1
                                                                    Exhibit 99.1

[PHILADELPHIA CONSOLIDATED HOLDING CORP. LOGO]

[PHILADELPHIA CONSOLIDATED HOLDING CORP. LETTERHEAD]






                        PHILADELPHIA INSURANCE COMPANIES
                                 (NASDAQ-PHLY)


April 13, 1998
For Immediate Release

- --------------------------------------------------------------------------------

Philadelphia Consolidated Holding Corp. today announced that A.M. Best Company
has upgraded their rating of the Company's insurance subsidiaries from "A"
(Excellent) Class VII to "A+" (Superior) Class VIII. In awarding the higher
rating, A.M. Best said "the rating action reflects the group's superior
operating performance, very strong capitalization, favorable loss reserve
development . . . successful diversification strategies, and its consistent
track record of growing profitability". A.M. Best went on to note that... "the
group's operating returns have been outstanding, with a five year pre-tax
return on premiums of 20% and underwriting profit in each of the past 10 years".

Philadelphia Insurance Companies markets and underwrites specialty property and
casualty insurance products through 38 proprietary underwriting offices across
the U.S. of A. It is debt free and is also rated "A" by Standard & Poor's.