Philadelphia Consolidated Sees Minimal Losses from Sept. 11 Attacks

September 24, 2001

Philadelphia Consolidated Holding Corp.(PCHC) of Bala Cynwyd Penna. announced that the it expected net pretax losses resulting from the terrorist attacks on the World Trade Center to be between $1.5 and $2 million.

The

losses, mainly from business interruption coverage along with some exposures from personal property losses, business property and workers compensation, could reduce net income figures by 5 to 7 cents a share said the company.

CEO James J. Maguire said in a written statement that, “Aside from the relatively small financial loss the Company has experienced, the immeasurable loss of our friends and business associates has left me and our Company with a deep sense of loss and sorrow.”|”philadelphia, consolidated, sees, minimal, losses, from, sept., 11, attacks

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