Pma Capital 8K Announces First Quarter 2005 Results | PMACA 5 May 05

Exhibit 99.2

PMA Capital Corporation
Statistical Supplement
First Quarter - 2005

Table of Contents
	Page
*Consolidated Highlights:*
Selected Financial Data		1
Consolidated Statements of Operations - Per Share Data		2
Consolidated Statements of Operations		3
Consolidated Balance Sheets		4
Invested Assets and Net Investment Income; Debt		5

*Segment Information:*
Statements of Operations - Consolidating		7 - 8
Statements of Operations - PMA Insurance Group		9
Insurance Ratios - PMA Insurance Group		10
Statements of Operations - Run-off Operations		11
Statements of Operations - Corporate & Other		12

*Operating Cash Flow Information:*
Operating Cash Flows - Consolidated		13
Operating Cash Flows - PMA Insurance Group		14
Operating Cash Flows - Run-off Operations		15

*Statutory Financial Information:*
Statutory Surplus; Statutory Financial Information - PMA Pool		16

*Other Information:*
Industry Ratings and Market Information		17

*Legend:*
NM - Not Meaningful
NA - Not Applicable


Note: Operating income (loss), which we define as GAAP net income (loss) excluding net realized investment gainsand losses, is the financial performance measure used by our management and Board of Directors to evaluate andassess the results of our business segments. Accordingly, we report operating income (loss) by segment in the disclosuresrequired under SFAS No. 131, "Disclosures About Segments of an Enterprise and Related Information." Ourmanagement and Board of Directors use operating income (loss) as the measure of financial performance for ourbusiness segments because (i) net realized investment gains and losses are unpredictable and not necessarilyindicative of current operating fundamentals or future performance of the business segments and (ii) in many instances,decisions to buy and sell securities are made at the holding company level, and such decisions result in net realized gainsand losses that do not relate to the operations of the individual segments. Operating income (loss) does not replace net income (loss) as the GAAP measure of our consolidated results of operations. See page 1 for reconciliations ofoperating results by segment to GAAP net income (loss).

PMA Capital Corporation
Selected Financial Data
(Dollar Amounts in Thousands, Except Per Share Data)

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2004			2004			2004			2004			2005			Quarter

Net Premiums Written by Segment:
PMA Insurance Group	$	135,286		$	81,962		$	97,637		$	62,910		$	105,474			-22.0	%
Run-off Operations		23,362			(78,864	)		(13,884	)		(5,974	)		4,929			-78.9	%
Corporate & Other		(150	)		(225	)		(186	)		(264	)		(194	)		-29.3	%
Net premiums written	$	158,498		$	2,873		$	83,567		$	56,672		$	110,209			-30.5	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	6,559		$	2,809		$	3,537		$	261		$	6,612			0.8	%
Run-off Operations		8,946			624			(2,115	)		(1,946	)		(29,646	)		NM
Corporate & Other		(5,312	)		(5,506	)		(4,982	)		(5,423	)		(6,167	)		-16.1	%
Pre-tax operating income (loss)		10,193			(2,073	)		(3,560	)		(7,108	)		(29,201	)		NM
Net realized investment gains (losses)		8,600			2,248			3,515			(7,870	)		2,983			-65.3	%
Pre-tax income (loss)		18,793			175			(45	)		(14,978	)		(26,218	)		NM
Income tax expense (benefit)		6,640			111			29			(4,665	)		(5,667	)		NM
Net income (loss)	$	12,153		$	64		$	(74	)	$	(10,313	)	$	(20,551	)		NM
After-tax operating income (loss)	$	6,563		$	(1,397	)	$	(2,359	)	$	(5,198	)	$	(22,490	)		NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	0.35		$	-		$	-		$	(0.33	)	$	(0.65	)		NM
Less the impact of:
Realized gains (losses) after tax		0.15			0.04			0.08			(0.16	)		0.06			-60.0	%
After-tax operating income (loss)	$	0.20		$	(0.04	)	$	(0.08	)	$	(0.17	)	$	(0.71	)		NM

Capitalization:
Debt	$	187,566		$	187,566		$	187,566		$	214,467		$	211,769			12.9	%
Shareholders' equity excluding FAS 115 unrealized gain		445,273			443,634			442,797			431,828			412,349			-7.4	%
Total capitalization excluding FAS 115 unrealized gain		632,839			631,200			630,363			646,295			624,118			-1.4	%
FAS 115 unrealized gain		40,818			29			15,350			13,623			1,539			-96.2	%
Total capitalization including FAS 115 unrealized gain	$	673,657		$	631,229		$	645,713		$	659,918		$	625,657			-7.1	%

Book Value Per Share:
Excluding FAS 115 unrealized gain	$	14.21		$	14.00		$	13.98		$	13.63		$	12.95			-8.9	%
Including FAS 115 unrealized gain	$	15.51		$	14.00		$	14.46		$	14.06		$	13.00			-16.2	%

Debt to Total Capital:
Excluding FAS 115 unrealized gain		29.6	%		29.7	%		29.8	%		33.2	%		33.9	%		14.5	%
Including FAS 115 unrealized gain		27.8	%		29.7	%		29.0	%		32.5	%		33.8	%		21.6	%

Interest Coverage:
Income before interest and income taxesto interest expense		7.39			1.06			0.98			NM			NM			NM

Operating income before interest and income taxesto interest expense		4.47			0.30			NM			NM			NM			NM

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

	1st		2nd			3rd			4th			1st
	Quarter		Quarter			Quarter			Quarter			Quarter
	2004		2004			2004			2004			2005

Diluted Earnings (Loss) Per Share:

Net income (loss)	$	0.35	$	-		$	-		$	(0.33	)	$	(0.65	)

Pre-tax operating income (loss)	$	0.30	$	(0.07	)	$	(0.11	)	$	(0.23	)	$	(0.93	)

After-tax operating income (loss)	$	0.20	$	(0.04	)	$	(0.08	)	$	(0.17	)	$	(0.71	)

Diluted weighted average common
shares outstanding		36,644,561		31,741,827			31,350,825			31,350,825			31,561,069


Dividends declared:
Class A Common stock	$	-	$	-		$	-		$	-		$	-

Actual common shares issued
and outstanding		31,334,403		31,692,351			31,681,751			31,676,851			31,835,136


Class A Common Stock prices:
High	$	7.08	$	9.13		$	9.16		$	10.85		$	10.65
Low	$	4.70	$	6.01		$	5.70		$	6.74		$	7.05
Close	$	6.07	$	9.00		$	7.55		$	10.35		$	8.00

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	1st		2nd			3rd			4th			1st			% Change
	Quarter		Quarter			Quarter			Quarter			Quarter			1st
	2004		2004			2004			2004			2005			Quarter

Gross Premiums Written	$	157,860	$	24,449		$	100,013		$	69,940		$	121,313			-23.2	%

Net Premiums Written	$	158,498	$	2,873		$	83,567		$	56,672		$	110,209			-30.5	%

Revenues:
Net premiums earned	$	206,269	$	118,348		$	104,210		$	89,758		$	87,723			-57.5	%
Net investment income		16,758		14,807			13,238			12,142			11,712			-30.1	%
Net realized investment gains (losses)		8,600		2,248			3,515			(7,870	)		2,983			-65.3	%
Other revenues		5,738		4,680			4,505			11,018			4,954			-13.7	%
Total revenues		237,365		140,083			125,468			105,048			107,372			-54.8	%

Expenses:
Losses and loss adjustment expenses		142,190		87,471			80,706			70,189			93,988			-33.9	%
Acquisition expenses		47,235		24,968			24,087			18,935			18,671			-60.5	%
Operating expenses		24,779		23,563			16,942			19,628			16,460			-33.6	%
Dividends to policyholders		1,429		946			805			1,819			502			-64.9	%
Interest expense		2,939		2,960			2,973			3,482			3,969			35.0	%
Loss on debt exchange		-		-			-			5,973			-			NM
Total losses and expenses		218,572		139,908			125,513			120,026			133,590			-38.9	%

Pre-tax income (loss)		18,793		175			(45	)		(14,978	)		(26,218	)		NM

Income tax expense (benefit):
Current		325		64			(117	)		(272	)		-			-100.0	%
Deferred		6,315		47			146			(4,393	)		(5,667	)		NM

Total income tax expense (benefit)		6,640		111			29			(4,665	)		(5,667	)		NM

Net income (loss)	$	12,153	$	64		$	(74	)	$	(10,313	)	$	(20,551	)		NM

Pre-tax operating income (loss)	$	10,193	$	(2,073	)	$	(3,560	)	$	(7,108	)	$	(29,201	)		NM

After-tax operating income (loss)	$	6,563	$	(1,397	)	$	(2,359	)	$	(5,198	)	$	(22,490	)		NM
			��

PMA Capital Corporation
Consolidated Balance Sheets
(In Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2004			2004			2004			2004			2005

Assets:
Investments in fixed maturities available for sale	$	1,825,076		$	1,469,027		$	1,381,788		$	1,304,086		$	1,283,406
Short-term investments		98,385			88,664			98,761			123,746			60,325
Short-term investments, loaned securities collateral		112,689			129,999			96,606			-			102,620
Total investments		2,036,150			1,687,690			1,577,155			1,427,832			1,446,351

Cash		22,311			66,100			48,046			35,537			49,921
Accrued investment income		22,820			17,913			16,407			15,517			15,188
Premiums receivable		316,771			249,112			219,111			197,831			208,748
Reinsurance receivables		1,145,314			1,210,765			1,170,004			1,142,552			1,129,507
Deferred income taxes		65,114			88,250			80,541			86,501			98,714
Deferred acquisition costs		71,631			41,321			37,800			31,426			35,138
Funds held by reinsureds		119,640			107,804			134,978			142,064			146,674
Other assets		231,600			248,578			219,536			174,725			167,200
Total assets	$	4,031,351		$	3,717,533		$	3,503,578		$	3,253,985		$	3,297,441

Liabilities:
Unpaid losses and loss adjustment expenses	$	2,438,509		$	2,292,281		$	2,179,900		$	2,111,598		$	2,077,599
Unearned premiums		332,391			216,155			193,221			158,489			177,415
Debt		187,566			187,566			187,566			214,467			211,769
Accounts payable, accrued expenses
and other liabilities		282,422			277,457			254,467			196,744			196,875
Funds held under reinsurance treaties		183,406			162,293			127,239			121,234			112,712
Dividends to policyholders		8,292			8,121			6,424			5,977			4,580
Payable under securities loan agreements		112,674			129,997			96,614			25			102,603
Total liabilities		3,545,260			3,273,870			3,045,431			2,808,534			2,883,553

Shareholders' Equity:
Class A Common stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		109,331			109,331			109,331			109,331			109,331
Retained earnings		228,268			223,442			223,519			213,313			189,787
Accumulated other comprehensive income (loss)		29,894			(13,160	)		885			(1,959	)		(14,116	)
Notes receivable from officers		(66	)		(59	)		-			-			-
Treasury stock, at cost		(52,426	)		(45,261	)		(45,474	)		(45,573	)		(41,752	)
Unearned restricted stock compensation		-			(1,720	)		(1,204	)		(751	)		(452	)
Total shareholders' equity		486,091			443,663			458,147			445,451			413,888
Total liabilities and shareholders' equity	$	4,031,351		$	3,717,533		$	3,503,578		$	3,253,985		$	3,297,441

PMA Capital Corporation
Invested Assets and Net Investment Income
(Dollars in Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2004			2004			2004			2004			2005

Total Investments & Cash
As reported	$	2,058,461		$	1,753,790		$	1,625,201		$	1,463,369		$	1,496,272
Less:
Securities lending activity		112,674			129,997			96,614			25			102,603
Unrealized gain		62,797			45			23,615			20,958			2,368
Total adjusted investments & cash	$	1,882,990		$	1,623,748		$	1,504,972		$	1,442,386		$	1,391,301

Net Investment Income
As reported	$	16,758		$	14,807		$	13,238		$	12,142		$	11,712
Funds held:
Assumed		(13	)		109			73			846			187
Ceded		(2,222	)		(3,962	)		(2,140	)		(1,394	)		(2,125	)
Total funds held		(2,235	)		(3,853	)		(2,067	)		(548	)		(1,938	)

Total adjusted investment income	$	18,993		$	18,660		$	15,305		$	12,690		$	13,650

Yield
As reported		3.27	%		3.11	%		3.13	%		3.15	%		3.17	%
Investment portfolio		3.93	%		4.10	%		3.91	%		3.44	%		3.85	%

Duration (in years)		3.7			3.4			3.6			3.6			3.8

PMA Capital Corporation
Debt
(Dollars in Thousands)


	Amount
	Outstanding		Maturity
6.50% convertible debt	$	99,140		2022¹
Derivative component of 6.50% convertible debt		10,658
4.25% convertible debt		655		2022²
8.50% senior notes		57,500		2018
Trust preferred debt³		43,816		2033
Total long-term debt	$	211,769

¹	Holders of this debt, at their option, may require us to repurchase all or a portion of their debentures on June 30, 2009 at 114% of the principal amount. This debt may be converted at any time, at the holder's option, at a current price of $16.368 per share for $84.1 million principal amount and $15.891 per share for $15.0 million principal amount.
²	Holders of this debt, at their option, may require us to repurchase all or a portion of their debentures on September 30, 2006, 2008, 2010, 2012 and 2017. This debt may be converted at any time, at the holder's option, at a current price of $16.368 per share.
³	Weighted average interest rate on trust preferred debt is 7.03% as of March 31, 2005.

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PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended March 31, 2005
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	116,272	$	(194	)	$	5,235		$	121,313

Net Premiums Written	$	105,474	$	(194	)	$	4,929		$	110,209

Revenues:
Net premiums earned	$	84,700	$	(194	)	$	3,217		$	87,723
Net investment income		7,541		271			3,900			11,712
Other revenues		4,727		227			-			4,954
Operating revenues		96,968		304			7,117			104,389

Losses and Expenses:
Losses and loss adjustment expenses		62,218		-			31,770			93,988
Acquisition expenses		16,767		-			1,904			18,671
Operating expenses		10,869		2,502			3,089			16,460
Dividends to policyholders		502		-			-			502
Total losses and expenses		90,356		2,502			36,763			129,621

Operating income (loss) before income taxes
and interest expense		6,612		(2,198	)		(29,646	)		(25,232	)

Interest expense		-		3,969			-			3,969

Pre-tax operating income (loss)	$	6,612	$	(6,167	)	$	(29,646	)		(29,201	)

Net realized investment gains										2,983

Pre-tax loss									$	(26,218	)

Corporate & Other includes the effect of eliminating transactions between the Insurance Operations.

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended March 31, 2004
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations		Consolidated

Gross Premiums Written	$	146,486	$	(150	)	$	11,524	$	157,860

Net Premiums Written	$	135,286	$	(150	)	$	23,362	$	158,498

Revenues:
Net premiums earned	$	131,650	$	(150	)	$	74,769	$	206,269
Net investment income		8,028		344			8,386		16,758
Other revenues		5,735		3			-		5,738
Operating revenues		145,413		197			83,155		228,765

Losses and Expenses:
Losses and loss adjustment expenses		98,831		-			43,359		142,190
Acquisition expenses		23,032		-			24,203		47,235
Operating expenses		15,562		2,570			6,647		24,779
Dividends to policyholders		1,429		-			-		1,429
Total losses and expenses		138,854		2,570			74,209		215,633

Operating income (loss) before income taxes
and interest expense		6,559		(2,373	)		8,946		13,132

Interest expense		-		2,939			-		2,939

Pre-tax operating income (loss)	$	6,559	$	(5,312	)	$	8,946		10,193

Net realized investment gains									8,600

Pre-tax income								$	18,793

Corporate & Other includes the effect of eliminating transactions between the Insurance Operations.

PMA Capital Corporation
Statements of Operations - PMA Insurance Group
(Dollar Amounts in Thousands)

	1st		2nd		3rd		4th		1st		% Change
	Quarter		Quarter		Quarter		Quarter		Quarter		1st
	2004		2004		2004		2004		2005		Quarter

Gross Premiums Written	$	146,486	$	94,400	$	109,788	$	72,380	$	116,272		-20.6	%

Net Premiums Written	$	135,286	$	81,962	$	97,637	$	62,910	$	105,474		-22.0	%

Revenues:
Net premiums earned	$	131,650	$	118,288	$	103,032	$	89,373	$	84,700		-35.7	%
Net investment income		8,028		8,364		8,083		6,509		7,541		-6.1	%
Other revenues		5,735		4,389		4,480		4,404		4,727		-17.6	%
Total revenues		145,413		131,041		115,595		100,286		96,968		-33.3	%

Losses and Expenses:
Losses and loss adjustment expenses		98,831		88,072		77,994		66,284		62,218		-37.0	%
Acquisition expenses		23,032		22,620		21,876		18,550		16,767		-27.2	%
Operating expenses		15,562		16,594		11,383		13,372		10,869		-30.2	%
Dividends to policyholders		1,429		946		805		1,819		502		-64.9	%
Total losses and expenses		138,854		128,232		112,058		100,025		90,356		-34.9	%

Pre-tax operating income	$	6,559	$	2,809	$	3,537	$	261	$	6,612		0.8	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group



	1st Quarter 2004			2nd Quarter 2004			3rd Quarter 2004			4th Quarter 2004			1st Quarter 2005			Point Chg. 1st Quarter Better(Worse)

Ratios - GAAP Basis:


Loss and LAE ratio		75.1	%		74.5	%		75.7	%		74.2	%		73.5	%		1.6

Expense ratio:
Acquisition expenses		17.5	%		19.1	%		21.2	%		20.8	%		19.8	%		(2.3	)
Operating expenses¹		9.2	%		11.2	%		7.8	%		11.5	%		9.5	%		(0.3	)
Total expense ratio		26.7	%		30.3	%		29.0	%		32.3	%		29.3	%		(2.6	)

Policyholders' dividend ratio		1.1	%		0.8	%		0.8	%		2.0	%		0.6	%		0.5
Combined ratio		102.9	%		105.6	%		105.5	%		108.5	%		103.4	%		(0.5	)

Net investment income ratio		-6.1	%		-7.1	%		-7.8	%		-7.3	%		-8.9	%		2.8
Operating ratio		96.8	%		98.5	%		97.7	%		101.2	%		94.5	%		2.3

The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $12.1 million, $13.2 million, $8.1 million, $10.3 million and $8.0 million for the first, second, third and fourth quarters of 2004 and the first quarter of 2005, respectively.

PMA Capital Corporation
Statements of Operations - Run-off Operations
(Dollar Amounts in Thousands)

	1st		2nd			3rd			4th			1st			% Change
	Quarter		Quarter			Quarter			Quarter			Quarter			1st
	2004		2004			2004			2004			2005			Quarter

Gross Premiums Written	$	11,524	$	(69,726	)	$	(9,589	)	$	(2,176	)	$	5,235			-54.6	%

Net Premiums Written	$	23,362	$	(78,864	)	$	(13,884	)	$	(5,974	)	$	4,929			-78.9	%

Revenues:
Net premiums earned	$	74,769	$	285		$	1,364		$	649		$	3,217			-95.7	%
Net investment income		8,386		6,170			4,884			5,215			3,900			-53.5	%
Total revenues		83,155		6,455			6,248			5,864			7,117			-91.4	%

Losses and Expenses:
Losses and loss adjustment expenses		43,359		(601	)		2,712			3,905			31,770			-26.7	%
Acquisition expenses		24,203		2,348			2,211			385			1,904			-92.1	%
Operating expenses		6,647		4,084			3,440			3,520			3,089			-53.5	%
Total losses and expenses		74,209		5,831			8,363			7,810			36,763			-50.5	%

Pre-tax operating income (loss)	$	8,946	$	624		$	(2,115	)	$	(1,946	)	$	(29,646	)		NM

PMA Capital Corporation
Statements of Operations - Corporate & Other
(Dollar Amounts in Thousands)

	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2004			2004			2004			2004			2005			Quarter

Gross Premiums Written	$	(150	)	$	(225	)	$	(186	)	$	(264	)	$	(194	)		-29.3	%
												��
Net Premiums Written	$	(150	)	$	(225	)	$	(186	)	$	(264	)	$	(194	)		-29.3	%

Revenues:
Net premiums earned	$	(150	)	$	(225	)	$	(186	)	$	(264	)	$	(194	)		-29.3	%
Net investment income		344			273			271			418			271			-21.2	%
Other revenues		3			291			25			6,614			227			NM
Total revenues		197			339			110			6,768			304			54.3	%

Losses and Expenses:
Operating expenses		2,570			2,885			2,119			2,736			2,502			-2.6	%
Total losses and expenses		2,570			2,885			2,119			2,736			2,502			-2.6	%

Operating income (loss) before income taxes, interest expense, and loss on debt exchange		(2,373	)		(2,546	)		(2,009	)		4,032			(2,198	)		7.4	%

Interest expense		2,939			2,960			2,973			3,482			3,969			35.0	%

Loss on debt exchange		-			-			-			5,973			-			NM

Pre-tax operating loss	$	(5,312	)	$	(5,506	)	$	(4,982	)	$	(5,423	)	$	(6,167	)		-16.1	%

PMA Capital Corporation
Operating Cash Flows - Consolidated
(In Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2004			2004			2004			2004			2005

Receipts:
Premiums and other revenues collected	$	186,561		$	103,266		$	91,121		$	101,641		$	95,437
Investment income received		22,141			26,520			20,627			18,986			14,814
Total receipts		208,702			129,786			111,748			120,627			110,251

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		6,491			37,839			43,406			34,520			3,812
Losses and LAE paid - prior years		217,746			272,164			178,193			87,203			112,312
Total losses and LAE paid		224,237			310,003			221,599			121,723			116,124
Insurance operating expenses paid		73,845			54,695			43,228			27,716			37,394
Policyholders' dividends paid		1,573			873			2,145			765			2,115
Interest on corporate debt		3,686			1,856			3,694			2,371			4,387
Total disbursements		303,341			367,427			270,666			152,575			160,020

Net other		(7,511	)		(22,894	)		6,997			(56,713	)		7,258

Net operating cash flows	$	(102,150	)	$	(260,535	)	$	(151,921	)	$	(88,661	)	$	(42,511	)

PMA Capital Corporation
Operating Cash Flows - PMA Insurance Group
(In Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2004			2004			2004			2004			2005

Receipts:
Premiums and other revenues collected	$	128,216		$	123,944		$	97,543		$	111,150		$	91,910
Investment income received		10,246			9,869			9,574			9,851			9,404
Total receipts		138,462			133,813			107,117			121,001			101,314

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		6,157			19,158			29,827			31,304			3,810
Losses and LAE paid - prior years		75,447			63,116			57,160			31,086			72,999
Losses and LAE		81,604			82,274			86,987			62,390			76,809
Insurance operating expenses paid		52,645			38,931			34,600			29,531			33,000
Policyholders' dividends paid		1,573			873			2,145			765			2,115
Total disbursements		135,822			122,078			123,732			92,686			111,924

Net other		(8,306	)		(8,535	)		8,102			(21,974	)		13,760

Net operating cash flows	$	(5,666	)	$	3,200		$	(8,513	)	$	6,341		$	3,150

PMA Capital Corporation
Operating Cash Flows - Run-off Operations
(In Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2004			2004			2004			2004			2005

Receipts:
Premiums collected	$	58,345		$	(20,678	)	$	(6,422	)	$	(9,509	)	$	3,527
Investment income received		11,895			16,651			11,053			9,135			5,410
Total receipts		70,240			(4,027	)		4,631			(374	)		8,937

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		334			18,681			13,579			3,216			2
Losses and LAE paid - prior years		142,299			209,048			121,033			56,117			39,313
Total losses and LAE paid		142,633			227,729			134,612			59,333			39,315
Insurance operating expenses paid		21,200			15,764			8,628			(1,815	)		4,394
Total disbursements		163,833			243,493			143,240			57,518			43,709

Net other		1,860			(13,311	)		282			(34,482	)		(74	)

Net operating cash flows	$	(91,733	)	$	(260,831	)	$	(138,327	)	$	(92,374	)	$	(34,846	)

PMA Capital Corporation

Statutory Surplus

(In Thousands)

1st

2nd

3rd

4th

1st

Quarter

2004

2005¹

PMA Pool²

296,785

305,074

294,587

300,034

298,686

⁵

PMA Capital Insurance Company³

517,143

⁴

236,247

236,443

224,511

218,322

⁵

PMA Capital Corporation
Statutory Financial Information - PMA Pool²
(In Thousands)

		1st			2nd			3rd			4th			1st
		Quarter			Quarter			Quarter			Quarter			Quarter
		2004			2004			2004			2004			2005¹

Net Premiums Written:
Workers Compensation & Integrated
Disability	$	106,190		$	56,764		$	88,814		$	54,556		$	94,737
Other Commercial Lines		11,915			8,275			8,962			3,700			10,787
Total - PMA Pool	$	118,105		$	65,039		$	97,776		$	58,256		$	105,524

Statutory Ratios:
Loss and LAE ratio		74.9	%		75.2	%		75.9	%		75.2	%		73.3	%
Underwriting expense ratio		27.1	%		39.0	%		29.5	%		37.5	%		25.2	%
Policyholders' dividend ratio		1.2	%		0.7	%		0.4	%		0.4	%		0.9	%
Combined ratio		103.2	%		114.9	%		105.8	%		113.1	%		99.4	%
Operating ratio		96.5	%		107.4	%		98.9	%		104.2	%		91.2	%

¹	Estimated.
²	The PMA Pool is comprised of Pennsylvania Manufacturers' Association Insurance Company, Manufacturers Alliance Insurance Company and Pennsylvania Manufacturers Indemnity Company.
³	In November 2003, we announced our decision to withdraw from the reinsurance business previously served by PMA Capital Insurance Company. The reinsurance business is currently in run-off.
⁴	Includes the statutory surplus of the PMA Pool.
⁵	Includes unassigned surplus of $129.4 million and $24.8 million for the PMA Pool and PMA Capital Insurance Company, respectively.

PMA Capital Corporation

Industry Ratings and Market Information

Transfer Agent and Registrar:

Certificate Transfers and Conversions:

The Bank of New York

Receive and Deliver Department - 11 W

P.O. Box 11002

Church Street Station

New York, NY 10286

Written Inquiries:

The Bank of New York

Shareholder Relations Department - 11 E

P.O. Box 11258

Church Street Station

New York, NY 10286

Phone Inquiries:

800.524.4458

Email Inquiries:

shareowner-svcs@bankofny.com

Securities Listing:

The Corporation's Class A Common Stock is listed

on the NASDAQ Stock Market^Ò. It trades under

the stock symbol: PMACA.

Inquiries:

William E. Hitselberger

Chief Financial Officer

215.665.5070

e-mail: bhitselberger@pmacapital.com

Investor Relations

215.665.5046

investorrelations@pmacapital.com

Company Website:

http://www.pmacapital.com


Financial Strength Ratings (as of 5/3/2005):

	A.M. Best			Moody's
PMA Pool¹		A- (4th of 16	)		Ba1 (11th of 21	)
PMA Capital Insurance Company²		B+ (6th of 16	)		B1 (14th of 21	)


¹ The PMA Pool is comprised of Pennsylvania Manufacturers' Association Insurance Company, Manufacturers Alliance Insurance Company and Pennsylvania Manufacturers Indemnity Company.

² In November 2003, we announced our decision to withdraw from the reinsurance business previously served by PMACapital Insurance Company. The reinsurance business is in run-off.

Pma Capital (PMACA) Inactive 8-KPMA Capital Announces First Quarter 2005 Results