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Philadelphia Consolidated Holding Corp. Comments on Impact of ... - PR Newswire (press release)

BALA CYNWYD, Pa., Nov. 28 /PRNewswire-FirstCall/ -- Philadelphia Consolidated Holding Corp. (Nasdaq: PHLY) today reported its initial estimate of losses attributable to Hurricane Wilma. Although claims information is preliminary, the Company estimates its after-tax net losses to be approximately $5.5 million. The catastrophe losses due to Hurricane Wilma impacted both its commercial and personal lines books of business. As a result of utilizing certain catastrophe reinsurance coverage in connection with this Hurricane event, the Company will also recognize approximately $2.4 million, after-tax, in accelerated and reinstatement reinsurance premium expense during the fourth quarter 2005. 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 - More available

Philadelphia Consolidated Holding

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