Pma Capital 8K Announces Fourth Quarter 2005 Results | PMACA 22 Feb 06

Exhibit 99.2

Statistical Supplement

Fourth Quarter

2005


PMA Capital Corporation
Statistical Supplement
Fourth Quarter - 2005

Table of Contents
	Page
*Consolidated Highlights:*
Selected Financial Data - Fourth Quarter			1
Selected Financial Data - Year-to-date			2
Consolidated Statements of Operations - Per Share Data			3
Consolidated Statements of Operations - Fourth Quarter			5
Consolidated Statements of Operations - Year-to-date			6
Consolidated Balance Sheets			7
Invested Assets and Net Investment Income; Debt; Balance Sheet Impact of Commutations - Run-off Operations			8

*Segment Information:*
Statements of Operations - Consolidating - Full Year	9	-	10
Statements of Operations - Consolidating - Fourth Quarter	11	-	12
Statements of Operations - PMA Insurance Group			13
Insurance Ratios - PMA Insurance Group			14
Statements of Operations - Run-off Operations			15
Statements of Operations - Corporate & Other			16

*Operating Cash Flow Information:*
Operating Cash Flows - Consolidated			17
Operating Cash Flows - PMA Insurance Group			18
Operating Cash Flows - Run-off Operations			19

*Statutory Financial Information:*
Statutory Surplus; Statutory Financial Information - PMA Pool			20

*Other Information:*
Industry Ratings and Market Information			21

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


Note: Operating income (loss), which we define as GAAP net income (loss) excluding net realized investment gains
and losses, is the financial performance measure used by our management and Board of Directors to evaluate and
assess the results of our business segments because (i) net realized investment gains and losses are unpredictable and
not necessarily indicative 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 gains and 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 pages 1 and 2
for reconciliations of operating results by segment to GAAP net income (loss).

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

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

Net Premiums Written by Segment:
PMA Insurance Group	$	62,910		$	105,474		$	82,103		$	116,877		$	71,339			13.4	%
Run-off Operations		(5,974	)		4,929			1,504			789			3,028			NM
Corporate & Other		(264	)		(194	)		(220	)		(195	)		(209	)		20.8	%
Net premiums written	$	56,672		$	110,209		$	83,387		$	117,471		$	74,158			30.9	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	261		$	6,612		$	4,941		$	6,600		$	3,867			NM
Run-off Operations		(1,946	)		(29,646	)		1,133			(258	)		1,838			NM
Corporate & Other		(5,423	)		(6,167	)		(5,721	)		(5,609	)		(6,722	)		-24.0	%
Pre-tax operating income (loss)		(7,108	)		(29,201	)		353			733			(1,017	)		85.7	%
Net realized investment gains (losses)		(7,870	)		2,983			(265	)		483			(1,084	)		86.2	%
Pre-tax income (loss)		(14,978	)		(26,218	)		88			1,216			(2,101	)		86.0	%
Income tax expense (benefit)		(4,665	)		(5,667	)		71			476			(875	)		81.2	%
Net income (loss)	$	(10,313	)	$	(20,551	)	$	17		$	740		$	(1,226	)		88.1	%
After-tax operating income (loss)	$	(5,198	)	$	(22,490	)	$	189		$	426		$	(521	)		90.0	%

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.33	)	$	(0.65	)	$	-		$	0.02		$	(0.04	)		87.9	%
Less the impact of:
Realized gains (losses) after tax		(0.16	)		0.06			(0.01	)		0.01			(0.02	)		87.5	%
After-tax operating income (loss)	$	(0.17	)	$	(0.71	)	$	0.01		$	0.01		$	(0.02	)		88.2	%

Capitalization:
Debt	$	210,784		$	208,294		$	208,586		$	216,808		$	196,181			-6.9	%
Shareholders' equity excluding FAS 115 unrealized gain (loss)		431,828			412,349			412,330			413,513			409,019			-5.3	%
Total capitalization excluding FAS 115 unrealized gain (loss)		642,612			620,643			620,916			630,321			605,200			-5.8	%
FAS 115 unrealized gain (loss)		13,623			1,539			17,266			1,151			(2,796	)		NM
Total capitalization including FAS 115 unrealized gain (loss)	$	656,235		$	622,182		$	638,182		$	631,472		$	602,404			-8.2	%

Book Value Per Share:
Excluding FAS 115 unrealized gain (loss)	$	13.63		$	12.95		$	12.93		$	12.94		$	12.79			-6.2	%
Including FAS 115 unrealized gain (loss)	$	14.06		$	13.00		$	13.47		$	12.98		$	12.70			-9.7	%

Debt to Total Capital:
Excluding FAS 115 unrealized gain (loss)		32.8	%		33.6	%		33.6	%		34.4	%		32.4	%		-1.2	%
Including FAS 115 unrealized gain (loss)		32.1	%		33.5	%		32.7	%		34.3	%		32.6	%		1.6	%

Interest Coverage:
Income before interest and income taxes
to interest expense		NM			NM			1.02			1.30			0.47			NM

Operating income before interest and income taxes
to interest expense		NM			NM			1.09			1.18			0.75			NM

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

	Twelve			Twelve			% Change
	Months			Months			Twelve
	2005			2004			Months

Net Premiums Written by Segment:
PMA Insurance Group	$	375,793		$	377,795			-0.5	%
Run-off Operations		10,250			(75,360	)		NM
Corporate & Other		(818	)		(825	)		0.8	%
Net premiums written	$	385,225		$	301,610			27.7	%

Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	22,020		$	13,166			67.2	%
Run-off Operations		(26,933	)		5,509			NM
Corporate & Other		(24,219	)		(21,223	)		-14.1	%
Pre-tax operating loss		(29,132	)		(2,548	)		NM
Net realized investment gains		2,117			6,493			-67.4	%
Pre-tax income (loss)		(27,015	)		3,945			NM
Income tax expense (benefit)		(5,995	)		2,115			NM
Net income (loss)	$	(21,020	)	$	1,830			NM
After-tax operating loss	$	(22,396	)	$	(2,391	)		NM

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.66	)	$	0.06			NM
Less the impact of:
Realized gains after tax		0.05			0.14			-64.3	%
After-tax operating loss	$	(0.71	)	$	(0.08	)		NM

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data

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

Diluted Earnings (Loss) Per Share:

Net income (loss)	$	(0.33	)	$	(0.65	)	$	-	$	0.02	$	(0.04	)	$	(0.66	)	$	0.06

Pre-tax operating income (loss)	$	(0.23	)	$	(0.93	)	$	0.01	$	0.02	$	(0.03	)	$	(0.92	)	$	(0.08	)

After-tax operating income (loss)	$	(0.17	)	$	(0.71	)	$	0.01	$	0.01	$	(0.02	)	$	(0.71	)	$	(0.08	)

Diluted weighted average common
shares outstanding		31,350,825			31,393,684			32,015,127		32,244,295		31,833,384			31,682,648			31,729,061


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

Actual common shares issued
and outstanding		31,676,851			31,835,136			31,885,541		31,956,983		31,983,283			31,983,283			31,676,851


Class A Common Stock prices:
High	$	10.85		$	10.65		$	9.00	$	9.50	$	9.73		$	10.65		$	10.85
Low	$	6.74		$	7.05		$	5.91	$	7.83	$	7.99		$	5.91		$	4.70
Close	$	10.35		$	8.00		$	8.83	$	8.78	$	9.13		$	9.13		$	10.35

This Page Intentionally Left Blank

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

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

Gross Premiums Written	$	69,940		$	121,313		$	95,069		$	130,106	$	87,240			24.7	%

Net Premiums Written	$	56,672		$	110,209		$	83,387		$	117,471	$	74,158			30.9	%

Revenues:
Net premiums earned	$	89,758		$	87,723		$	88,720		$	92,223	$	99,364			10.7	%
Net investment income		12,142			11,712			12,542			12,648		11,761			-3.1	%
Net realized investment gains (losses)		(7,870	)		2,983			(265	)		483		(1,084	)		86.2	%
Other revenues		12,125			6,192			4,939			6,209		6,946			-42.7	%
Total revenues		106,155			108,610			105,936			111,563		116,987			10.2	%

Expenses:
Losses and loss adjustment expenses		70,189			93,988			63,261			68,112		69,713			-0.7	%
Acquisition expenses		18,935			18,671			17,983			19,691		19,536			3.2	%
Operating expenses		20,735			17,698			18,802			17,872		23,499			13.3	%
Dividends to policyholders		1,819			502			1,762			567		2,343			28.8	%
Interest expense		3,482			3,969			4,040			4,105		3,997			14.8	%
Loss on debt exchange		5,973			-			-			-		-			NM
Total losses and expenses		121,133			134,828			105,848			110,347		119,088			-1.7	%

Pre-tax income (loss)		(14,978	)		(26,218	)		88			1,216		(2,101	)		86.0	%

Income tax expense (benefit):
Current		(272	)		-			-			-		-			NM
Deferred		(4,393	)		(5,667	)		71			476		(875	)		80.1	%

Total income tax expense (benefit)		(4,665	)		(5,667	)		71			476		(875	)		81.2	%

Net income (loss)	$	(10,313	)	$	(20,551	)	$	17		$	740	$	(1,226	)		88.1	%

Pre-tax operating income (loss)	$	(7,108	)	$	(29,201	)	$	353		$	733	$	(1,017	)		85.7	%

After-tax operating income (loss)	$	(5,198	)	$	(22,490	)	$	189		$	426	$	(521	)		90.0	%

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)

	Twelve			Twelve			% Change
	Months			Months			Twelve
	2005			2004			Months

Gross Premiums Written	$	433,728		$	352,262			23.1	%

Net Premiums Written	$	385,225		$	301,610			27.7	%

Revenues:
Net premiums earned	$	368,030		$	518,585			-29.0	%
Net investment income		48,663			56,945			-14.5	%
Net realized investment gains		2,117			6,493			-67.4	%
Other revenues		24,286			30,701			-20.9	%
Total revenues		443,096			612,724			-27.7	%

Expenses:
Losses and loss adjustment expenses		295,074			380,556			-22.5	%
Acquisition expenses		75,881			115,225			-34.1	%
Operating expenses		77,871			89,672			-13.2	%
Dividends to policyholders		5,174			4,999			3.5	%
Interest expense		16,111			12,354			30.4	%
Loss on debt exchange		-			5,973			NM
Total losses and expenses		470,111			608,779			-22.8	%

Pre-tax income (loss)		(27,015	)		3,945			NM

Income tax expense (benefit):
Deferred		(5,995	)		2,115			NM

Total income tax expense (benefit)		(5,995	)		2,115			NM

Net income (loss)	$	(21,020	)	$	1,830			NM

Pre-tax operating loss	$	(29,132	)	$	(2,548	)		NM

After-tax operating loss	$	(22,396	)	$	(2,391	)		NM

PMA Capital Corporation
Consolidated Balance Sheets
(In Thousands)

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

Assets:
Investments in fixed maturities available for sale	$	1,304,086		$	1,283,406		$	1,256,169		$	1,184,301		$	1,049,254
Short-term investments		123,746			60,325			61,058			67,636			57,997
Short-term investments, loaned securities collateral		-			102,620			90,114			63,751			-
Total investments		1,427,832			1,446,351			1,407,341			1,315,688			1,107,251

Cash		35,537			49,921			30,464			43,282			30,239
Accrued investment income		15,517			15,188			14,147			13,703			11,528
Premiums receivable		197,831			208,748			183,713			212,847			197,582
Reinsurance receivables		1,142,552			1,129,507			1,129,857			1,115,953			1,094,674
Deferred income taxes		86,501			98,714			90,301			98,568			103,656
Deferred acquisition costs		31,426			35,138			34,655			39,432			34,236
Funds held by reinsureds		142,064			146,674			150,078			153,064			146,374
Other assets		171,042			167,200			169,028			167,192			162,505
Total assets	$	3,250,302		$	3,297,441		$	3,209,584		$	3,159,729		$	2,888,045

Liabilities:
Unpaid losses and loss adjustment expenses	$	2,111,598		$	2,077,599		$	2,005,386		$	1,966,907		$	1,820,043
Unearned premiums		158,489			177,415			175,025			199,153			173,432
Debt		210,784			208,294			208,586			216,808			196,181
Accounts payable, accrued expenses
and other liabilities		196,744			200,350			191,309			198,441			209,654
Funds held under reinsurance treaties		121,234			112,712			105,572			96,067			78,058
Dividends to policyholders		5,977			4,580			3,992			3,931			4,452
Payable under securities loan agreements		25			102,603			90,118			63,758			2
Total liabilities		2,804,851			2,883,553			2,779,988			2,745,065			2,481,822

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		213,313			189,787			189,109			188,834			187,538
Accumulated other comprehensive income (loss)		(1,959	)		(14,116	)		1,377			(14,861	)		(22,684	)
Treasury stock, at cost		(45,573	)		(41,752	)		(40,734	)		(39,305	)		(38,779	)
Unearned restricted stock compensation		(751	)		(452	)		(577	)		(425	)		(273	)
Total shareholders' equity		445,451			413,888			429,596			414,664			406,223
Total liabilities and shareholders' equity	$	3,250,302		$	3,297,441		$	3,209,584		$	3,159,729		$	2,888,045

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

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

Total Investments & Cash
As reported	$	1,463,369		$	1,496,272		$	1,437,805		$	1,358,970		$	1,137,490		$	1,137,490		$	1,463,369
Less:
Securities lending activity		25			102,603			90,118			63,758			2			2			25
Unrealized gain (loss)		20,958			2,368			26,563			1,771			(4,302	)		(4,302	)		20,958
Total adjusted investments & cash	$	1,442,386		$	1,391,301		$	1,321,124		$	1,293,441		$	1,141,790		$	1,141,790		$	1,442,386

Net Investment Income
As reported	$	12,142		$	11,712		$	12,542		$	12,648		$	11,761		$	48,663		$	56,945
Funds held:
Assumed		846			187			129			535			545			1,396			1,015
Ceded		(2,026	)		(2,437	)		(1,871	)		(1,694	)		(1,897	)		(7,899	)		(11,909	)
Total funds held		(1,180	)		(2,250	)		(1,742	)		(1,159	)		(1,352	)		(6,503	)		(10,894	)

Total adjusted investment income	$	13,322		$	13,962		$	14,284		$	13,807		$	13,113		$	55,166		$	67,839

Yield
As reported		3.15	%		3.17	%		3.42	%		3.62	%		3.77	%		3.53	%		3.18	%
Investment portfolio		3.62	%		3.94	%		4.21	%		4.22	%		4.31	%		4.19	%		4.02	%

Duration (in years)		3.6			3.8			3.9			3.7			3.7			3.7			3.6

PMA Capital Corporation
Debt
(Dollars in Thousands)


	Amount
	Outstanding			Maturity
6.50% convertible debt	$	73,435			2022¹
Derivative component of 6.50% convertible debt		12,881
4.25% convertible debt		655			2022²
8.50% senior notes		57,500			2018
Trust preferred debt³		43,816			2033
Surplus notes ⁴		10,000			2035
Unamortized debt discount		(2,106	)
Total long-term debt	$	196,181

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 $68.4 million principal amount and $15.891 per share for $5.0 million principal amount.

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.

Weighted average interest rate on trust preferred debt is 8.53% as of December 31, 2005.

⁴

Interest rate on surplus notes is 8.76% as of December 31, 2005.

PMA Capital Corporation
Balance Sheet Impact of Commutations - Run-off Operations
(Dollars in Thousands)

	4th Quarter 2005
Assets	Assumed			Ceded		Total
Funds held by reinsureds	$	(4,163	)	$	-	$	(4,163	)

Liabilities		Assumed			Ceded		Total
Unpaid loss and loss adjustment expenses	$	(75,907	)	$	-	$	(75,907	)
Other liabilities		(3,347	)		-		(3,347	)

	Twelve Months 2005
Assets		Assumed			Ceded		Total
Funds held by reinsureds	$	(4,163	)	$	-	$	(4,163	)

Liabilities		Assumed			Ceded		Total
Unpaid loss and loss adjustment expenses	$	(85,384	)	$	-	$	(85,384	)
Funds held under reinsurance treaties		(219	)		-		(219	)
Other liabilities		(3,347	)		-		(3,347	)

PMA Capital Corporation
Statements of Operations - Consolidating
Year Ended December 31, 2005
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	421,605	$	(818	)	$	12,941		$	433,728

Net Premiums Written	$	375,793	$	(818	)	$	10,250		$	385,225

Revenues:
Net premiums earned	$	358,642	$	(818	)	$	10,206		$	368,030
Net investment income		31,745		580			16,338			48,663
Other revenues		23,880		406			-			24,286
Operating revenues		414,267		168			26,544			440,979

Losses and Expenses:
Losses and loss adjustment expenses		260,276		-			34,798			295,074
Acquisition expenses		71,298		-			4,583			75,881
Operating expenses		55,273		8,502			14,096			77,871
Dividends to policyholders		5,174		-			-			5,174
Total losses and expenses		392,021		8,502			53,477			454,000

Operating income (loss) before income taxes
and interest expense		22,246		(8,334	)		(26,933	)		(13,021	)

Interest expense		226		15,885			-			16,111

Pre-tax operating income (loss)	$	22,020	$	(24,219	)	$	(26,933	)		(29,132	)

Net realized investment gains										2,117

Pre-tax loss									$	(27,015	)

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

PMA Capital Corporation
Statements of Operations - Consolidating
Year Ended December 31, 2004
(In Thousands)

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	423,054	$	(825	)	$	(69,967	)	$	352,262

Net Premiums Written	$	377,795	$	(825	)	$	(75,360	)	$	301,610

Revenues:
Net premiums earned	$	442,343	$	(825	)	$	77,067		$	518,585
Net investment income		30,984		1,306			24,655			56,945
Other revenues		23,768		6,933			-			30,701
Operating revenues		497,095		7,414			101,722			606,231

Losses and Expenses:
Losses and loss adjustment expenses		331,181		-			49,375			380,556
Acquisition expenses		86,078		-			29,147			115,225
Operating expenses		61,671		10,310			17,691			89,672
Dividends to policyholders		4,999		-			-			4,999
Total losses and expenses		483,929		10,310			96,213			590,452

Operating income (loss) before income taxes
and interest expense		13,166		(2,896	)		5,509			15,779

Interest expense		-		12,354			-			12,354

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

Pre-tax operating income (loss)	$	13,166	$	(21,223	)	$	5,509			(2,548	)

Net realized investment gains										6,493

Pre-tax income									$	3,945

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

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

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations		Consolidated

Gross Premiums Written	$	82,490	$	(209	)	$	4,959	$	87,240

Net Premiums Written	$	71,339	$	(209	)	$	3,028	$	74,158

Revenues:
Net premiums earned	$	96,187	$	(209	)	$	3,386	$	99,364
Net investment income		8,328		(219	)		3,652		11,761
Other revenues		6,837		109			-		6,946
Operating revenues		111,352		(319	)		7,038		118,071

Losses and Expenses:
Losses and loss adjustment expenses		68,732		-			981		69,713
Acquisition expenses		18,998		-			538		19,536
Operating expenses		17,191		2,627			3,681		23,499
Dividends to policyholders		2,343		-			-		2,343
Total losses and expenses		107,264		2,627			5,200		115,091

Operating income (loss) before income taxes
and interest expense		4,088		(2,946	)		1,838		2,980

Interest expense		221		3,776			-		3,997

Pre-tax operating income (loss)	$	3,867	$	(6,722	)	$	1,838		(1,017	)

Net realized investment losses									(1,084	)

Pre-tax loss								$	(2,101	)

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

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

	PMA
	Insurance		Corporate			Run-off
	Group		& Other¹			Operations			Consolidated

Gross Premiums Written	$	72,380	$	(264	)	$	(2,176	)	$	69,940

Net Premiums Written	$	62,910	$	(264	)	$	(5,974	)	$	56,672

Revenues:
Net premiums earned	$	89,373	$	(264	)	$	649		$	89,758
Net investment income		6,509		418			5,215			12,142
Other revenues		5,511		6,614			-			12,125
Operating revenues		101,393		6,768			5,864			114,025

Losses and Expenses:
Losses and loss adjustment expenses		66,284		-			3,905			70,189
Acquisition expenses		18,550		-			385			18,935
Operating expenses		14,479		2,736			3,520			20,735
Dividends to policyholders		1,819		-			-			1,819
Total losses and expenses		101,132		2,736			7,810			111,678

Operating income (loss) before income taxes
and interest expense		261		4,032			(1,946	)		2,347

Interest expense		-		3,482			-			3,482

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

Pre-tax operating income (loss)	$	261	$	(5,423	)	$	(1,946	)		(7,108	)

Net realized investment losses										(7,870	)

Pre-tax loss									$	(14,978	)

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

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

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

Gross Premiums Written	$	72,380	$	116,272	$	93,680	$	129,163	$	82,490	$	421,605	$	423,054		14.0	%		-0.3	%

Net Premiums Written	$	62,910	$	105,474	$	82,103	$	116,877	$	71,339	$	375,793	$	377,795		13.4	%		-0.5	%

Revenues:
Net premiums earned	$	89,373	$	84,700	$	85,541	$	92,214	$	96,187	$	358,642	$	442,343		7.6	%		-18.9	%
Net investment income		6,509		7,541		7,716		8,160		8,328		31,745		30,984		27.9	%		2.5	%
Other revenues		5,511		5,965		4,906		6,172		6,837		23,880		23,768		24.1	%		0.5	%
Total revenues		101,393		98,206		98,163		106,546		111,352		414,267		497,095		9.8	%		-16.7	%

Losses and Expenses:
Losses and loss adjustment expenses		66,284		62,218		61,331		67,995		68,732		260,276		331,181		3.7	%		-21.4	%
Acquisition expenses		18,550		16,767		17,254		18,279		18,998		71,298		86,078		2.4	%		-17.2	%
Operating expenses		14,479		12,107		12,875		13,100		17,191		55,273		61,671		18.7	%		-10.4	%
Dividends to policyholders		1,819		502		1,762		567		2,343		5,174		4,999		28.8	%		3.5	%
Total losses and expenses		101,132		91,594		93,222		99,941		107,264		392,021		483,929		6.1	%		-19.0	%

Operating income before income taxes
and interest expense		261		6,612		4,941		6,605		4,088		22,246		13,166		NM			69.0	%

Interest expense		-		-		-		5		221		226		-		NM			NM

Pre-tax operating income	$	261	$	6,612	$	4,941	$	6,600	$	3,867	$	22,020	$	13,166		NM			67.2	%

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group

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

Ratios - GAAP Basis:


Loss and LAE ratio		74.2	%		73.5	%		71.7	%		73.7	%		71.5	%		72.6	%		74.9	%		2.7			2.3

Expense ratio:
Acquisition expenses		20.8	%		19.8	%		20.2	%		19.8	%		19.8	%		19.9	%		19.5	%		1.0			(0.4	)
Operating expenses¹		11.5	%		9.5	%		10.3	%		9.2	%		12.5	%		10.4	%		9.9	%		(1.0	)		(0.5	)
Total expense ratio		32.3	%		29.3	%		30.5	%		29.0	%		32.3	%		30.3	%		29.4	%		-			(0.9	)

Policyholders' dividend ratio		2.0	%		0.6	%		2.1	%		0.6	%		2.4	%		1.4	%		1.1	%		(0.4	)		(0.3	)
Combined ratio		108.5	%		103.4	%		104.3	%		103.3	%		106.2	%		104.3	%		105.4	%		2.3			1.1

Net investment income ratio		-7.3	%		-8.9	%		-9.0	%		-8.8	%		-8.7	%		-8.9	%		-7.0	%		1.4			1.9
Operating ratio		101.2	%		94.5	%		95.3	%		94.5	%		97.5	%		95.4	%		98.4	%		3.7			3.0

The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $10.3 million, $8.0 million, $8.9 million, $8.4 million and $12.1 million for the fourth quarter of 2004 and the first, second, third and fourth quarters of 2005, respectively.

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

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

Gross Premiums Written	$	(2,176	)	$	5,235		$	1,609	$	1,138		$	4,959	$	12,941		$	(69,967	)		NM			NM

Net Premiums Written	$	(5,974	)	$	4,929		$	1,504	$	789		$	3,028	$	10,250		$	(75,360	)		NM			NM

Revenues:
Net premiums earned	$	649		$	3,217		$	3,399	$	204		$	3,386	$	10,206		$	77,067			NM			-86.8	%
Net investment income		5,215			3,900			4,569		4,217			3,652		16,338			24,655			-30.0	%		-33.7	%
Total revenues		5,864			7,117			7,968		4,421			7,038		26,544			101,722			20.0	%		-73.9	%

Losses and Expenses:
Losses and loss adjustment expenses		3,905			31,770			1,930		117			981		34,798			49,375			-74.9	%		-29.5	%
Acquisition expenses		385			1,904			729		1,412			538		4,583			29,147			39.7	%		-84.3	%
Operating expenses		3,520			3,089			4,176		3,150			3,681		14,096			17,691			4.6	%		-20.3	%
Total losses and expenses		7,810			36,763			6,835		4,679			5,200		53,477			96,213			-33.4	%		-44.4	%

Pre-tax operating income (loss)	$	(1,946	)	$	(29,646	)	$	1,133	$	(258	)	$	1,838	$	(26,933	)	$	5,509			NM			NM

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

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

Gross Premiums Written	$	(264	)	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(818	)	$	(825	)		20.8	%		0.8	%

Net Premiums Written	$	(264	)	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(818	)	$	(825	)		20.8	%		0.8	%

Revenues:
Net premiums earned	$	(264	)	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(818	)	$	(825	)		20.8	%		0.8	%
Net investment income		418			271			257			271			(219	)		580			1,306			NM			-55.6	%
Other revenues		6,614			227			33			37			109			406			6,933			NM			NM
Total revenues		6,768			304			70			113			(319	)		168			7,414			NM			NM

Losses and Expenses:
Operating expenses		2,736			2,502			1,751			1,622			2,627			8,502			10,310			-4.0	%		-17.5	%
Total losses and expenses		2,736			2,502			1,751			1,622			2,627			8,502			10,310			-4.0	%		-17.5	%

Operating income (loss) before income taxes,
interest expense, and loss on debt exchange		4,032			(2,198	)		(1,681	)		(1,509	)		(2,946	)		(8,334	)		(2,896	)		NM			NM

Interest expense		3,482			3,969			4,040			4,100			3,776			15,885			12,354			8.4	%		28.6	%

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

Pre-tax operating loss	$	(5,423	)	$	(6,167	)	$	(5,721	)	$	(5,609	)	$	(6,722	)	$	(24,219	)	$	(21,223	)		-24.0	%		-14.1	%

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

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

Receipts:
Premiums and other revenues collected	$	102,749		$	96,675		$	108,706		$	90,858		$	98,661		$	394,900		$	485,073
Investment income received		18,986			14,814			14,656			15,942			16,393			61,805			88,274
Total receipts		121,735			111,489			123,362			106,800			115,054			456,705			573,347

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		34,520			3,812			14,240			16,593			20,720			55,365			122,256
Losses and LAE paid - prior years		87,203			112,312			134,182			86,329			174,212			507,035			755,306
Total losses and LAE paid		121,723			116,124			148,422			102,922			194,932			562,400			877,562
Insurance operating expenses paid		28,824			38,632			39,585			39,009			27,271			144,497			201,968
Policyholders' dividends paid		765			2,115			1,284			820			531			4,750			5,356
Interest on corporate debt		2,371			4,387			1,987			5,327			2,197			13,898			11,607
Total disbursements		153,683			161,258			191,278			148,078			224,931			725,545			1,096,493

Net other		(56,713	)		7,258			1,046			3,564			(15,349	)		(3,481	)		(80,121	)

Net operating cash flows	$	(88,661	)	$	(42,511	)	$	(66,870	)	$	(37,714	)	$	(125,226	)	$	(272,321	)	$	(603,267	)

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

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

Receipts:
Premiums and other revenues collected	$	112,258		$	93,148	$	100,170		$	91,212	$	97,910		$	382,440		$	463,337
Investment income received		9,851			9,404		9,682			10,262		10,606			39,954			39,540
Total receipts		122,109			102,552		109,852			101,474		108,516			422,394			502,877

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		31,304			3,810		14,233			16,584		20,720			55,347			86,446
Losses and LAE paid - prior years		31,086			72,999		69,276			55,520		43,853			241,648			226,809
Losses and LAE		62,390			76,809		83,509			72,104		64,573			296,995			313,255
Insurance operating expenses paid		30,639			34,238		36,988			33,988		23,305			128,519			158,191
Policyholders' dividends paid		765			2,115		1,284			820		531			4,750			5,356
Total disbursements		93,794			113,162		121,781			106,912		88,409			430,264			476,802

Net other		(21,974	)		13,760		2,002			6,012		(18,822	)		2,952			(30,713	)

Net operating cash flows	$	6,341		$	3,150	$	(9,927	)	$	574	$	1,285		$	(4,918	)	$	(4,638	)

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

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

Receipts:
Premiums collected	$	(9,509	)	$	3,527		$	8,536		$	(354	)	$	751		$	12,460		$	21,736
Investment income received		9,135			5,410			4,974			5,680			5,787			21,851			48,734
Total receipts		(374	)		8,937			13,510			5,326			6,538			34,311			70,470

Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,216			2			7			9			-			18			35,810
Losses and LAE paid - prior years		56,117			39,313			64,906			30,809			130,359			265,387			528,497
Total losses and LAE paid		59,333			39,315			64,913			30,818			130,359			265,405			564,307
Insurance operating expenses paid		(1,815	)		4,394			2,597			5,021			3,966			15,978			43,777
Total disbursements		57,518			43,709			67,510			35,839			134,325			281,383			608,084

Net other		(34,482	)		(74	)		(4,890	)		(1,912	)		4,004			(2,872	)		(45,651	)

Net operating cash flows	$	(92,374	)	$	(34,846	)	$	(58,890	)	$	(32,425	)	$	(123,783	)	$	(249,944	)	$	(583,265	)

PMA Capital Corporation

Statutory Surplus

(In Thousands)

4th

1st

2nd

3rd

4th

Quarter

2004

2005

2005¹

PMA Pool ²

300,034

298,686

299,219

311,802

⁵

315,056

^{4, 5}

PMA Capital Insurance Company ³

224,511

218,322

215,348

210,663

204,920

⁴

PMA Capital Corporation
Statutory Financial Information - PMA Pool ²
(In Thousands)

	4th			1st			2nd			3rd			4th			Twelve			Twelve
	Quarter			Quarter			Quarter			Quarter			Quarter			Months			Months
	2004			2005			2005			2005			2005¹			2005¹			2004

Net Premiums Written:
Workers Compensation & Integrated
Disability	$	54,556		$	94,737		$	70,944		$	101,435		$	63,086		$	330,202		$	306,324
Other Commercial Lines		3,700			10,787			10,998			13,487			4,723			39,995			32,852
Total - PMA Pool	$	58,256		$	105,524		$	81,942		$	114,922		$	67,809		$	370,197		$	339,176

Statutory Ratios:
Loss and LAE ratio		75.2	%		73.3	%		73.0	%		73.3	%		73.0	%		73.1	%		75.3	%
Underwriting expense ratio		37.5	%		25.2	%		30.2	%		25.1	%		32.5	%		27.6	%		31.9	%
Policyholders' dividend ratio		0.4	%		0.9	%		0.8	%		0.8	%		1.1	%		0.9	%		0.7	%
Combined ratio		113.1	%		99.4	%		104.0	%		99.2	%		106.6	%		101.6	%		107.9	%
Operating ratio		104.2	%		91.2	%		95.2	%		91.2	%		98.6	%		93.4	%		100.5	%

Estimated.

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

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 unassigned surplus of $135.8 million and $11.4 million for the PMA Pool and PMA Capital Insurance Company, respectively.

⁵

Includes $10 million related to surplus notes.

PMA Capital Corporation
Industry Ratings and Market Information

Transfer Agent and Registrar:	\|		Inquiries:
American Stock Transfer & Trust Company	\|		William E. Hitselberger
Shareholder Relations	\|		Chief Financial Officer
59 Maiden Lane – Plaza Level	\|		215.665.5070
New York, NY 10038	\|		e-mail: bhitselberger@pmacapital.com
www.amstock.com	\|
	\|		Investor Relations
Phone Inquiries:	\|		215.665.5046
800.937.5449	\|		investorrelations@pmacapital.com
	\|
Email Inquiries:	\|		Company Website:
info@amstock.com	\|		www.pmacapital.com
	\|
	\|
Securities Listing:	\|
The Corporation's Class A Common Stock is listed	\|
on the NASDAQ Stock Market^®. It trades under	\|
the stock symbol: PMACA.	\|
	\|

Financial Strength Ratings (as of 2/21/2006):

		A.M. Best		Moody's
PMA Pool ¹		A- (4th of 16)		Ba1 (11th of 21)
PMA Capital Insurance Company ²		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 PMA Capital Insurance Company. The reinsurance business is in run-off.

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