Pma Capital (PMACA) 8-K PMA Capital Announces First Quarter 2006 Results

Exhibit 99.2

Statistical Supplement

First Quarter

2006

PMA Capital Corporation
Statistical Supplement
First Quarter - 2006
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		6 -	7
Statements of Operations - PMA Insurance Group			8
Insurance Ratios - PMA Insurance Group			9
Statements of Operations - Run-off Operations			10
Statements of Operations - Corporate & Other			11
Operating Cash Flow Information:
Operating Cash Flows - Consolidated			12
Operating Cash Flows - PMA Insurance Group			13
Operating Cash Flows - Run-off Operations			14
Statutory Financial Information:
Statutory Surplus; Statutory Financial Information - PMA Pool			15
Other Information:
Industry Ratings and Market Information			16
Legend:
NM - Not Meaningful

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 page 1 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)
	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2005			2005			2005			2005			2006			Quarter
Net Premiums Written by Segment:
PMA Insurance Group	$	105,474		$	82,103		$	116,877		$	71,339		$	113,390			7.5	%
Run-off Operations		4,929			1,504			789			3,028			606			-87.7	%
Corporate & Other		(194	)		(220	)		(195	)		(209	)		(168	)		13.4	%
Net premiums written	$	110,209		$	83,387		$	117,471		$	74,158		$	113,828			3.3	%
Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	6,612		$	4,941		$	6,600		$	3,867		$	8,141			23.1	%
Run-off Operations		(29,646	)		1,133			(258	)		1,838			161			NM
Corporate & Other		(6,167	)		(5,721	)		(5,609	)		(6,722	)		(6,139	)		0.5	%
Pre-tax operating income (loss)		(29,201	)		353			733			(1,017	)		2,163			NM
Net realized investment gains (losses)		2,983			(265	)		483			(1,084	)		1,818			-39.1	%
Pre-tax income (loss)		(26,218	)		88			1,216			(2,101	)		3,981			NM
Income tax expense (benefit)		(5,667	)		71			476			(875	)		1,500			NM
Net income (loss)	$	(20,551	)	$	17		$	740		$	(1,226	)	$	2,481			NM
After-tax operating income (loss)	$	(22,490	)	$	189		$	426		$	(521	)	$	1,299			NM
Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.65	)	$	-		$	0.02		$	(0.04	)	$	0.08			NM
Less the impact of:
Realized gains (losses) after tax		0.06			(0.01	)		0.01			(0.02	)		0.04			-33.3	%
After-tax operating income (loss)	$	(0.71	)	$	0.01		$	0.01		$	(0.02	)	$	0.04			NM
Capitalization:
Debt	$	208,294		$	208,586		$	216,808		$	196,181		$	189,181			-9.2	%
Shareholders' equity excluding FAS 115     unrealized gain (loss)		412,349			412,330			413,513			409,019			413,516			0.3	%
Total capitalization excluding FAS 115     unrealized gain (loss)		620,643			620,916			630,321			605,200			602,697			-2.9	%
FAS 115 unrealized gain (loss)		1,539			17,266			1,151			(2,796	)		(13,941	)		NM
Total capitalization including FAS 115     unrealized gain (loss)	$	622,182		$	638,182		$	631,472		$	602,404		$	588,756			-5.4	%
Book Value Per Share:
Excluding FAS 115 unrealized gain (loss)	$	12.95		$	12.93		$	12.94		$	12.79		$	12.83			-0.9	%
Including FAS 115 unrealized gain (loss)	$	13.00		$	13.47		$	12.98		$	12.70		$	12.39			-4.7	%
Debt to Total Capital:
Excluding FAS 115 unrealized gain (loss)		33.6	%		33.6	%		34.4	%		32.4	%		31.4	%		-6.5	%
Including FAS 115 unrealized gain (loss)		33.5	%		32.7	%		34.3	%		32.6	%		32.1	%		-4.2	%
Interest Coverage:
Income before interest and income taxes
to interest expense		NM			1.02			1.30			0.47			2.03			NM
Operating income before interest and income taxes
to interest expense		NM			1.09			1.18			0.75			1.56			NM

1

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data
	1st			2nd		3rd		4th			1st
	Quarter			Quarter		Quarter		Quarter			Quarter
	2005			2005		2005		2005			2006
Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(0.65	)	$	-	$	0.02	$	(0.04	)	$	0.08
Pre-tax operating income (loss)	$	(0.93	)	$	0.01	$	0.02	$	(0.03	)	$	0.07
After-tax operating income (loss)	$	(0.71	)	$	0.01	$	0.01	$	(0.02	)	$	0.04
Diluted weighted average common
shares outstanding		31,393,684			32,015,127		32,244,295		31,833,384			32,405,934
Dividends declared:
Class A Common stock	$	-		$	-	$	-	$	-		$	-
Actual common shares issued
and outstanding		31,835,136			31,885,541		31,956,983		31,983,283			32,239,288
Class A Common Stock prices:
High	$	10.65		$	9.00	$	9.50	$	9.73		$	10.43
Low	$	7.05		$	5.91	$	7.83	$	7.99		$	8.68
Close	$	8.00		$	8.83	$	8.78	$	9.13		$	10.18

2

PMA Capital Corporation
Consolidated Statements of Operations
(In Thousands)
	1st			2nd			3rd		4th			1st		% Change
	Quarter			Quarter			Quarter		Quarter			Quarter		1st
	2005			2005			2005		2005			2006		Quarter
Gross Premiums Written	$	121,313		$	95,069		$	130,106	$	87,240		$	133,967		10.4	%
Net Premiums Written	$	110,209		$	83,387		$	117,471	$	74,158		$	113,828		3.3	%
Revenues:
Net premiums earned	$	87,723		$	88,720		$	92,223	$	99,364		$	91,659		4.5	%
Net investment income		11,712			12,542			12,648		11,761			11,400		-2.7	%
Net realized investment gains (losses)		2,983			(265	)		483		(1,084	)		1,818		-39.1	%
Other revenues		6,192			4,939			6,209		6,946			7,104		14.7	%
Total revenues		108,610			105,936			111,563		116,987			111,981		3.1	%
Expenses:
Losses and loss adjustment expenses		93,988			63,261			68,112		69,713			65,393		-30.4	%
Acquisition expenses		18,671			17,983			19,691		19,536			17,325		-7.2	%
Operating expenses		17,698			18,802			17,872		23,499			19,987		12.9	%
Dividends to policyholders		502			1,762			567		2,343			1,422		NM
Interest expense		3,969			4,040			4,105		3,997			3,873		-2.4	%
Total losses and expenses		134,828			105,848			110,347		119,088			108,000		-19.9	%
Pre-tax income (loss)		(26,218	)		88			1,216		(2,101	)		3,981		NM
Income tax expense (benefit):
Current		-			-			-		-			-		NM
Deferred		(5,667	)		71			476		(875	)		1,500		NM
Total income tax expense (benefit)		(5,667	)		71			476		(875	)		1,500		NM
Net income (loss)	$	(20,551	)	$	17		$	740	$	(1,226	)	$	2,481		NM
Pre-tax operating income (loss)	$	(29,201	)	$	353		$	733	$	(1,017	)	$	2,163		NM
After-tax operating income (loss)	$	(22,490	)	$	189		$	426	$	(521	)	$	1,299		NM

3

PMA Capital Corporation
Consolidated Balance Sheets
(In Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006
Assets:
Investments in fixed maturities available for sale	$	1,283,406		$	1,256,169		$	1,184,301		$	1,049,254		$	994,972
Short-term investments		60,325			61,058			67,636			57,997			63,641
Short-term investments, loaned securities collateral		102,620			90,114			63,751			-			9,991
Total investments		1,446,351			1,407,341			1,315,688			1,107,251			1,068,604
Cash		49,921			30,464			43,282			30,239			13,667
Accrued investment income		15,188			14,147			13,703			11,528			11,395
Premiums receivable		208,748			183,713			212,847			197,582			209,354
Reinsurance receivables		1,129,507			1,129,857			1,115,953			1,094,674			1,086,830
Deferred income taxes		98,714			90,301			98,568			103,656			107,908
Deferred acquisition costs		35,138			34,655			39,432			34,236			39,308
Funds held by reinsureds		146,674			150,078			153,064			146,374			148,512
Other assets		167,200			169,028			167,192			162,505			179,061
Total assets	$	3,297,441		$	3,209,584		$	3,159,729		$	2,888,045		$	2,864,639
Liabilities:
Unpaid losses and loss adjustment expenses	$	2,077,599		$	2,005,386		$	1,966,907		$	1,820,043		$	1,776,822
Unearned premiums		177,415			175,025			199,153			173,432			199,129
Debt		208,294			208,586			216,808			196,181			189,181
Accounts payable, accrued expenses
and other liabilities		200,350			191,309			198,441			209,654			205,114
Funds held under reinsurance treaties		112,712			105,572			96,067			78,058			79,815
Dividends to policyholders		4,580			3,992			3,931			4,452			4,998
Payable under securities loan agreements		102,603			90,118			63,758			2			10,005
Total liabilities		2,883,553			2,779,988			2,745,065			2,481,822			2,465,064
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			110,042
Retained earnings		189,335			188,532			188,409			187,265			185,393
Accumulated other comprehensive income (loss)		(14,116	)		1,377			(14,861	)		(22,684	)		(33,358	)
Treasury stock, at cost		(41,752	)		(40,734	)		(39,305	)		(38,779	)		(33,592	)
Total shareholders' equity		413,888			429,596			414,664			406,223			399,575
Total liabilities and shareholders' equity	$	3,297,441		$	3,209,584		$	3,159,729		$	2,888,045		$	2,864,639

4

PMA Capital Corporation
Invested Assets and Net Investment Income
(Dollars in Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006
Total Investments & Cash
As reported	$	1,496,272		$	1,437,805		$	1,358,970		$	1,137,490		$	1,082,271
Less:
Securities lending activity		102,603			90,118			63,758			2			10,005
Unrealized gain (loss)		2,368			26,563			1,771			(4,302	)		(21,448	)
Total adjusted investments & cash	$	1,391,301		$	1,321,124		$	1,293,441		$	1,141,790		$	1,093,714
Net Investment Income
As reported	$	11,712		$	12,542		$	12,648		$	11,761		$	11,400
Funds held:
Assumed		187			129			535			545			335
Ceded		(2,437	)		(1,871	)		(1,694	)		(1,897	)		(1,519	)
Total funds held		(2,250	)		(1,742	)		(1,159	)		(1,352	)		(1,184	)
Total adjusted investment income	$	13,962		$	14,284		$	13,807		$	13,113		$	12,584
Yield
As reported		3.17	%		3.42	%		3.62	%		3.77	%		4.11	%
Investment portfolio		3.94	%		4.21	%		4.22	%		4.31	%		4.50	%
Duration (in years)		3.8			3.9			3.7			3.7			3.7

PMA Capital Corporation
Debt
(Dollars in Thousands)
	Amount
	Outstanding			Maturity
6.50% convertible debt	$	68,047			20221
Derivative component of 6.50% convertible debt		10,973
4.25% convertible debt		655			20222
8.50% senior notes		57,500			2018
Junior subordinated debt 3		43,816			2033
Surplus notes 4		10,000			2035
Unamortized debt discount		(1,810	)
Total long-term debt	$	189,181

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 $64.1 million principal amount and $15.891 per share for $3.9 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 junior subordinated debt is 8.95% as of March 31, 2006.
4	Interest rate on surplus notes is 9.18% as of March 31, 2006.

5

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended March 31, 2006
(In Thousands)
	PMA
	Insurance		Corporate			Run-off
	Group		& Other1			Operations			Consolidated
Gross Premiums Written	$	133,737	$	(168	)	$	398		$	133,967
Net Premiums Written	$	113,390	$	(168	)	$	606		$	113,828
Revenues:
Net premiums earned	$	91,221	$	(168	)	$	606		$	91,659
Net investment income		8,559		(360	)		3,201			11,400
Other revenues		7,074		30			-			7,104
Operating revenues		106,854		(498	)		3,807			110,163
Losses and Expenses:
Losses and loss adjustment expenses		64,519		-			874			65,393
Acquisition expenses		18,219		-			(894	)		17,325
Operating expenses		14,325		1,996			3,666			19,987
Dividends to policyholders		1,422		-			-			1,422
Total losses and expenses		98,485		1,996			3,646			104,127
Operating income (loss) before income taxes
and interest expense		8,369		(2,494	)		161			6,036
Interest expense		228		3,645			-			3,873
Pre-tax operating income (loss)	$	8,141	$	(6,139	)	$	161			2,163
Net realized investment gains										1,818
Pre-tax income									$	3,981

¹ Corporate & Other includes the effect of eliminating transactions between the Insurance Operations.

6

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		5,965		227			-			6,192
Operating revenues		98,206		304			7,117			105,627
Losses and Expenses:
Losses and loss adjustment expenses		62,218		-			31,770			93,988
Acquisition expenses		16,767		-			1,904			18,671
Operating expenses		12,107		2,502			3,089			17,698
Dividends to policyholders		502		-			-			502
Total losses and expenses		91,594		2,502			36,763			130,859
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	)

¹ Corporate & Other includes the effect of eliminating transactions between the Insurance Operations.

7

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
	2005		2005		2005		2005		2006		Quarter
Gross Premiums Written	$	116,272	$	93,680	$	129,163	$	82,490	$	133,737		15.0	%
Net Premiums Written	$	105,474	$	82,103	$	116,877	$	71,339	$	113,390		7.5	%
Revenues:
Net premiums earned	$	84,700	$	85,541	$	92,214	$	96,187	$	91,221		7.7	%
Net investment income		7,541		7,716		8,160		8,328		8,559		13.5	%
Other revenues		5,965		4,906		6,172		6,837		7,074		18.6	%
Total revenues		98,206		98,163		106,546		111,352		106,854		8.8	%
Losses and Expenses:
Losses and loss adjustment expenses		62,218		61,331		67,995		68,732		64,519		3.7	%
Acquisition expenses		16,767		17,254		18,279		18,998		18,219		8.7	%
Operating expenses		12,107		12,875		13,100		17,191		14,325		18.3	%
Dividends to policyholders		502		1,762		567		2,343		1,422		NM
Total losses and expenses		91,594		93,222		99,941		107,264		98,485		7.5	%
Operating income before income taxes
and interest expense		6,612		4,941		6,605		4,088		8,369		26.6	%
Interest expense		-		-		5		221		228		NM
Pre-tax operating income	$	6,612	$	4,941	$	6,600	$	3,867	$	8,141		23.1	%

8

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group
	1st			2nd			3rd			4th			1st			Point Chg.
	Quarter			Quarter			Quarter			Quarter			Quarter			1st Quarter
	2005			2005			2005			2005			2006			Better (Worse)
Ratios - GAAP Basis:
Loss and LAE ratio		73.5	%		71.7	%		73.7	%		71.5	%		70.7	%		2.8
Expense ratio:
Acquisition expenses		19.8	%		20.2	%		19.8	%		19.8	%		20.0	%		(0.2	)
Operating expenses 1		9.5	%		10.3	%		9.2	%		12.5	%		9.8	%		(0.3	)
Total expense ratio		29.3	%		30.5	%		29.0	%		32.3	%		29.8	%		(0.5	)
Policyholders' dividend ratio		0.6	%		2.1	%		0.6	%		2.4	%		1.6	%		(1.0	)
Combined ratio		103.4	%		104.3	%		103.3	%		106.2	%		102.1	%		1.3
Net investment income ratio		-8.9	%		-9.0	%		-8.8	%		-8.7	%		-9.4	%		0.5
Operating ratio		94.5	%		95.3	%		94.5	%		97.5	%		92.7	%		1.8

¹ The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $8.0 million, $8.9 million, $8.4 million, $12.1 million and $8.9 million for the first, second, third and fourth quarters of 2005 and the first quarter of 2006, respectively.

9

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
	2005			2005		2005			2005		2006			Quarter
Gross Premiums Written	$	5,235		$	1,609	$	1,138		$	4,959	$	398			-92.4	%
Net Premiums Written	$	4,929		$	1,504	$	789		$	3,028	$	606			-87.7	%
Revenues:
Net premiums earned	$	3,217		$	3,399	$	204		$	3,386	$	606			-81.2	%
Net investment income		3,900			4,569		4,217			3,652		3,201			-17.9	%
Total revenues		7,117			7,968		4,421			7,038		3,807			-46.5	%
Losses and Expenses:
Losses and loss adjustment expenses		31,770			1,930		117			981		874			-97.2	%
Acquisition expenses		1,904			729		1,412			538		(894	)		NM
Operating expenses		3,089			4,176		3,150			3,681		3,666			18.7	%
Total losses and expenses		36,763			6,835		4,679			5,200		3,646			-90.1	%
Pre-tax operating income (loss)	$	(29,646	)	$	1,133	$	(258	)	$	1,838	$	161			NM

10

PMA Capital Corporation
Statements of Operations - Corporate & Other
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2005			2005			2005			2005			2006			Quarter
Gross Premiums Written	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(168	)		13.4	%
Net Premiums Written	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(168	)		13.4	%
Revenues:
Net premiums earned	$	(194	)	$	(220	)	$	(195	)	$	(209	)	$	(168	)		13.4	%
Net investment income		271			257			271			(219	)		(360	)		NM
Other revenues		227			33			37			109			30			-86.8	%
Total revenues		304			70			113			(319	)		(498	)		NM
Losses and Expenses:
Operating expenses		2,502			1,751			1,622			2,627			1,996			-20.2	%
Total losses and expenses		2,502			1,751			1,622			2,627			1,996			-20.2	%
Operating loss before income taxes,
and interest expense		(2,198	)		(1,681	)		(1,509	)		(2,946	)		(2,494	)		-13.5	%
Interest expense		3,969			4,040			4,100			3,776			3,645			-8.2	%
Pre-tax operating loss	$	(6,167	)	$	(5,721	)	$	(5,609	)	$	(6,722	)	$	(6,139	)		0.5	%

11

PMA Capital Corporation
Operating Cash Flows - Consolidated
(In Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006
Receipts:
Premiums and other revenues collected	$	96,675		$	108,706		$	90,858		$	98,661		$	104,991
Investment income received		14,814			14,656			15,942			16,393			15,368
Total receipts		111,489			123,362			106,800			115,054			120,359
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,812			14,240			16,593			20,720			3,496
Losses and LAE paid - prior years		112,312			134,182			86,329			174,212			92,597
Total losses and LAE paid		116,124			148,422			102,922			194,932			96,093
Insurance operating expenses paid		38,632			39,585			39,009			27,271			46,203
Policyholders' dividends paid		2,115			1,284			820			531			246
Interest on corporate debt		4,387			1,987			5,327			2,197			4,791
Total disbursements		161,258			191,278			148,078			224,931			147,333
Net other		7,258			1,046			3,564			(15,349	)		(12,368	)
Net operating cash flows	$	(42,511	)	$	(66,870	)	$	(37,714	)	$	(125,226	)	$	(39,342	)

12

PMA Capital Corporation
Operating Cash Flows - PMA Insurance Group
(In Thousands)
	1st		2nd			3rd		4th			1st
	Quarter		Quarter			Quarter		Quarter			Quarter
	2005		2005			2005		2005			2006
Receipts:
Premiums and other revenues collected	$	93,148	$	100,170		$	91,212	$	97,910		$	99,740
Investment income received		9,404		9,682			10,262		10,606			10,479
Total receipts		102,552		109,852			101,474		108,516			110,219
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,810		14,233			16,584		20,720			3,496
Losses and LAE paid - prior years		72,999		69,276			55,520		43,853			65,113
Losses and LAE		76,809		83,509			72,104		64,573			68,609
Insurance operating expenses paid		34,238		36,988			33,988		23,305			42,110
Policyholders' dividends paid		2,115		1,284			820		531			246
Total disbursements		113,162		121,781			106,912		88,409			110,965
Net other		13,760		2,002			6,012		(18,822	)		(6,600	)
Net operating cash flows	$	3,150	$	(9,927	)	$	574	$	1,285		$	(7,346	)

13

PMA Capital Corporation
Operating Cash Flows - Run-off Operations
(In Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			2006
Receipts:
Premiums collected	$	3,527		$	8,536		$	(354	)	$	751		$	5,251
Investment income received		5,410			4,974			5,680			5,787			4,889
Total receipts		8,937			13,510			5,326			6,538			10,140
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		2			7			9			-			-
Losses and LAE paid - prior years		39,313			64,906			30,809			130,359			27,484
Total losses and LAE paid		39,315			64,913			30,818			130,359			27,484
Insurance operating expenses paid		4,394			2,597			5,021			3,966			4,093
Total disbursements		43,709			67,510			35,839			134,325			31,577
Net other		(74	)		(4,890	)		(1,912	)		4,004			1,083
Net operating cash flows	$	(34,846	)	$	(58,890	)	$	(32,425	)	$	(123,783	)	$	(20,354	)

14

PMA Capital Corporation
Statutory Surplus
(In Thousands)
	1st		2nd		3rd			4th			1st
	Quarter		Quarter		Quarter			Quarter			Quarter
	2005		2005		2005			2005			20061
PMA Pool 2	$	298,686	$	299,219	$	311,802	5	$	315,056	5	$	316,726	4, 5
PMA Capital Insurance Company 3		218,322		215,348		210,663			204,920			203,261	4

PMA Capital Corporation

Statutory Financial Information - PMA Pool ²

(In Thousands)

	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2005			2005			2005			2005			20061
Net Premiums Written:
Workers' Compensation & Integrated     Disability	$	94,737		$	70,944		$	101,435		$	63,086		$	100,096
Other Commercial Lines		10,787			10,998			13,487			4,723			11,048
Total - PMA Pool	$	105,524		$	81,942		$	114,922		$	67,809		$	111,144
Statutory Ratios:
Loss and LAE ratio		73.3	%		73.0	%		73.3	%		73.0	%		71.5	%
Underwriting expense ratio		25.2	%		30.2	%		25.1	%		32.5	%		24.6	%
Policyholders' dividend ratio		0.9	%		0.8	%		0.8	%		1.1	%		0.9	%
Combined ratio		99.4	%		104.0	%		99.2	%		106.6	%		97.0	%
Operating ratio		91.2	%		95.2	%		91.2	%		98.6	%		88.4	%

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 unassigned surplus of $137.4 million and $9.7 million for the PMA Pool and PMA Capital Insurance Company, respectively.

⁵ Includes $10 million related to surplus notes.

15

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 5/05/2006):
	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.

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