PMA Capital Corporation (NASDAQ:PMACA) today announced that it
posted a listing of its Commercial Mortgage Backed Securities ("CMBS”)
holdings on its website at www.pmacapital.com.
The schedule, which can be found on the Investor Information section of
the Company’s website under Financial Reports, details the securities
that are included in the Company’s CMBS investment portfolio, as well as
each security’s most recent credit rating, fair value and amortized cost
at September 30, 2008, the original and current support for each
security and the delinquency percentage of the securities in the pool.
Support for CMBS securities is measured as the percentage of collateral
within the pool of securities that would be required to default prior to
the senior securities in the pool losing any principal value. The
Company intends to update this schedule only on a quarterly basis. The
Company notes the following highlights in its CMBS portfolio:
-
The CMBS portfolio represents 19% of the Company’s invested assets at
September 30, 2008;
-
All securities within the portfolio have a credit rating of AAA;
-
All securities in the portfolio experienced an increase in their
support level since origination;
-
All securities are senior or super senior tranches of the CMBS
structure;
-
On a weighted average basis, current support is at 28.2% of the par
value of the securities; and
-
On a weighted average basis, less than 1% of the underlying pool
collateral is delinquent.
PMA Capital Corporation, headquartered in Blue Bell, Pennsylvania, is a
holding company whose operating subsidiaries provide insurance and
fee-based services. Insurance products include workers’ compensation and
other commercial property and casualty lines of insurance, primarily in
the eastern part of the United States, underwritten and marketed under
the trade name The PMA Insurance Group. Fee-based services include third
party administrator, managing general agent and program administrator
services.
