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                                                                      EXHIBIT 11



            PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES
                        COMPUTATION OF EARNINGS PER SHARE
          (Dollars and Share Data in Thousands, except Per Share Data)
                                   (Unaudited)



                                                         As of and For the Three
                                                               Months Ended
                                                                March 31,
                                                           2000            1999
                                                           ----            ----
                                                                  
Weighted-Average Common Shares Outstanding                12,328          12,209

Weighted-Average Share Equivalents Outstanding             2,496           2,824
                                                        --------        --------

Weighted-Average Shares and Share
 Equivalents Outstanding                                  14,824          15,033
                                                        ========        ========

Net Income                                              $  5,665        $  4,937
                                                        ========        ========

Basic Earnings per Share                                $   0.46        $   0.40
                                                        ========        ========

Diluted Earnings per Share                              $   0.38        $   0.33
                                                        ========        ========