0000950133-01-502679.txt : 20011009 0000950133-01-502679.hdr.sgml : 20011009 ACCESSION NUMBER: 0000950133-01-502679 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010921 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010925 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHILADELPHIA CONSOLIDATED HOLDING CORP CENTRAL INDEX KEY: 0000909109 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 232202671 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22280 FILM NUMBER: 1744492 BUSINESS ADDRESS: STREET 1: ONE BALA PLAZA STREET 2: SUITE 100 CITY: WYNNEWOOD STATE: PA ZIP: 19004 BUSINESS PHONE: 6106428400 MAIL ADDRESS: STREET 1: ONE BALA PLAZA STREET 2: SUITE 100 CITY: BALA CYNWYD STATE: PA ZIP: 19004 FORMER COMPANY: FORMER CONFORMED NAME: MAGUIRE HOLDING CORP DATE OF NAME CHANGE: 19930714 8-K 1 w53506e8-k.txt PHILADELPHIA CONSOLIDATED HOLDING CORP. FORM 8-K 1 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): September 21, 2001 ------------------ 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 -------------- 2 ITEM 5. OTHER EVENTS. The Registrant is filing this Current Report on Form 8-K solely for the purpose of providing the supplementary data set forth in the Exhibit listed in Item 7(c) below. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) Financial Statements of Business Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits. Exhibit 99.1 Press Release Dated September 21, 2001 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: September 25, 2001 By: /s/ Craig P. Keller ------------------------------------------- Craig P. Keller Senior Vice President, Secretary, Treasurer and Chief Financial Officer 3 EXHIBIT INDEX
Exhibit Description Method of Filing ------- ----------- ---------------- 99.1 Press Release dated September 21, 2001 Filed electronically herewith.
EX-99.1 3 w53506ex99-1.txt PRESS RELEASE DATED SEPTEMBER 21, 2001 1 PHILADELPHIA CONSOLIDATED HOLDING CORP. ESTIMATE OF LOSSES RESULTING FROM SEPTEMBER 11, 2001 TERRORIST ATTACKS SEPTEMBER 21, 2001 PRESS RELEASE -------------------------------------------------------------------------------- Bala Cynwyd, PA - Philadelphia Consolidated Holding Corp. (NASDAQ: PHLY) (the "Company") today announced its estimate of its total expected losses resulting from the September 11, 2001 WTC terrorist attacks. Based upon information available at this time, the Company's net pretax losses are expected to approximate $1.5 to $2.0 million. Prior to these terrorist attacks, the Company was performing in line with the First Call consensus estimate for the third quarter of $0.45 per share. However, the Company's losses related to this tragic event could reduce net income by $0.05 to $0.07 per share. The Company's largest exposure potentially comes from business interruption losses. Additional potential exposures include business personal property (contents), business property, workers' compensation and other liability losses. James J. Maguire, CEO said, "Aside from the relatively small financial loss the Company has experienced, the immeasurable loss of our friends and business associates has left me and our Company with a deep sense of loss and sorrow. We pray that the families, friends and business associates left to carry on, find strength, resolve and grace to rebuild their lives and their companies." 2 Press Release September 21, 2001 Page 2 Forward-Looking Information This release contains 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) catastrophe losses; and (vi) the amount of time and extent of the business interruptions and other losses resulting from the terrorists attacks referred to above. Philadelphia Insurance Companies, rated "A+ (Superior) by A.M. Best Company, markets and underwrites specialty property and casualty insurance products through 36 proprietary underwriting offices across the U.S. of A.