EXHIBIT 11

            Philadelphia Consolidated Holding Corp. and Subsidiaries
                       Computation of Earnings Per Share
          (Dollars and Share Data in Thousands, Except Per Share Data)

<Table>
<Caption>
                                                        As of and For the Years Ended December 31,
                                                        ------------------------------------------
                                                         2001             2000              1999
                                                        -------          -------           -------
                                                                                  
Weighted-Average Common Shares Outstanding               16,529           12,178            12,501

Weighted-Average Share Equivalents Outstanding              656            2,412             2,615
                                                        -------          -------           -------
Weighted-Average Shares and Share Equivalents
 Outstanding                                             17,185           14,590            15,116
                                                        =======          =======           =======

Net Income                                              $30,559          $30,770           $18,843
                                                        =======          =======           =======

Basic Earnings Per Share                                  $1.85            $2.53             $1.51
                                                          =====            =====             =====

Diluted Earnings Per Share                                $1.78            $2.11             $1.25
                                                          =====            =====             =====
</Table>