BALA CYNWYD, Pa., Dec. 6 /PRNewswire-FirstCall/ -- Philadelphia
Consolidated Holding Corp. (Nasdaq: PHLY) today reported that net pre-tax
losses attributable to the October 2007 California wildfires are estimated
at $7.5 million. The estimated reduction of fourth quarter net income as a
result of these wildfires is $4.9 million ($0.07 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.
Such factors include but are not limited to the severity of natural
disasters and other catastrophe losses. Additional information or factors
that may impact these forward looking statements can be found in Item 1A of
the Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2006. 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, professional liability and personal lines
insurance products incorporating value added coverages and services for
select industries. The Company, whose commercial and personal lines
subsidiaries are rated A+ (Superior), and A- (Excellent), respectively, by
A.M. Best Company, 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 45 offices
strategically located across the United States to provide superior local
service.
SOURCE Philadelphia Consolidated Holding Corp.
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Related links:
http://www.phly.com
CONTACT:
Investor Relations: Joseph Barnholt,
Assistant Vice President, +1-610-617-7626, jbarnholt@phlyins.com
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