1




                        REPORT OF INDEPENDENT ACCOUNTANTS


Our report on the consolidated financial statements of Philadelphia Consolidated
Holding Corp. and Subsidiaries is included on page 26 of this Form 10-K. In
connection with our audits of such financial statements, we have also audited
the related financial statement schedules listed in the index on page 25 of this
Form 10-K.

In our opinion, the financial statement schedules referred to above, when
considered in relation to the basic consolidated financial statements taken as a
whole, present fairly, in all material respects, the information required to be
included therein.


/s/ PriceWaterhouseCoopers LLP
- ------------------------------

2400 Eleven Penn Center
Philadelphia, Pennsylvania
February 5, 1999