Pma Capital (PMACA) 8-K PMA Capital Announces Improved First Quarter 2007 Results

Exhibit 99.2

Statistical Supplement

First Quarter

2007

PMA Capital Corporation
Statistical Supplement
First Quarter - 2007
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

a reconciliation 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
	2006			2006			2006			2006			2007			Quarter
Gross Premiums Written by Segment:
PMA Insurance Group	$	133,737		$	99,328		$	133,903		$	89,484		$	164,720			23.2	%
Run-off Operations		398			960			526			102			1,507			NM
Corporate & Other		(168	)		(213	)		(158	)		(157	)		(156	)		7.1	%
Gross premiums written	$	133,967		$	100,075		$	134,271		$	89,429		$	166,071			24.0	%
Net Premiums Written by Segment:
PMA Insurance Group	$	113,390		$	85,639		$	107,795		$	66,873		$	125,893			11.0	%
Run-off Operations		606			527			701			309			1,495			NM
Corporate & Other		(168	)		(213	)		(158	)		(157	)		(156	)		7.1	%
Net premiums written	$	113,828		$	85,953		$	108,338		$	67,025		$	127,232			11.8	%
Major Components of Net Income (Loss):
Pre-tax operating income (loss) by segment:
PMA Insurance Group	$	8,141		$	6,671		$	8,351		$	5,721		$	11,723			44.0	%
Run-off Operations		161			428			174			485			(738	)		NM
Corporate & Other		(6,139	)		(6,128	)		(5,016	)		(5,282	)		(5,309	)		13.5	%
Pre-tax operating income		2,163			971			3,509			924			5,676			NM
Net realized investment gains (losses)		1,818			(1,978	)		(799	)		(26	)		(430	)		NM
Pre-tax income (loss)		3,981			(1,007	)		2,710			898			5,246			31.8	%
Income tax expense (benefit)		1,500			(245	)		1,209			67			1,900			26.7	%
Net income (loss)	$	2,481		$	(762	)	$	1,501		$	831		$	3,346			34.9	%
After-tax operating income	$	1,299		$	524		$	2,020		$	848		$	3,626			NM
Diluted Earnings (Loss) Per Share:
Net income (loss)	$	0.08		$	(0.02	)	$	0.05		$	0.03		$	0.10			25.0	%
Less the impact of:
Realized gains (losses) after tax		0.04			(0.04	)		(0.01	)		-			(0.01	)		NM
After-tax operating income	$	0.04		$	0.02		$	0.06		$	0.03		$	0.11			NM
Capitalization:
Debt	$	189,181		$	148,303		$	131,561		$	131,211		$	130,822			-30.8	%
Shareholders' equity excluding FAS 115 unrealized loss		413,516			417,064			418,372			425,132			424,894			2.8	%
Total capitalization excluding FAS 115 unrealized loss		602,697			565,367			549,933			556,343			555,716			-7.8	%
FAS 115 unrealized loss		(13,941	)		(18,733	)		(6,169	)		(6,039	)		(1,084	)		92.2	%
Total capitalization including FAS 115 unrealized loss	$	588,756		$	546,634		$	543,764		$	550,304		$	554,632			-5.8	%
Book Value Per Share:
Excluding FAS 115 unrealized loss	$	12.83		$	12.79		$	12.82		$	13.02		$	13.02			1.5	%
Including FAS 115 unrealized loss	$	12.39		$	12.21		$	12.63		$	12.83		$	12.99			4.8	%
Debt to Total Capital:
Excluding FAS 115 unrealized loss		31.4	%		26.2	%		23.9	%		23.6	%		23.5	%		-25.2	%
Including FAS 115 unrealized loss		32.1	%		27.1	%		24.2	%		23.8	%		23.6	%		-26.5	%
Interest Coverage:
Income before interest and income taxes
to interest expense		2.03			0.73			1.89			1.32			2.86			40.9	%
Operating income before interest and income taxes
to interest expense		1.56			1.26			2.15			1.33			3.02			93.6	%

1

PMA Capital Corporation
Consolidated Statements of Operations - Per Share Data
	1st		2nd			3rd		4th		1st
	Quarter		Quarter			Quarter		Quarter		Quarter
	2006		2006			2006		2006		2007
Diluted Earnings (Loss) Per Share:
Net income (loss)	$	0.08	$	(0.02	)	$	0.05	$	0.03	$	0.10
Pre-tax operating income	$	0.07	$	0.03		$	0.11	$	0.03	$	0.17
After-tax operating income	$	0.04	$	0.02		$	0.06	$	0.03	$	0.11
Diluted weighted average common
shares outstanding		32,405,934		32,132,618			32,922,643		32,916,423		32,900,397
Dividends declared:
Class A Common Stock	$	-	$	-		$	-	$	-	$	-
Actual common shares issued
and outstanding		32,239,288		32,613,234			32,646,689		32,659,194		32,630,669
Class A Common Stock prices:
High	$	10.43	$	10.49		$	10.75	$	10.15	$	9.77
Low	$	8.68	$	9.24		$	8.60	$	8.60	$	8.40
Close	$	10.18	$	10.30		$	8.82	$	9.22	$	9.39

2

PMA Capital Corporation
Consolidated Statements of Operations
(Dollar Amounts in Thousands)
	1st		2nd			3rd			4th			1st			% Change
	Quarter		Quarter			Quarter			Quarter			Quarter			1st
	2006		2006			2006			2006			2007			Quarter
Gross Premiums Written	$	133,967	$	100,075		$	134,271		$	89,429		$	166,071			24.0	%
Net Premiums Written	$	113,828	$	85,953		$	108,338		$	67,025		$	127,232			11.8	%
Revenues:
Net premiums earned	$	91,659	$	94,922		$	95,284		$	88,316		$	95,032			3.7	%
Net investment income		11,400		11,058			10,747			10,333			10,525			-7.7	%
Net realized investment gains (losses)		1,818		(1,978	)		(799	)		(26	)		(430	)		NM
Other revenues		7,104		7,286			6,624			7,107			7,787			9.6	%
Total revenues		111,981		111,288			111,856			105,730			112,914			0.8	%
Expenses:
Losses and loss adjustment expenses		65,393		66,379			66,754			60,695			67,026			2.5	%
Acquisition expenses		17,325		19,552			19,811			17,825			19,138			10.5	%
Operating expenses		19,987		21,580			18,953			22,966			17,066			-14.6	%
Dividends to policyholders		1,422		1,011			589			510			1,622			14.1	%
Interest expense		3,873		3,773			3,039			2,836			2,816			-27.3	%
Total losses and expenses		108,000		112,295			109,146			104,832			107,668			-0.3	%
Pre-tax income (loss)		3,981		(1,007	)		2,710			898			5,246			31.8	%
Income tax expense (benefit):
Current		-		-			-			-			-			NM
Deferred		1,500		(245	)		1,209			67			1,900			26.7	%
Total income tax expense (benefit)		1,500		(245	)		1,209			67			1,900			26.7	%
Net income (loss)	$	2,481	$	(762	)	$	1,501		$	831		$	3,346			34.9	%
Pre-tax operating income	$	2,163	$	971		$	3,509		$	924		$	5,676			NM
After-tax operating income	$	1,299	$	524		$	2,020		$	848		$	3,626			NM

3

PMA Capital Corporation
Consolidated Balance Sheets
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2006			2006			2006			2006			2007
Assets:
Investments in fixed maturities available for sale	$	994,972		$	913,376		$	904,074		$	871,951		$	735,048
Investments in fixed maturities trading		-			-			-			-			122,669
Short-term investments		63,641			70,994			59,227			86,448			93,385
Short-term investments, loaned securities collateral		9,991			4,771			-			-			-
Total investments		1,068,604			989,141			963,301			958,399			951,102
Cash		13,667			26,004			30,387			14,105			9,924
Accrued investment income		11,395			9,312			10,993			9,351			5,407
Premiums receivable		209,354			205,825			218,126			207,771			257,445
Reinsurance receivables		1,086,830			1,071,332			1,069,153			1,039,979			1,042,478
Deferred income taxes, net		107,908			110,452			102,986			100,019			97,565
Deferred acquisition costs		39,308			37,336			40,384			36,239			41,726
Funds held by reinsureds		148,512			151,873			133,222			130,214			132,926
Other assets		179,061			171,713			184,904			170,330			189,432
Total assets	$	2,864,639		$	2,772,988		$	2,753,456		$	2,666,407		$	2,728,005
Liabilities:
Unpaid losses and loss adjustment expenses	$	1,776,822		$	1,727,369		$	1,690,483		$	1,634,865		$	1,620,952
Unearned premiums		199,129			189,140			217,506			202,973			249,689
Debt		189,181			148,303			131,561			131,211			130,822
Accounts payable, accrued expenses
and other liabilities		205,114			220,350			219,146			210,740			234,901
Funds held under reinsurance treaties		79,815			79,966			77,813			63,075			63,348
Dividends to policyholders		4,998			4,725			4,744			4,450			4,483
Payable under securities loan agreements		10,005			4,804			-			-			-
Total liabilities		2,465,064			2,374,657			2,341,253			2,247,314			2,304,195
Shareholders' Equity:
Class A Common Stock		171,090			171,090			171,090			171,090			171,090
Additional paid-in capital		110,042			110,552			111,116			109,922			110,527
Retained earnings		185,393			180,626			181,719			184,216			183,611
Accumulated other comprehensive loss		(33,358	)		(37,630	)		(26,010	)		(20,624	)		(15,675	)
Treasury stock, at cost		(33,592	)		(26,307	)		(25,712	)		(25,511	)		(25,743	)
Total shareholders' equity		399,575			398,331			412,203			419,093			423,810
Total liabilities and shareholders' equity	$	2,864,639		$	2,772,988		$	2,753,456		$	2,666,407		$	2,728,005

4

PMA Capital Corporation
Invested Assets and Net Investment Income
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2006			2006			2006			2006			2007
Total Investments & Cash
As reported	$	1,082,271		$	1,015,145		$	993,688		$	972,504		$	961,026
Less:
Securities lending activity		10,005			4,804			-			-			-
Unrealized loss		(21,448	)		(28,820	)		(9,490	)		(9,291	)		(1,668	)
Unrealized loss and accrued income - trading		-			-			-			-			(5,858	)
Total adjusted investments & cash	$	1,093,714		$	1,039,161		$	1,003,178		$	981,795		$	968,552
Net Investment Income
As reported	$	11,400		$	11,058		$	10,747		$	10,333		$	10,525
Funds held:
Assumed		335			537			185			160			246
Ceded		(1,519	)		(1,643	)		(1,482	)		(1,374	)		(1,560	)
Total funds held		(1,184	)		(1,106	)		(1,297	)		(1,214	)		(1,314	)
Total adjusted investment income	$	12,584		$	12,164		$	12,044		$	11,547		$	11,839
Yield
As reported		4.11	%		4.22	%		4.28	%		4.20	%		4.35	%
Investment portfolio		4.50	%		4.56	%		4.72	%		4.65	%		4.86	%
Duration (in years)		3.7			3.5			3.4			3.3			3.3
PMA Capital Corporation
Debt
(Dollar Amounts in Thousands)
	Amount
	Outstanding			Maturity
6.50% convertible debt	$	19,326			20221
Derivative component of 6.50% convertible debt		2,686
4.25% convertible debt		455			20222
8.50% senior notes		54,900			2018
Junior subordinated debt 3		43,816			2033
Surplus notes 4		10,000			2035
Unamortized debt discount		(361	)
Total long-term debt	$	130,822

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.
2	Holders of this debt, at their option, may require us to repurchase all or a portion of their debentures on September 30, 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 9.48% as of March 31, 2007.
4	Interest rate on surplus notes is 9.86% as of March 31, 2007.

5

PMA Capital Corporation
Statements of Operations - Consolidating
Three Months Ended March 31, 2007
(Dollar Amounts in Thousands)
	PMA
	Insurance		Corporate			Run-off
	Group		& Other1			Operations			Consolidated
Gross Premiums Written	$	164,720	$	(156	)	$	1,507		$	166,071
Net Premiums Written	$	125,893	$	(156	)	$	1,495		$	127,232
Revenues:
Net premiums earned	$	93,995	$	(156	)	$	1,193		$	95,032
Net investment income		9,704		(179	)		1,000			10,525
Other revenues		7,680		107			-			7,787
Operating revenues		111,379		(228	)		2,193			113,344
Losses and Expenses:
Losses and loss adjustment expenses		65,919		-			1,107			67,026
Acquisition expenses		18,779		-			359			19,138
Operating expenses		13,087		2,514			1,465			17,066
Dividends to policyholders		1,622		-			-			1,622
Total losses and expenses		99,407		2,514			2,931			104,852
Operating income (loss) before income taxes
and interest expense		11,972		(2,742	)		(738	)		8,492
Interest expense		249		2,567			-			2,816
Pre-tax operating income (loss)	$	11,723	$	(5,309	)	$	(738	)		5,676
Net realized investment losses										(430	)
Pre-tax income									$	5,246

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, 2006
(Dollar Amounts 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.

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
	2006		2006		2006		2006		2007		Quarter
Gross Premiums Written	$	133,737	$	99,328	$	133,903	$	89,484	$	164,720		23.2	%
Net Premiums Written	$	113,390	$	85,639	$	107,795	$	66,873	$	125,893		11.0	%
Revenues:
Net premiums earned	$	91,221	$	94,803	$	94,696	$	87,379	$	93,995		3.0	%
Net investment income		8,559		8,753		8,998		9,190		9,704		13.4	%
Other revenues		7,074		7,165		6,573		7,065		7,680		8.6	%
Total revenues		106,854		110,721		110,267		103,634		111,379		4.2	%
Losses and Expenses:
Losses and loss adjustment expenses		64,519		67,682		68,255		61,841		65,919		2.2	%
Acquisition expenses		18,219		18,923		19,098		17,486		18,779		3.1	%
Operating expenses		14,325		16,193		13,720		17,821		13,087		-8.6	%
Dividends to policyholders		1,422		1,011		589		510		1,622		14.1	%
Total losses and expenses		98,485		103,809		101,662		97,658		99,407		0.9	%
Operating income before income taxes
and interest expense		8,369		6,912		8,605		5,976		11,972		43.1	%
Interest expense		228		241		254		255		249		9.2	%
Pre-tax operating income	$	8,141	$	6,671	$	8,351	$	5,721	$	11,723		44.0	%

8

PMA Capital Corporation
Insurance Ratios - PMA Insurance Group
	1st Quarter 2006			2nd Quarter 2006			3rd Quarter 2006			4th Quarter 2006			1st Quarter 2007			Point Chg. 1st Quarter Better (Worse)
Ratios - GAAP Basis:
Loss and LAE ratio		70.7	%		71.4	%		72.1	%		70.8	%		70.1	%		0.6
Expense ratio:
Acquisition expenses		20.0	%		20.0	%		20.2	%		20.0	%		20.0	%		-
Operating expenses 1		8.6	%2		10.0	%2		8.1	%2		12.9	%2		6.4	%		2.2
Total expense ratio		28.6	%		30.0	%		28.3	%		32.9	%		26.4	%		2.2
Policyholders' dividend ratio		1.6	%		1.1	%		0.6	%		0.6	%		1.7	%		(0.1	)
Combined ratio		100.9	%2		102.5	%2		101.0	%2		104.3	%2		98.2	%		2.7
Net investment income ratio		-9.4	%		-9.2	%		-9.5	%		-10.5	%		-10.3	%		0.9
Operating ratio		91.5	%		93.3	%		91.5	%		93.8	%		87.9	%		3.6

1	The operating expense ratio equals insurance-related operating expenses divided by net premiums earned. Insurance-related operating expenses were $7.9 million, $9.5 million, $7.7 million, $11.3 million and $6.0 million for the first, second, third and fourth quarters of 2006 and the first quarter of 2007, respectively.
2	Certain reclassifications between insurance-related and non-insurance related expenses of prior period amounts have been made to conform to the current year presentation. These reclassifications had no impact on the previously reported full year 2006 ratios.

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
	2006			2006			2006			2006			2007			Quarter
Gross Premiums Written	$	398		$	960		$	526		$	102		$	1,507			NM
Net Premiums Written	$	606		$	527		$	701		$	309		$	1,495			NM
Revenues:
Net premiums earned	$	606		$	332		$	746		$	1,094		$	1,193			96.9	%
Net investment income		3,201			2,408			1,695			1,392			1,000			-68.8	%
Total revenues		3,807			2,740			2,441			2,486			2,193			-42.4	%
Losses and Expenses:
Losses and loss adjustment expenses		874			(1,303	)		(1,501	)		(1,146	)		1,107			26.7	%
Acquisition expenses		(894	)		629			713			339			359			NM
Operating expenses		3,666			2,986			3,055			2,808			1,465			-60.0	%
Total losses and expenses		3,646			2,312			2,267			2,001			2,931			-19.6	%
Pre-tax operating income (loss)	$	161		$	428		$	174		$	485		$	(738	)		NM

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PMA Capital Corporation
Statements of Operations - Corporate & Other
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th			1st			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			1st
	2006			2006			2006			2006			2007			Quarter
Gross Premiums Written	$	(168	)	$	(213	)	$	(158	)	$	(157	)	$	(156	)		7.1	%
Net Premiums Written	$	(168	)	$	(213	)	$	(158	)	$	(157	)	$	(156	)		7.1	%
Revenues:
Net premiums earned	$	(168	)	$	(213	)	$	(158	)	$	(157	)	$	(156	)		7.1	%
Net investment income		(360	)		(103	)		54			(249	)		(179	)		50.3	%
Other revenues		30			121			51			42			107			NM
Total revenues		(498	)		(195	)		(53	)		(364	)		(228	)		54.2	%
Losses and Expenses:
Operating expenses		1,996			2,401			2,178			2,337			2,514			26.0	%
Total losses and expenses		1,996			2,401			2,178			2,337			2,514			26.0	%
Operating loss before income taxes
and interest expense		(2,494	)		(2,596	)		(2,231	)		(2,701	)		(2,742	)		-9.9	%
Interest expense		3,645			3,532			2,785			2,581			2,567			-29.6	%
Pre-tax operating loss	$	(6,139	)	$	(6,128	)	$	(5,016	)	$	(5,282	)	$	(5,309	)		13.5	%

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PMA Capital Corporation
Operating Cash Flows - Consolidated
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2006			2006			2006			2006			2007
Receipts:
Premiums and other revenues collected	$	104,991		$	96,652		$	108,027		$	93,253		$	102,505
Investment income received		15,368			14,890			11,795			13,730			13,251
Total receipts		120,359			111,542			119,822			106,983			115,756
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,496			17,337			17,034			22,696			4,605
Losses and LAE paid - prior years		92,597			92,004			65,455			90,825			85,995
Total losses and LAE paid		96,093			109,341			82,489			113,521			90,600
Insurance operating expenses paid		46,203			39,618			26,899			30,327			38,826
Policyholders' dividends paid		246			397			451			812			499
Interest on corporate debt		4,791			2,965			3,470			2,461			3,082
Total disbursements		147,333			152,321			113,309			147,121			133,007
Net other		(12,368	)		7,406			(9,204	)		19,380			1,024
Net operating cash flows	$	(39,342	)	$	(33,373	)	$	(2,691	)	$	(20,758	)	$	(16,227	)

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PMA Capital Corporation
Operating Cash Flows - PMA Insurance Group
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th		1st
	Quarter			Quarter			Quarter			Quarter		Quarter
	2006			2006			2006			2006		2007
Receipts:
Premiums and other revenues collected	$	99,740		$	94,320		$	107,102		$	92,720	$	99,923
Investment income received		10,479			10,598			8,831			10,564		10,504
Total receipts		110,219			104,918			115,933			103,284		110,427
Disbursements:
Losses and LAE paid:
Losses and LAE paid - current year		3,496			17,337			17,034			22,696		4,605
Losses and LAE paid - prior years		65,113			57,537			45,463			44,787		62,815
Total losses and LAE paid		68,609			74,874			62,497			67,483		67,420
Insurance operating expenses paid		42,110			35,129			24,446			26,521		35,766
Policyholders' dividends paid		246			397			451			812		499
Interest on corporate debt		224			227			246			255		252
Total disbursements		111,189			110,627			87,640			95,071		103,937
Net other		(6,376	)		1,955			(1,939	)		4,615		(4,189	)
Net operating cash flows	$	(7,346	)	$	(3,754	)	$	26,354		$	12,828	$	2,301

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PMA Capital Corporation
Operating Cash Flows - Run-off Operations
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2006			2006			2006			2006			2007
Receipts:
Premiums collected	$	5,251		$	2,332		$	925		$	533		$	2,582
Investment income received		4,889			4,292			2,964			3,166			2,747
Total receipts		10,140			6,624			3,889			3,699			5,329
Disbursements:
Losses and LAE paid:
Losses and LAE paid - prior years		27,484			34,467			19,992			46,038			23,180
Total losses and LAE paid		27,484			34,467			19,992			46,038			23,180
Insurance operating expenses paid		4,093			4,489			2,453			3,806			3,060
Total disbursements		31,577			38,956			22,445			49,844			26,240
Net other		1,083			1,775			(5,500	)		8,071			(1,382	)
Net operating cash flows	$	(20,354	)	$	(30,557	)	$	(24,056	)	$	(38,074	)	$	(22,293	)

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PMA Capital Corporation
Statutory Surplus
(Dollar Amounts in Thousands)
	1st		2nd			3rd		4th		1st
	Quarter		Quarter			Quarter		Quarter		Quarter
	2006		2006			2006		2006		20071
PMA Pool 2	$	316,726	$	321,114		$	325,242	$	321,245	$	327,379 4
PMA Capital Insurance Company 3		203,261		125,989	5		123,428		121,566		117,098 4

PMA Capital Corporation
Statutory Financial Information - PMA Pool 2
(Dollar Amounts in Thousands)
	1st			2nd			3rd			4th			1st
	Quarter			Quarter			Quarter			Quarter			Quarter
	2006			2006			2006			2006			20071
Net Premiums Written:
Workers' Compensation	$	100,096		$	76,602		$	95,437		$	58,731		$	113,732
Other Commercial Lines		11,048			6,687			6,067			4,637			10,258
Total - PMA Pool	$	111,144		$	83,289		$	101,504		$	63,368		$	123,990
Statutory Ratios:
Loss and LAE ratio		71.5	%		72.5	%		72.1	%		71.3	%		71.2	%
Underwriting expense ratio		24.6	%		31.6	%		26.3	%		37.5	%		21.1	%
Policyholders' dividend ratio		0.9	%		0.1	%		0.5	%		0.6	%		0.6	%
Combined ratio		97.0	%		104.2	%		98.9	%		109.4	%		92.9	%
Operating ratio		88.4	%		96.0	%		90.5	%		99.8	%		83.3	%

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 (deficit) of $148.1 million and ($3.0) million for the PMA Pool and PMA Capital Insurance Company, respectively.
5	In May 2006, PMA Capital Insurance Company paid an extraordinary dividend in the amount of $73.5 million to its parent, PMA Capital Corporation.

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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	610.397.5083
New York, NY 10038	e-mail: bhitselberger@pmacapital.com
www.amstock.com
	Investor Relations
Phone Inquiries:	610.397.5298
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 5/2/2007):
	A.M. Best	Moody's
PMA Pool 1	A- (4th of 16)	Baa3 (10th 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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