Philadelphia Consolidated Holding Corp. First Quarter Results March 31, 2001

Apr 20, 2001, 01:00 ET from Philadelphia Consolidated Holding Corp.

    BALA CYNWYD, Pa., April 20 /PRNewswire Interactive News Release/ --
 Philadelphia Consolidated Holding Corp. (Nasdaq:   PHLY) today reported
 Net income for the first quarter ended March 31, 2001 was $7.7 million ($0.54
 diluted and $0.57 basic earnings per share) and included $1.5 million in after
 tax net realized investment gains.  Net income for the first quarter ended
 March 31, 2000 was $5.7 million ($0.38 diluted and $0.46 basic earnings per
 share) and included $0.1 million in after tax net realized investment gains.
 Net operating income for the first quarter ended March 31, 2001 was
 $6.2 million ($0.44 per diluted share) vs. $5.6 million ($0.38 per diluted
 share) for the same period in 2000.  Gross written premiums increased 34.9% to
 $104.0 million vs. $77.1 million in the first quarter of 2000 and the combined
 ratio for the quarter was 92.6% vs. 92.5% for the same quarter in 2000.
     James J. Maguire, CEO said, "The first quarter growth was attributed to an
 impressive 92.8% retention of renewal accounts and price increases averaging
 in the range of 5% to 15%.  As anticipated, the competition for quality
 accounts continues to be keen, however, we note that there's less discounting
 by competition this year than in prior years.  Our outlook for the balance of
 the year continues to be very positive."
     Philadelphia Insurance Companies, rated "A+" (Superior) by A.M. Best
 Company, is a specialty niche Company which markets and underwrites property
 and casualty insurance products through 36 proprietary underwriting offices
 across the U.S. of A.  For more information about our Company or to review our
 2000 annual report, visit our web site at www.phlyins.com.
 
            PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
                                  (Unaudited)
 
                                             For the Three Months
                                               Ended March 31,
                                             2001           2000
     REVENUE:
       NET WRITTEN PREMIUMS                $77,087        $58,128
       CHANGE IN NET UNEARNED
        PREMIUM RESERVE (INCREASE)         (10,564)        (9,501)
       NET EARNED PREMIUMS                  66,523         48,627
       NET INVESTMENT INCOME                 8,042          6,264
       NET REALIZED INVESTMENT GAIN          2,299             93
       OTHER INCOME                             53          2,725
           TOTAL REVENUE                    76,917         57,709
 
     LOSSES AND EXPENSES:
       LOSS AND LOSS ADJUSTMENT EXPENSES    45,538         40,246
       NET REINSURANCE RECOVERIES           (6,386)       (12,006)
       NET LOSS AND LOSS
        ADJUSTMENT EXPENSES                 39,152         28,240
       ACQUISITION COSTS AND
        OTHER UNDERWRITING
        EXPENSES                            22,468         16,719
       OTHER OPERATING EXPENSES              2,032          2,810
          TOTAL LOSSES AND EXPENSES         63,652         47,769
 
     MINORITY INTEREST: DISTRIBUTIONS ON
      COMPANY OBLIGATED MANDATORILY
      REDEEMABLE PREFERRED SECURITIES
      OF SUBSIDIARY TRUST                    1,811          1,811
 
     INCOME BEFORE INCOME TAXES             11,454          8,129
 
     INCOME TAX EXPENSE (BENEFIT):
       CURRENT                               4,777          2,665
       DEFERRED                             (1,037)          (201)
          TOTAL INCOME TAX EXPENSE           3,740          2,464
 
          NET INCOME                        $7,714         $5,665
 
     PER AVERAGE SHARE DATA:
       BASIC EARNINGS PER SHARE              $0.57          $0.46
       DILUTED EARNINGS PER SHARE            $0.54          $0.38
 
     WEIGHTED-AVERAGE COMMON SHARES
      OUTSTANDING                       13,477,940     12,327,797
     WEIGHTED-AVERAGE SHARE
      EQUIVALENTS OUTSTANDING              701,604      2,496,325
     WEIGHTED-AVERAGE SHARES AND SHARE
      EQUIVALENTS OUTSTANDING           14,179,544     14,824,122
 
 
            PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES
 
                          CONSOLIDATED BALANCE SHEETS
                       (IN THOUSANDS, EXCEPT SHARE DATA)
                                  (Unaudited)
 
                                                   As of
                                          March 31,    December 31,
                                             2001          2000
 
                  ASSETS
     INVESTMENTS:
       FIXED MATURITIES AVAILABLE
        FOR SALE AT MARKET(AMORTIZED
        COST $435,337 AND $392,439)       $440,261        $394,733
       EQUITY SECURITIES AT
        MARKET (COST $21,850 AND $24,087)   34,479          42,553
          TOTAL INVESTMENTS                474,740         437,286
 
     CASH AND CASH EQUIVALENTS              33,876          49,742
     ACCRUED INVESTMENT INCOME               6,614           5,726
     PREMIUMS RECEIVABLE                    68,109          69,377
     PREPAID REINSURANCE PREMIUMS AND
      REINSURANCE RECEIVABLES               74,334          73,513
     INCOME TAXES RECOVERABLE                2,338          13,323
     DEFERRED INCOME TAXES                   3,068             909
     DEFERRED ACQUISITION COSTS             35,741          33,324
     PROPERTY AND EQUIPMENT                 10,472          10,476
     GOODWILL LESS ACCUMULATED AMORTIZATION
      OF $4,485 AND $4,112                  30,436          30,809
     OTHER ASSETS                            5,198           5,979
          TOTAL ASSETS                    $744,926        $730,464
 
 
        LIABILITIES AND SHAREHOLDERS' EQUITY
     POLICY LIABILITIES AND ACCRUALS:
       UNPAID LOSS AND LOSS
        ADJUSTMENT EXPENSES               $249,886        $237,494
       UNEARNED PREMIUMS                   158,153         145,484
          TOTAL POLICY LIABILITIES
           AND ACCRUALS                    408,039         382,978
     LOANS PAYABLE                          22,000
     PREMIUMS PAYABLE                       22,303          20,868
     OTHER LIABILITIES                      26,074          23,388
         TOTAL LIABILITIES                 456,416         449,234
 
     MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES:
       COMPANY OBLIGATED
        MANDATORILY REDEEMABLE
        PREFERRED SECURITIES OF
        SUBSIDIARY TRUST HOLDING
        SOLELY DEBENTURES OF COMPANY        98,905          98,905
 
     COMMITMENTS AND CONTINGENCIES
 
     SHAREHOLDERS' EQUITY:
      PREFERRED STOCK, $.01 PAR VALUE,
      10,000,000 SHARES AUTHORIZED,
      NONE ISSUED AND OUTSTANDING
 
     COMMON STOCK, NO PAR VALUE,
      50,000,000 SHARES AUTHORIZED,
      13,523,365 AND 13,431,408 SHARES ISSUED
      AND OUTSTANDING                       47,979          46,582
     NOTES RECEIVABLE FROM SHAREHOLDERS     (2,033)         (2,287)
     ACCUMULATED OTHER COMPREHENSIVE INCOME 11,409          13,494
     RETAINED EARNINGS                     132,250         124,536
          TOTAL SHAREHOLDERS' EQUITY       189,605         182,325
          TOTAL LIABILITIES AND
           SHAREHOLDERS' EQUITY           $744,926        $730,464
 
 
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SOURCE Philadelphia Consolidated Holding Corp.
    BALA CYNWYD, Pa., April 20 /PRNewswire Interactive News Release/ --
 Philadelphia Consolidated Holding Corp. (Nasdaq:   PHLY) today reported
 Net income for the first quarter ended March 31, 2001 was $7.7 million ($0.54
 diluted and $0.57 basic earnings per share) and included $1.5 million in after
 tax net realized investment gains.  Net income for the first quarter ended
 March 31, 2000 was $5.7 million ($0.38 diluted and $0.46 basic earnings per
 share) and included $0.1 million in after tax net realized investment gains.
 Net operating income for the first quarter ended March 31, 2001 was
 $6.2 million ($0.44 per diluted share) vs. $5.6 million ($0.38 per diluted
 share) for the same period in 2000.  Gross written premiums increased 34.9% to
 $104.0 million vs. $77.1 million in the first quarter of 2000 and the combined
 ratio for the quarter was 92.6% vs. 92.5% for the same quarter in 2000.
     James J. Maguire, CEO said, "The first quarter growth was attributed to an
 impressive 92.8% retention of renewal accounts and price increases averaging
 in the range of 5% to 15%.  As anticipated, the competition for quality
 accounts continues to be keen, however, we note that there's less discounting
 by competition this year than in prior years.  Our outlook for the balance of
 the year continues to be very positive."
     Philadelphia Insurance Companies, rated "A+" (Superior) by A.M. Best
 Company, is a specialty niche Company which markets and underwrites property
 and casualty insurance products through 36 proprietary underwriting offices
 across the U.S. of A.  For more information about our Company or to review our
 2000 annual report, visit our web site at www.phlyins.com.
 
            PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
                                  (Unaudited)
 
                                             For the Three Months
                                               Ended March 31,
                                             2001           2000
     REVENUE:
       NET WRITTEN PREMIUMS                $77,087        $58,128
       CHANGE IN NET UNEARNED
        PREMIUM RESERVE (INCREASE)         (10,564)        (9,501)
       NET EARNED PREMIUMS                  66,523         48,627
       NET INVESTMENT INCOME                 8,042          6,264
       NET REALIZED INVESTMENT GAIN          2,299             93
       OTHER INCOME                             53          2,725
           TOTAL REVENUE                    76,917         57,709
 
     LOSSES AND EXPENSES:
       LOSS AND LOSS ADJUSTMENT EXPENSES    45,538         40,246
       NET REINSURANCE RECOVERIES           (6,386)       (12,006)
       NET LOSS AND LOSS
        ADJUSTMENT EXPENSES                 39,152         28,240
       ACQUISITION COSTS AND
        OTHER UNDERWRITING
        EXPENSES                            22,468         16,719
       OTHER OPERATING EXPENSES              2,032          2,810
          TOTAL LOSSES AND EXPENSES         63,652         47,769
 
     MINORITY INTEREST: DISTRIBUTIONS ON
      COMPANY OBLIGATED MANDATORILY
      REDEEMABLE PREFERRED SECURITIES
      OF SUBSIDIARY TRUST                    1,811          1,811
 
     INCOME BEFORE INCOME TAXES             11,454          8,129
 
     INCOME TAX EXPENSE (BENEFIT):
       CURRENT                               4,777          2,665
       DEFERRED                             (1,037)          (201)
          TOTAL INCOME TAX EXPENSE           3,740          2,464
 
          NET INCOME                        $7,714         $5,665
 
     PER AVERAGE SHARE DATA:
       BASIC EARNINGS PER SHARE              $0.57          $0.46
       DILUTED EARNINGS PER SHARE            $0.54          $0.38
 
     WEIGHTED-AVERAGE COMMON SHARES
      OUTSTANDING                       13,477,940     12,327,797
     WEIGHTED-AVERAGE SHARE
      EQUIVALENTS OUTSTANDING              701,604      2,496,325
     WEIGHTED-AVERAGE SHARES AND SHARE
      EQUIVALENTS OUTSTANDING           14,179,544     14,824,122
 
 
            PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES
 
                          CONSOLIDATED BALANCE SHEETS
                       (IN THOUSANDS, EXCEPT SHARE DATA)
                                  (Unaudited)
 
                                                   As of
                                          March 31,    December 31,
                                             2001          2000
 
                  ASSETS
     INVESTMENTS:
       FIXED MATURITIES AVAILABLE
        FOR SALE AT MARKET(AMORTIZED
        COST $435,337 AND $392,439)       $440,261        $394,733
       EQUITY SECURITIES AT
        MARKET (COST $21,850 AND $24,087)   34,479          42,553
          TOTAL INVESTMENTS                474,740         437,286
 
     CASH AND CASH EQUIVALENTS              33,876          49,742
     ACCRUED INVESTMENT INCOME               6,614           5,726
     PREMIUMS RECEIVABLE                    68,109          69,377
     PREPAID REINSURANCE PREMIUMS AND
      REINSURANCE RECEIVABLES               74,334          73,513
     INCOME TAXES RECOVERABLE                2,338          13,323
     DEFERRED INCOME TAXES                   3,068             909
     DEFERRED ACQUISITION COSTS             35,741          33,324
     PROPERTY AND EQUIPMENT                 10,472          10,476
     GOODWILL LESS ACCUMULATED AMORTIZATION
      OF $4,485 AND $4,112                  30,436          30,809
     OTHER ASSETS                            5,198           5,979
          TOTAL ASSETS                    $744,926        $730,464
 
 
        LIABILITIES AND SHAREHOLDERS' EQUITY
     POLICY LIABILITIES AND ACCRUALS:
       UNPAID LOSS AND LOSS
        ADJUSTMENT EXPENSES               $249,886        $237,494
       UNEARNED PREMIUMS                   158,153         145,484
          TOTAL POLICY LIABILITIES
           AND ACCRUALS                    408,039         382,978
     LOANS PAYABLE                          22,000
     PREMIUMS PAYABLE                       22,303          20,868
     OTHER LIABILITIES                      26,074          23,388
         TOTAL LIABILITIES                 456,416         449,234
 
     MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES:
       COMPANY OBLIGATED
        MANDATORILY REDEEMABLE
        PREFERRED SECURITIES OF
        SUBSIDIARY TRUST HOLDING
        SOLELY DEBENTURES OF COMPANY        98,905          98,905
 
     COMMITMENTS AND CONTINGENCIES
 
     SHAREHOLDERS' EQUITY:
      PREFERRED STOCK, $.01 PAR VALUE,
      10,000,000 SHARES AUTHORIZED,
      NONE ISSUED AND OUTSTANDING
 
     COMMON STOCK, NO PAR VALUE,
      50,000,000 SHARES AUTHORIZED,
      13,523,365 AND 13,431,408 SHARES ISSUED
      AND OUTSTANDING                       47,979          46,582
     NOTES RECEIVABLE FROM SHAREHOLDERS     (2,033)         (2,287)
     ACCUMULATED OTHER COMPREHENSIVE INCOME 11,409          13,494
     RETAINED EARNINGS                     132,250         124,536
          TOTAL SHAREHOLDERS' EQUITY       189,605         182,325
          TOTAL LIABILITIES AND
           SHAREHOLDERS' EQUITY           $744,926        $730,464
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97644290
 
 SOURCE  Philadelphia Consolidated Holding Corp.