PMA Capital Releases Details of Investment Portfolio
PMA Capital Corporation (NASDAQ:PMACA) today announced that it
posted the details of its investment portfolio as of September 30, 2008
and December 31, 2007 on its website at www.pmacapital.com.
The schedules, which can be found on the Investor Information section of
the Company’s website under Financial Reports,
contain amortized cost, fair value and unrealized gain (loss) for each
individual security. The Company intends to update these schedules only
on a quarterly basis.
At December 31, 2007, the net unrealized gain of the portfolio, pre-tax
was $6.1 million, while at September 30, 2008, the net unrealized loss,
pre-tax was $33.1 million. In the third quarter of 2008, the Company
reduced, as an other than temporary impairment loss, the amortized cost
of its Lehman Brothers senior debt by $8.2 million and its investment in
preferred stock of Federal National Mortgage Association by $913,000.
These write-downs will be reflected as realized investment losses in the
Company’s financial results for the three and
nine months ended September 30, 2008.
As previously announced, the Company intends to release its third
quarter 2008 financial results on Monday, November 3, 2008, before the
market opens and will hold a conference call with investors beginning at
10:30 a.m. Eastern Time on Monday, November 3rd
to review the Company’s financial results in
detail.
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.
