EXHIBIT 11

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



                                                                    As of and For the Years Ended December 31,
                                                                    ------------------------------------------
                                                                        2003          2002          2001
                                                                      ---------     ---------     ---------
                                                                                         
Weighted-Average Common Shares Outstanding                               21,909        21,611        16,529

Weighted-Average Share Equivalents Outstanding                              751           682           656
                                                                      ---------     ---------     ---------

Weighted-Average Shares and Share Equivalents Outstanding                22,660        22,293        17,185
                                                                      =========     =========     =========

Net Income                                                            $  60,277     $  36,005     $  30,559
                                                                      =========     =========     =========

Basic Earnings Per Share                                              $    2.75     $    1.67     $    1.85
                                                                      =========     =========     =========

Diluted Earnings Per Share                                            $    2.66     $    1.62     $    1.78
                                                                      =========     =========     =========