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 23, 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 July 23, 2008, the registrant issued a Press Release concerning its second quarter 2008 results. The Press Release is attached as Exhibit 99.1. Such exhibits shall be deemed “furnished” for purposes of the Securities Act of 1934, as amended.

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, 2008.
	Exhibit 99.2 Second Quarter 2008 Premiums by Segment.
	Exhibit 99.3 Six Months 2008 Premiums by Segment.
	Exhibit 99.4 Second 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: July 28, 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 Second Quarter Results for period ended June 30, 2008	Furnished electronically herewith.
99.2	Second Quarter 2008 Premiums by Segment	Furnished electronically herewith.
99.3	Six Months 2008 Premiums by Segment	Furnished electronically herewith.
99.4	Second Quarter 2008 Additional Supplemental Information	Furnished electronically herewith.

EX-99.1

Exhibit 99.1

PHILADELPHIA CONSOLIDATED HOLDING CORP.
SECOND QUARTER RESULTS
JUNE 30, 2008

JULY 23, 2008 PRESS RELEASE

Bala Cynwyd, PA – Philadelphia Consolidated Holding Corp. (NASDAQ: PHLY) today reported net income for the quarter ended June 30, 2008 of $52.9 million ($0.73 diluted earnings per share and $0.76 basic earnings per share). This compares to $94.4 million of net income ($1.27 diluted earnings per share and $1.34 basic earnings per share) for the quarter ended June 30, 2007. After-tax net realized investment gains (losses) were $(7.5) million ($(0.10) diluted loss per share) for the quarter ended June 30, 2008 compared to $18.2 million ($0.25 diluted earnings per share) for the quarter ended June 30, 2007. Gross written premiums for the quarter ended June 30, 2008 increased 11.7% to $445.3 million from $398.5 million for the quarter ended June 30, 2007, and the combined ratio for the quarter ended June 30, 2008 was 86.2% compared to 74.2% for the quarter ended June 30, 2007. The Company’s book value per share as of June 30, 2008 increased to $22.30 from $21.47 as of December 31, 2007.

Financial results for the quarter ended June 30, 2008 included:

• An $18.5 million pre-tax benefit ($12.0 million after-tax, or $0.17 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 $20.8 million pre-tax benefit ($13.5 million after-tax, or $0.18 diluted earnings per share) recognized in the quarter ended June 30, 2007 from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claims emergence.

• $20.6 million of pre-tax losses ($13.4 million after-tax, or $0.18 diluted loss per share) resulting from hail, tornado, and wind losses which occurred in Minnesota, Nebraska, Kansas, and Oklahoma during the period of May 22, 2008 through May 26, 2008, and which occurred in Illinois, Indiana, Kansas, Minnesota, Nebraska, and Oklahoma during the period of May 29, 2008 through June 1, 2008.

• 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.

Net income for the six months ended June 30, 2008 was $115.6 million ($1.59 diluted earnings per share and $1.65 basic earnings per share). This compares to $160.4 million of net income ($2.16 diluted earnings per share and $2.28 basic earnings per share) for the six months ended June 30, 2007. After-tax net realized investment gains (losses) were $(14.9) million ($0.20 diluted loss per share) for the six months ended June 30, 2008 compared to $19.4 million ($0.26 diluted earnings per share) for the six months ended June 30, 2007. Gross written premiums for the six months ended June 30, 2008 increased 12.1% to $888.4 million from $792.6 million for the six months

Press Release
July 23, 2008
Page 2

ended June 30, 2007, and the combined ratio for the six months ended June 30, 2008 was 83.7% compared to 75.9% for the six months ended June 30, 2007.

Financial results for the six months ended June 30, 2008 included:

• A $24.4 million pre-tax benefit ($15.9 million after-tax, or $0.22 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 $33.7 million pre-tax benefit ($21.9 million after-tax, or $0.30 diluted earnings per share) recognized in the six months ended June 30, 2007 from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years’ claims emergence.

• The hail, tornado, and wind losses as referred to above.

• A $23.3 million pre-tax non-cash realized investment loss ($15.1 million after-tax, or $0.21 diluted loss per share) resulting from other than temporary impairment evaluations related to the Company’s equity holdings.

James J. Maguire, Jr., CEO, said: “I am very pleased with our performance in this quarter and I sincerely thank our more than 1,400 employees for continuing to execute on our business plan through a challenging market. Gross written premiums grew by nearly 12%, with our core Commercial Lines Segment growing by 13.3%. Our combined ratio for the quarter was an impressive 86.2%. We continued to maintain our profitable renewal business with retention ratios of 95% on quoted business for our Commercial and Specialty Segments.”

As a result of the Company’s announcement today that it has entered into a merger agreement with Tokio Marine Holdings, Inc., the earnings call previously scheduled for Friday July 25^th has been cancelled.

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

Press Release
July 23, 2008
Page 3

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. The Company, 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 organization has 47 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, 2008			December 31,
	(Unaudited)			2007
ASSETS
INVESTMENTS:
FIXED MATURITIES AVAILABLE FOR SALE AT MARKET (AMORTIZED COST $2,864,732 AND $2,639,471)	$	2,844,209		$	2,659,197
EQUITY SECURITIES AT MARKET (COST $339,169 AND $322,877)		348,374			356,026
TOTAL INVESTMENTS		3,192,583			3,015,223
CASH AND CASH EQUIVALENTS		89,657			106,342
ACCRUED INVESTMENT INCOME		28,300			24,964
PREMIUMS RECEIVABLE		399,896			378,217
PREPAID REINSURANCE PREMIUMS AND REINSURANCE RECEIVABLES		301,012			280,110
DEFERRED INCOME TAXES		81,717			42,855
DEFERRED ACQUISITION COSTS		187,389			184,446
PROPERTY AND EQUIPMENT, NET		21,992			26,330
OTHER ASSETS		100,964			41,451
TOTAL ASSETS	$	4,403,510		$	4,099,938
LIABILITIES AND SHAREHOLDERS’ EQUITY
POLICY LIABILITIES AND ACCRUALS:
UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	$	1,613,322		$	1,431,933
UNEARNED PREMIUMS		866,596			847,485
TOTAL POLICY LIABILITIES AND ACCRUALS		2,479,918			2,279,418
PREMIUMS PAYABLE		77,770			97,674
OTHER LIABILITIES		251,135			175,373
TOTAL LIABILITIES		2,808,823			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, 125,000,000 SHARES AUTHORIZED, 71,503,346 AND 72,087,287 SHARES ISSUED AND OUTSTANDING		399,704			423,379
NOTES RECEIVABLE FROM SHAREHOLDERS		(22,565	)		(19,595	)
ACCUMULATED OTHER COMPREHENSIVE INCOME		(7,356	)		34,369
RETAINED EARNINGS		1,224,904			1,109,320
TOTAL SHAREHOLDERS’ EQUITY		1,594,687			1,547,473
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,403,510		$	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						For the Six Months
	Ended June 30,						Ended June 30,
	2008			2007			2008			2007
REVENUE:
NET EARNED PREMIUMS	$	393,037		$	337,315		$	772,425		$	656,033
NET INVESTMENT INCOME		32,299			28,522			64,304			55,495
NET REALIZED INVESTMENT GAIN (LOSS)		(11,513	)		28,064			(22,907	)		29,821
OTHER INCOME		3,654			850			5,007			1,680
TOTAL REVENUE		417,477			394,751			818,829			743,029
LOSSES AND EXPENSES:
LOSS AND LOSS ADJUSTMENT EXPENSES		266,106			172,234			489,492			332,753
NET REINSURANCE RECOVERIES		(42,836	)		(23,645	)		(72,803	)		(33,659	)
NET LOSS AND LOSS ADJUSTMENT EXPENSES		223,270			148,589			416,689			299,094
ACQUISITION COSTS AND OTHER UNDERWRITING EXPENSES		115,479			101,746			229,635			198,650
OTHER OPERATING EXPENSES		4,376			2,981			7,965			6,136
TOTAL LOSSES AND EXPENSES		343,125			253,316			654,289			503,880
INCOME BEFORE INCOME TAXES		74,352			141,435			164,540			239,149
INCOME TAX EXPENSE (BENEFIT):
CURRENT		30,072			56,511			65,350			93,330
DEFERRED		(8,628	)		(9,477	)		(16,394	)		(14,562	)
TOTAL INCOME TAX EXPENSE		21,444			47,034			48,956			78,768
NET INCOME	$	52,908		$	94,401		$	115,584		$	160,381
PER AVERAGE SHARE DATA:
NET INCOME — BASIC	$	0.76		$	1.34		$	1.65		$	2.28
NET INCOME — DILUTED	$	0.73		$	1.27		$	1.59		$	2.16
WEIGHTED—AVERAGE COMMON SHARES OUTSTANDING		69,809,174			70,361,554			70,128,823			70,255,758
WEIGHTED—AVERAGE SHARE EQUIVALENTS OUTSTANDING		2,608,996			3,835,617			2,597,895			3,966,198
WEIGHTED—AVERAGE SHARES AND SHARE EQUIVALENTS OUTSTANDING		72,418,170			74,197,171			72,726,718			74,221,956

EX-99.2

Exhibit 99.2

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

	6/30/2008		6/30/2007		2008 VS. 2007			6/30/2008		6/30/2007		2008 VS. 2007
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		364,625		321,908		13.3	%		363,445		315,463		15.2	%
SPECIALTY LINES		65,198		59,963		8.7	%		63,305		58,393		8.4	%
RUN-OFF (PERSONAL LINES)		15,457		16,642		-7.1	%		13,596		21,644		-37.2	%
TOTAL ALL LINES		445,280		398,513		11.7	%		440,346		395,500		11.3	%

	6/30/2008		6/30/2007		2008 VS. 2007			6/30/2008		6/30/2007		2008 VS. 2007
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		335,468		293,543		14.3	%		332,583		286,642		16.0	%
SPECIALTY LINES		60,085		49,337		21.8	%		58,348		47,811		22.0	%
RUN-OFF (PERSONAL LINES)		2,893		-3,693		-178.3	%		2,106		2,863		-26.4	%
TOTAL ALL LINES		398,446		339,187		17.5	%		393,037		337,316		16.5	%

EX-99.3

Exhibit 99.3

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

	6/30/2008		6/30/2007		2008 VS. 2007			6/30/2008		6/30/2007		2008 VS. 2007
	GROSS		GROSS		%			GROSS		GROSS		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		722,978		633,278		14.2	%		716,316		613,197		16.8	%
SPECIALTY LINES		134,330		120,705		11.3	%		124,593		115,158		8.2	%
RUN-OFF (PERSONAL LINES)		31,058		38,644		-19.6	%		28,346		44,759		-36.7	%
TOTAL ALL LINES		888,366		792,627		12.1	%		869,255		773,114		12.4	%

	6/30/2008		6/30/2007		2008 VS. 2007			6/30/2008		6/30/2007		2008 VS. 2007
	NET		NET		%			NET		NET		%
	WRITTEN		WRITTEN		INCREASE			EARNED		EARNED		INCREASE
	PREMIUMS		PREMIUMS		<DECREASE>			PREMIUMS		PREMIUMS		<DECREASE>
COMMERCIAL LINES		662,800		578,965		14.5	%		653,816		558,547		17.1	%
SPECIALTY LINES		133,659		99,897		33.8	%		113,987		93,293		22.2	%
RUN-OFF (PERSONAL LINES)		7,955		-2,242		-454.8	%		4,622		4,193		10.2	%
TOTAL ALL LINES		804,414		676,620		18.9	%		772,425		656,033		17.7	%

EX-99.4

Exhibit 99.4

PHILADELPHIA INSURANCE COMPANIES
ADDITIONAL SUPPLEMENTAL INFORMATION
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 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 Six Months Ended				For The Three Months Ended				For The Six Months Ended
	June 30,				June 30,				June 30,				June 30,
PRODUCTS	2008		2007		2008		2007		2008		2007		2008		2007
COMMERCIAL LINES	$	205,107	$	123,238	$	366,086	$	238,706	$	118,465	$	86,002	$	231,039	$	159,145
SPECIALTY LINES		17,231		24,024		47,969		54,800		22,350		19,638		42,735		35,496
RUN-OFF (PERSONAL LINES)		932		1,327		2,634		5,588		2,436		2,930		4,650		6,131
TOTAL NET LOSS AND LOSS ADJUSTMENT EXPENSES	$	223,270	$	148,589	$	416,689	$	299,094	$	143,251	$	108,570	$	278,424	$	200,772

Net Loss & Lae Reserves @ June 30, 2008	$	1,400,179
Taxable Equivalent Yield @ June 30, 2008		5.4	%
Portfolio Duration @ June 30, 2008	5.1		yrs
Book Value Per Common Share @ June 30, 2008	$	22.30
Shares Repurchased During the Three Months Ended June 30, 2008		0