Philadelphia Consolidated Holding Corp. Reports Losses on Weather Events

BALA CYNWYD, Pa., June 19 /PRNewswire-FirstCall/ -- Philadelphia
Consolidated Holding Corp. (Nasdaq: PHLY) today reported its initial loss
estimates for the following weather events:
-- Hail, tornado and wind losses which occurred in Minnesota, Nebraska,
Kansas and Oklahoma during the period May 22, 2008 through May 26, 2008, and
-- Hail, tornado and wind losses which occurred in Illinois, Indiana,
Kansas, Minnesota, Nebraska, and Oklahoma during the period May 29, 2008
through June 1, 2008.
Although claims information is preliminary, the Company estimates its net
pre-tax losses related to these events to be approximately $10.0 million for
each of these two events (a total of approximately $20.0 million). The
Company estimates a total reduction of second quarter net income as a result
of these events of $13.0 million ($0.18 per diluted share).
Forward-Looking Information
This release may contain forward-looking statements that are based on
management's estimates, assumptions and projections. In connection with the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995, the Company provides the following cautionary remarks regarding
important factors which, among others, could cause the Company's actual
results and experience to differ materially from the anticipated results or
other expectations expressed in the Company's forward-looking statements. The
risks and uncertainties that may affect the operations, performance,
development, results of the Company's business, and the other matters referred
to above include, but are not limited to: (i) changes in the business
environment in which the Company operates, including inflation and interest
rates; (ii) changes in taxes, governmental laws, and regulations; (iii)
competitive product and pricing activity; (iv) difficulties of managing growth
profitably; (v) claims development and the adequacy of the Company's liability
for unpaid loss and loss adjustment expenses; (vi) severity of natural
disasters and other catastrophe losses; (vii) adequacy of reinsurance coverage
which may be obtained by the Company; (viii) ability and willingness of the
Company's reinsurers to pay; (ix) future terrorist attacks; and (x) the
outcome of the Securities and Exchange Commission's industry-wide
investigation relating to the use of non-traditional insurance products,
including finite risk reinsurance arrangements. The Company does not intend
to publicly update any forward looking statement, except as may be required by
law.
In operation since 1962, PHLY designs, markets, and underwrites commercial
property/casualty and professional liability insurance products incorporating
value added coverages and services for select industries. The Company, whose
commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best
Company and A1 for insurance financial strength by Moody's Investors Services,
is nationally recognized as a member of Ward's Top 50, Forbes' Platinum 400
list of America's Best Big Companies and Forbes' 100 Best Mid-Cap Stocks in
America. The organization has 47 offices strategically located across the
United States to provide superior service.
SOURCE Philadelphia Consolidated Holding Corp.

Media, Paula Negro, Assistant Vice President, Marketing, +1-610-766-3227,
pnegro@phlyins.com; or Investor Relations, Joseph Barnholt, Assistant Vice
President, +1-610-617-7626, jbarnholt@phlyins.com, both of Philadelphia
Consolidated Holding Corp.