MBS 0.188 Other Structured Securities 0.055 Corporate Bonds 0.04 Common Stock 0.098 All Other 0.009 Cash Equivalents 0.037 Municipal Bonds CMO MBS Other Structured Securities Corporate Bonds Common Stock All Other Cash Equivalents

Structured Securities Investment Portfolio As of March 31, 2008 CMBS 0.113 Residential Non-Agency 0.092 Residential Agency 0.755 Other 0.01 Auto 0.03 Credit Card 0 CMBS Other Agency Backed Residential Non-Agency Residential Auto Total Structured Portfolio - $1,097.4mm 99.5% AAA rated $929mm backed by residential collateral consisting of: $604mm of agency backed MBS (GNMA, FNMA, FHLMC) $224mm of agency backed CMOs (GNMA, FNMA, FHLMC) $77mm of prime non-agency backed loans $19mm of Alt A loans $5mm of subprime loans ALT-A and Subprime loan portfolio: Securities continue to pay down $42mm balance at June 30, 2007 $24mm balance at March 31, 2008 AAA rated first cash flow tranches Weighted average life - 2.3 yrs. Spread across multiple vintages No ratings downgrades No surveillance issues No investment in Collateralized Debt Obligations or Net Interest Margins

Net Investment Income 2002 2003 2004 2005 2006 2007 QTD 1Q07 QTD 1Q08 37.5 38.8 43.5 63.7 91.7 117.2 27 32 ($'s in millions) CAGR 2002-2007: 25.6% Effective Tax Rate 28.3% 23.4% 20.2% 21.5% 23.6% 22.7% 22.8% 21.0% Q/Q Increase 18.5%

Selected Operating Metrics Operating Statistics 1st Quarter 08 Renewal Retention (Quoted) Commercial Lines -94% Specialty Lines -96% Rate Changes Commercial Lines -(4.7)% decrease (Q/Q) Specialty Lines -(2.1)% decrease (Q/Q) New Business Growth (Count), excluding Personal Lines Segment 1st QTR: 07 - 30,895 1st QTR: 08 - 31,626 2.4% increase

Selected Operating Metrics Preferred Agents Total Count - 217 GWP 1st Quarter 2008 - $141.3 million Renewal Retention (Quoted) - 88.6% New Business 1st Quarter 2008 - $22.6 million Employee Statistics Total Employee Count - 1,409 Total GWP Per Employee - $1.2 million Turnover (Y/Y) - 12.0% 1st Quarter 2008 Share Buy Backs 1,353,200 shares repurchased during 1st Quarter 2008 at total cost of $42.9 million.

Drivers of Future Growth National presence - 46 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

2008 Expectations 2008 Operating EPS Range: $3.60 - $3.70 Assumes one catastrophe loss retention for: Commercial Lines: $10.0 million (pre-tax) Personal Lines: $3.5 million (pre-tax) Gross Written Premium Growth - approximating 10% - 15% Accident Year Combined Ratio - approximating 85% Renewal retention levels approximating 87.5% Volatile investment environment Competitive environment

Philadelphia Consolidated Holding Corp. Founded 1962

EX-99.3

Exhibit 99.3

PHILADELPHIA INSURANCE COMPANIES
SUMMARY SEGMENT TOTALS
FOR THE THREE MONTHS ENDED MARCH 2008 AND 2007
(DOLLARS IN THOUSANDS)

	3/31/2008		3/31/2007		2008 VS. 2007			3/31/2008		3/31/2007		2008 VS. 2007
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		358,353		311,369		15.1	%		352,870		297,734		18.5	%
SPECIALTY LINES		69,132		60,743		13.8	%		61,288		56,765		8.0	%
RUN-OFF (PERSONAL LINES)		15,602		22,002		-29.1	%		14,750		23,115		-36.2	%
TOTAL ALL LINES		443,087		394,114		12.4	%		428,908		377,614		13.6	%

	3/31/2008		3/31/2007		2008 VS. 2007			3/31/2008		3/31/2007		2008 VS. 2007
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		327,332		285,422		14.7	%		321,234		271,905		18.1	%
SPECIALTY LINES		73,574		50,560		45.5	%		55,638		45,482		22.3	%
RUN-OFF (PERSONAL LINES)		5,062		1,451		248.9	%		2,516		1,331		89.1	%
TOTAL ALL LINES		405,968		337,433		20.3	%		379,388		318,718		19.0	%

EX-99.4

Exhibit 99.4

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS )

NET LOSS AND LOSS ADJUSTMENT EXPENSES:

	Net Incurred Loss and Loss Adjustment Expenses					Net Paid Loss and Loss Adjustment Expenses
	For The Three Months Ended					For The Three Months Ended
	March 31,					March 31,
PRODUCTS	2008		2007			2008		2007
COMMERCIAL LINES	$	160,979	$	115,467		$	112,575	$	73,145
SPECIALTY LINES		30,738		30,777			20,385		15,857
RUN-OFF (PERSONAL LINES)		1,702		4,261			2,214		3,200
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	193,419	$	150,505		$	135,174	$	92,202
Net Loss & Lae Reserves @ March 31, 2008			$	1,320,160
Taxable Equivalent Yield @ March 31, 2008				5.5	%
Portfolio Duration @ March 31, 2008			5.2		yrs
Book Value Per Common Share @ March 31, 2008			$	21.90
Shares Repurchased During the Three Months Ended March 31, 2008				1,353,200