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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000"> Philadelphia Consolidated Holding Corp. </FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Pennsylvania</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>23-2202671</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>One Bala Plaza, Suite&nbsp;100, Bala Cynwyd, Pennsylvania</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>19004</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Philadelphia Insurance Companies Nonqualified Employee<BR>
Stock Purchase Plan (Amended and Restated, Effective as of</B><BR>
<FONT style="border-bottom: 1px solid #000000"><B>January&nbsp;1, 2007, with Performance-Based Compensation Provisions)</B></FONT><BR>
(Full Title of the Plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">James J. Maguire, Jr.<BR>
Chief Executive Officer<BR>
or<BR>
Craig P. Keller, Secretary<BR>
Philadelphia Consolidated Holding Corp.<BR>
One Bala Plaza, Suite&nbsp;100<BR>
Bala Cynwyd, Pennsylvania 19004<BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Name and address of agent for service)</FONT></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(610)&nbsp;617-7900<BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Telephone number, including area code, of agent for service)</FONT></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copies to:<BR>
Michael M. Sherman, Esquire<BR>
Wolf, Block, Schorr and Solis-Cohen LLP<BR>
1650 Arch Street, 22nd Floor<BR>
Philadelphia, PA 19103-2097<BR>
(215)&nbsp;977-2000</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CALCULATION OF REGISTRATION FEE</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of Each</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Class of Securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Offering Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Aggregate</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">to be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registered (1)(2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Per Share (3)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Offering Price (3)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registration Fee (3)</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, no
par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">3,233,435 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">39.06</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">126,297,971</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,877.35</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended, this registration
statement also covers such additional shares as may hereinafter be offered or issued under the
Philadelphia Insurance Companies Nonqualified Employee Stock Purchase Plan (Amended and
Restated, Effective as of January&nbsp;1, 2007, with Performance-Based Compensation Provisions (the &#147;Plan&#148;)) to prevent dilution resulting from stock
splits, stock dividends, recapitalizations or certain other capital adjustments.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 233,435 shares that remained available for future issuance pursuant to the
Registrant&#146;s Registration Statement on Form S-8 (Registration Statement No.&nbsp;333-91216) which
shares, by this Registration Statement and a post-effective amendment amending the prior
registration statement, are reserved for issuance under the Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated pursuant to Rule 457(c) and (h)&nbsp;under the Securities Act of 1933, as amended,
solely for the purpose of calculating the registration fee, based upon the average of the high
and low prices per share of the registrant&#146;s Common Stock on August&nbsp;23, 2007 as listed on the
Nasdaq Global Select Market.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES AND POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="w38869exv5w1.htm">Opinion and Consent of Wolf, Block, Schorr and Solis-Cohen LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="w38869exv23w1.htm">Consent of independent registered public accounting firm, PricewaterhouseCoopers LLP</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information required by Part&nbsp;I of Form S-8 will be included in documents to be sent or given
to participants in the Philadelphia Insurance Companies Nonqualified Employee Stock Purchase Plan
(Amended and Restated, Effective as of January&nbsp;1, 2007, with Performance-Based Compensation
Provisions) pursuant to Rule&nbsp;428(b)(1)(i) under the Securities Act of 1933.
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by Philadelphia Consolidated Holding Corp. (the &#147;Registrant&#148;)
with the Securities and Exchange Commission (the &#147;Commission&#148;) pursuant to the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;), are incorporated by reference in this Registration
Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Reports on Form 10-Q for the quarters ended March
31, 2007 and June&nbsp;30, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K filed January&nbsp;5, 2007; February
22, 2007; February&nbsp;26, 2007; March&nbsp;28, 2007; March&nbsp;30, 2007; May&nbsp;3, 2007; June&nbsp;5, 2007
and July&nbsp;2, 2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Common Stock, no par value, contained in
its Registration Statement on Form 8-A/A dated September&nbsp;13, 1993, including any
subsequent amendments or reports filed for the purpose of updating that description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents filed with the Commission by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration
Statement and prior to the filing of a post-effective amendment hereto that indicates that all
securities offered hereunder have been sold or that deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a
part hereof from the date of filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated by reference or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded to the extent that a statement
contained herein or in any other subsequently filed document that also is incorporated by reference
herein modifies or supersedes such earlier statement. Any statement so modified or superseded
shall not be deemed to constitute a part of hereof except as so modified or superseded.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Registration Statement shall be deemed to incorporate information furnished
but not filed with the Commission pursuant to Item&nbsp;2.01 or Item&nbsp;7.01 of Form 8-K.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subchapter D (Sections&nbsp;1741 through 1750) of Chapter&nbsp;17 of the Pennsylvania Business
Corporation Law of 1988, as amended (the &#147;BCL&#148;), contains provisions for mandatory and
discretionary indemnification of a corporation&#146;s directors, officers, employees and agents
(collectively &#147;Representatives&#148;), and related matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;1741, subject to certain limitations, a corporation has the power to indemnify
Representatives under certain prescribed circumstances against expenses (including attorneys&#146;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in
connection with a threatened, pending or completed action or proceeding, whether civil, criminal,
administrative or investigative, to which any of them was or is a party or threatened to be made a
party by reason of his or her being a Representative of the corporation or serving at the request
of the corporation as a Representative of another corporation, partnership, joint venture, trust or
other enterprise, if he or she acted in good faith and in a manner he or she reasonably believed to
be in, or not opposed to, the best interests of the corporation and, with respect to any criminal
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1742 provides for indemnification with respect to derivative and corporate actions
similar to that provided by Section&nbsp;1741. However, indemnification is not provided under Section
1742 in respect of any claim, issue or matter as to which a Representative has been adjudged to be
liable to the corporation unless and only to the extent that the proper court determines upon
application that, despite the adjudication of liability but in view of all the circumstances of the
case, a Representative is fairly and reasonably entitled to indemnity for the expenses that the
court deems proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1743 provides that indemnification against expenses is mandatory to the extent that a
Representative has been successful on the merits or otherwise in defense of any such action or
proceeding referred to in Section&nbsp;1741 or 1742.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1744 provides that, unless ordered by a court, any indemnification under Section&nbsp;1741
or 1742 shall be made by the corporation as authorized in the specific case upon a determination
that indemnification of a Representative is proper because the Representative met the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">applicable standard of conduct, and such determination will be made by the board of directors
by a majority vote of a quorum of directors not parties to the action or proceeding; if a quorum is
not obtainable or if obtainable and a majority of disinterested directors so directs, by
independent legal counsel; or by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1745 provides that expenses incurred by a Representative in defending any action or
proceeding referred to in Subchapter D of Chapter&nbsp;17 of the BCL may be paid by the corporation in
advance of the final disposition of such action or proceeding upon receipt of an undertaking by or
on behalf of the Representative to repay such amount if it shall ultimately be determined that such
Representative is not entitled to be indemnified by the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1746 provides generally that except in any case where the act or failure to act giving
rise to the claim for indemnification is determined by a court to have constituted willful
misconduct or recklessness, the indemnification and advancement of expenses provided by Subchapter
D of Chapter&nbsp;17 of the BCL shall not be deemed exclusive of any other rights to which
Representative seeking indemnification or advancement of expenses may be entitled under any bylaw,
agreement, vote of shareholders or disinterested directors or otherwise, both as to action in such
Representative&#146;s official capacity and as to action in another capacity while holding that office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1747 grants a corporation the power to purchase and maintain insurance on behalf of
any Representative against any liability incurred by such Representative in his or her capacity as
a Representative, whether or not the corporation would have the power to indemnify such
Representative against that liability under Subchapter D of Chapter&nbsp;17 of the BCL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;1748 and 1749 apply the indemnification and advancement of expenses provisions
contained in Subchapter D of Chapter&nbsp;17 of the BCL to successor corporations resulting from
consolidation, merger or division and to service as a representative of a corporation or an
employee benefit plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1750 provides that the indemnification and advancement of expenses provided by, or
granted pursuant to, Subchapter D of Chapter&nbsp;17 of the BCL shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a Representative and shall
inure to the benefit of the heirs and personal representative of such person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9 of Article&nbsp;IV of the Registrant&#146;s By-Laws provides that the Registrant shall
indemnify current or former directors and officers (&#147;Indemnitees&#148;) for all actions taken by them
and for all failures to take action to the fullest extent permitted by Pennsylvania law against all
expense, liability and loss reasonably incurred or suffered by them in connection with any
threatened, pending or completed action, suit or proceeding (including, without limitation, an
action, suit or proceeding by or in the right of the Registrant), whether civil, criminal,
administrative, investigative or through arbitration, that the person was, is, or is threatened to
be made a party to by reason of the fact that such person is or was a director or officer or was
serving in any capacity at the request or for the benefit of the Registrant or any partnership,
joint venture, trust, employee benefit plan, or other enterprise. Section&nbsp;9 of Article&nbsp;IV of the
Registrant&#146;sBy-Laws also permits the Registrant, by action of its board of directors, to indemnify
officers, employees and other persons to the same extent as directors and officers. To the extent
that any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such employee or agent has succeeded on the merits or otherwise in defense of any action,
Section&nbsp;9 of Article&nbsp;IV provides that the Registrant shall indemnify such person against expenses
(including attorneys&#146; fees) actually and reasonably incurred in connection therewith. The right to
indemnification described in Section&nbsp;9 includes the right of an indemnitee to have his expenses
paid by the Registrant in advance of the final disposition of a Proceeding to the fullest extent
permitted by Pennsylvania law; provided that the indemnitee undertakes to repay all amounts so
advanced without interest if it shall ultimately be determined that the indemnitee is not entitled
to be indemnified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9 of Article&nbsp;IV also provides that, notwithstanding the above, no indemnification
shall be made where the act or failure to act giving rise to the claim for indemnification is
determined by a court to have constituted willful misconduct or recklessness. Moreover, a director
may be personally liable if he has breached or failed to perform his duties under Pennsylvania law
and if the breach or failure constitutes self-dealing, willful misconduct or recklessness. The
provisions of Section&nbsp;9 do not apply to the responsibility or liability of a director pursuant to
any criminal statute, or to the liability of a director for the payment of taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any change in Pennsylvania law permits the Registrant to further limit the liability of
directors or officers or to provide broader indemnification rights or rights to the advancement of
expenses than the Registrant was permitted to provide prior to such change, then liability
thereupon shall be so limited and the rights to indemnification and the advancement of expenses
shall be so broadened to the extent permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments, repeals or modifications of Section&nbsp;9 of Article&nbsp;IV of the Registrant&#146;s By-Laws
apply to indemnitees prospectively only and such changes require the consent of each of the
directors affected by the change. No repeal or amendment of the By-Laws will affect any or all of
Section&nbsp;9 of Article&nbsp;IV so as either to reduce the limitation of directors&#146; liability or limit
indemnification or the advancement of expenses in any manner unless adopted by the unanimous vote
of the directors of the Registrant then serving or the affirmative vote of shareholders entitled to
cast not less than a majority of the votes that all shareholders are entitled to cast in the
election of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9 of Article&nbsp;IV further permits the Registrant to purchase and maintain insurance, at
its expense, for the benefit of any person on behalf of whom insurance is permitted to be purchased
by Pennsylvania law against any such expenses, liability or loss, whether or not the Registrant
would have the power to indemnify such person against such expense, liability or loss under
Pennsylvania or other law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has purchased directors&#146; and officers&#146; liability insurance.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Exhibits are filed as part of this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to Articles of Incorporation of Philadelphia
Consolidated Holding Corp.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Articles of Incorporation of Philadelphia Consolidated Holding
Corp., as amended</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By-Laws of Philadelphia Consolidated Holding Corp. (as Amended
through April&nbsp;29, 2005)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Philadelphia Insurance Companies Nonqualified Employee Stock
Purchase Plan (Amended and Restated, Effective as of January&nbsp;1, 2007, with
Performance-Based Compensation Provisions).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion and Consent of Wolf, Block, Schorr and Solis-Cohen LLP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of independent registered public accounting firm,
PricewaterhouseCoopers LLP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Wolf, Block, Schorr and Solis-Cohen LLP (contained
in Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (included on signature page of this
Registration Statement).</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than 20&nbsp;percent change in the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in
the effective registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information in
the registration statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or 15(d) of the
Exchange Act that are incorporated by reference in the registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES AND POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES AND POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Bala Cynwyd, Commonwealth of Pennsylvania, on this 22nd
day of August, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>PHILADELPHIA CONSOLIDATED HOLDING CORP.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">James J. Maguire, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">James J. Maguire, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints James J. Maguire, James J. Maguire, Jr. and Craig P. Keller, and each of them, the
undersigned&#146;s true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for the undersigned and in the undersigned&#146;s name, place and stead, in any and all
capacities, to sign any and all amendments to this Registration Statement (including, without
limitation, post-effective amendments to this Registration Statement), and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James J. Maguire
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James J. Maguire
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of<br>&nbsp;Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James J. Maguire, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James J. Maguire, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer<br>&nbsp;and
Director (Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Craig P. Keller
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Craig P. Keller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President,<br>&nbsp;Secretary,
Treasurer, Chief<br>
Financial Officer (Principal<br>
Financial and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sean S. Sweeney
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Sean S. Sweeney
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and<br>&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aminta Hawkins Breaux
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Aminta Hawkins Breaux
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael J. Cascio
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael J. Cascio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Elizabeth H. Gemmill
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Elizabeth H. Gemmill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael J. Morris
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael J. Morris
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shaun F. O&#146;Malley
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Shaun F. O&#146;Malley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald A. Pizer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Donald A. Pizer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald R. Rock
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ronald R. Rock
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;22, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PHILADELPHIA INSURANCE COMPANIES NONQUALIFIED EMPLOYEE<BR>
STOCK PURCHASE PLAN (AMENDED AND RESTATED, EFFECTIVE AS OF<BR>
JANUARY 1, 2007, WITH PERFORMANCE-BASED COMPENSATION PROVISIONS)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REGISTRATION STATEMENT ON FORM S-8</B>

</DIV>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;No.</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Articles of Incorporation of Philadelphia Consolidated Holding Corp.
(incorporated by reference to Exhibit&nbsp;3.1.2 to the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q
filed on August&nbsp;13, 2002).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation of Philadelphia Consolidated Holding Corp., as amended
(incorporated by reference to Exhibit&nbsp;3.1 filed with the Registrant&#146;s Registration Statement
on Form&nbsp;S-1 under the Securities Act of 1933, Registration No.&nbsp;33-65958).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws of Philadelphia Consolidated Holding Corp. (as Amended through April&nbsp;29, 2005)
(incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q
filed on May&nbsp;9, 2005).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philadelphia Insurance Companies Nonqualified Employee Stock Purchase Plan (Amended and
Restated, Effective as of January&nbsp;1, 2007, with Performance-Based Compensation Provisions)
(incorporated by reference to Exhibit&nbsp;B to the Registrant&#146;s Definitive Proxy Statement on
Schedule&nbsp;14A filed on April&nbsp;4, 2007).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion and Consent of Wolf, Block, Schorr and Solis-Cohen LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of independent registered public accounting firm, PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Wolf, Block, Schorr and Solis-Cohen LLP (contained in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page of this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed electronically herewith</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
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sv8
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Philadelphia Consolidated Holding Corp.
(Exact name of registrant as specified in its charter)
Pennsylvania
23-2202671
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
One Bala Plaza, Suite 100, Bala Cynwyd, Pennsylvania
19004
(Address of Principal Executive Offices)
(Zip Code)
Philadelphia Insurance Companies Nonqualified Employee
Stock Purchase Plan (Amended and Restated, Effective as of
January 1, 2007, with Performance-Based Compensation Provisions)
(Full Title of the Plan)
James J. Maguire, Jr.
Chief Executive Officer
or
Craig P. Keller, Secretary
Philadelphia Consolidated Holding Corp.
One Bala Plaza, Suite 100
Bala Cynwyd, Pennsylvania 19004
(Name and address of agent for service)
(610) 617-7900
(Telephone number, including area code, of agent for service)
Copies to:
Michael M. Sherman, Esquire
Wolf, Block, Schorr and Solis-Cohen LLP
1650 Arch Street, 22nd Floor
Philadelphia, PA 19103-2097
(215) 977-2000
CALCULATION OF REGISTRATION FEE
Proposed
Title of Each
Maximum
Proposed Maximum
Class of Securities
Amount to be
Offering Price
Aggregate
Amount of
to be Registered
Registered (1)(2)
Per Share (3)
Offering Price (3)
Registration Fee (3)
Common Stock, no
par value
3,233,435 shares
$
39.06
$
126,297,971
$
3,877.35
(1)
Pursuant to Rule 416 under the Securities Act of 1933, as amended, this registration
statement also covers such additional shares as may hereinafter be offered or issued under the
Philadelphia Insurance Companies Nonqualified Employee Stock Purchase Plan (Amended and
Restated, Effective as of January 1, 2007, with Performance-Based Compensation Provisions (the "Plan")) to prevent dilution resulting from stock
splits, stock dividends, recapitalizations or certain other capital adjustments.
(2)
Includes 233,435 shares that remained available for future issuance pursuant to the
Registrant's Registration Statement on Form S-8 (Registration Statement No. 333-91216) which
shares, by this Registration Statement and a post-effective amendment amending the prior
registration statement, are reserved for issuance under the Plan.
(3)
Estimated pursuant to Rule 457(c) and (h) under the Securities Act of 1933, as amended,
solely for the purpose of calculating the registration fee, based upon the average of the high
and low prices per share of the registrant's Common Stock on August 23, 2007 as listed on the
Nasdaq Global Select Market.
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES AND POWER OF ATTORNEY
EXHIBIT INDEX
Opinion and Consent of Wolf, Block, Schorr and Solis-Cohen LLP
Consent of independent registered public accounting firm, PricewaterhouseCoopers LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Information required by Part I of Form S-8 will be included in documents to be sent or given
to participants in the Philadelphia Insurance Companies Nonqualified Employee Stock Purchase Plan
(Amended and Restated, Effective as of January 1, 2007, with Performance-Based Compensation
Provisions) pursuant to Rule 428(b)(1)(i) under the Securities Act of 1933.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by Philadelphia Consolidated Holding Corp. (the "Registrant")
with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), are incorporated by reference in this Registration
Statement:
1.
The Registrant's Annual Report on Form 10-K for the year ended December 31,
2006;
2.
The Registrant's Quarterly Reports on Form 10-Q for the quarters ended March
31, 2007 and June 30, 2007;
3.
The Registrant's Current Reports on Form 8-K filed January 5, 2007; February
22, 2007; February 26, 2007; March 28, 2007; March 30, 2007; May 3, 2007; June 5, 2007
and July 2, 2007; and
4.
The description of the Registrant's Common Stock, no par value, contained in
its Registration Statement on Form 8-A/A dated September 13, 1993, including any
subsequent amendments or reports filed for the purpose of updating that description.
In addition, all documents filed with the Commission by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration
Statement and prior to the filing of a post-effective amendment hereto that indicates that all
securities offered hereunder have been sold or that deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a
part hereof from the date of filing of such documents.
Any statement contained in a document incorporated by reference or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded to the extent that a statement
contained herein or in any other subsequently filed document that also is incorporated by reference
herein modifies or supersedes such earlier statement. Any statement so modified or superseded
shall not be deemed to constitute a part of hereof except as so modified or superseded.
Table of Contents
Nothing in this Registration Statement shall be deemed to incorporate information furnished
but not filed with the Commission pursuant to Item 2.01 or Item 7.01 of Form 8-K.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Subchapter D (Sections 1741 through 1750) of Chapter 17 of the Pennsylvania Business
Corporation Law of 1988, as amended (the "BCL"), contains provisions for mandatory and
discretionary indemnification of a corporation's directors, officers, employees and agents
(collectively "Representatives"), and related matters.
Under Section 1741, subject to certain limitations, a corporation has the power to indemnify
Representatives under certain prescribed circumstances against expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in
connection with a threatened, pending or completed action or proceeding, whether civil, criminal,
administrative or investigative, to which any of them was or is a party or threatened to be made a
party by reason of his or her being a Representative of the corporation or serving at the request
of the corporation as a Representative of another corporation, partnership, joint venture, trust or
other enterprise, if he or she acted in good faith and in a manner he or she reasonably believed to
be in, or not opposed to, the best interests of the corporation and, with respect to any criminal
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Section 1742 provides for indemnification with respect to derivative and corporate actions
similar to that provided by Section 1741. However, indemnification is not provided under Section
1742 in respect of any claim, issue or matter as to which a Representative has been adjudged to be
liable to the corporation unless and only to the extent that the proper court determines upon
application that, despite the adjudication of liability but in view of all the circumstances of the
case, a Representative is fairly and reasonably entitled to indemnity for the expenses that the
court deems proper.
Section 1743 provides that indemnification against expenses is mandatory to the extent that a
Representative has been successful on the merits or otherwise in defense of any such action or
proceeding referred to in Section 1741 or 1742.
Section 1744 provides that, unless ordered by a court, any indemnification under Section 1741
or 1742 shall be made by the corporation as authorized in the specific case upon a determination
that indemnification of a Representative is proper because the Representative met the
- 2 -
Table of Contents
applicable standard of conduct, and such determination will be made by the board of directors
by a majority vote of a quorum of directors not parties to the action or proceeding; if a quorum is
not obtainable or if obtainable and a majority of disinterested directors so directs, by
independent legal counsel; or by the shareholders.
Section 1745 provides that expenses incurred by a Representative in defending any action or
proceeding referred to in Subchapter D of Chapter 17 of the BCL may be paid by the corporation in
advance of the final disposition of such action or proceeding upon receipt of an undertaking by or
on behalf of the Representative to repay such amount if it shall ultimately be determined that such
Representative is not entitled to be indemnified by the corporation.
Section 1746 provides generally that except in any case where the act or failure to act giving
rise to the claim for indemnification is determined by a court to have constituted willful
misconduct or recklessness, the indemnification and advancement of expenses provided by Subchapter
D of Chapter 17 of the BCL shall not be deemed exclusive of any other rights to which
Representative seeking indemnification or advancement of expenses may be entitled under any bylaw,
agreement, vote of shareholders or disinterested directors or otherwise, both as to action in such
Representative's official capacity and as to action in another capacity while holding that office.
Section 1747 grants a corporation the power to purchase and maintain insurance on behalf of
any Representative against any liability incurred by such Representative in his or her capacity as
a Representative, whether or not the corporation would have the power to indemnify such
Representative against that liability under Subchapter D of Chapter 17 of the BCL.
Sections 1748 and 1749 apply the indemnification and advancement of expenses provisions
contained in Subchapter D of Chapter 17 of the BCL to successor corporations resulting from
consolidation, merger or division and to service as a representative of a corporation or an
employee benefit plan.
Section 1750 provides that the indemnification and advancement of expenses provided by, or
granted pursuant to, Subchapter D of Chapter 17 of the BCL shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a Representative and shall
inure to the benefit of the heirs and personal representative of such person.
Section 9 of Article IV of the Registrant's By-Laws provides that the Registrant shall
indemnify current or former directors and officers ("Indemnitees") for all actions taken by them
and for all failures to take action to the fullest extent permitted by Pennsylvania law against all
expense, liability and loss reasonably incurred or suffered by them in connection with any
threatened, pending or completed action, suit or proceeding (including, without limitation, an
action, suit or proceeding by or in the right of the Registrant), whether civil, criminal,
administrative, investigative or through arbitration, that the person was, is, or is threatened to
be made a party to by reason of the fact that such person is or was a director or officer or was
serving in any capacity at the request or for the benefit of the Registrant or any partnership,
joint venture, trust, employee benefit plan, or other enterprise. Section 9 of Article IV of the
Registrant'sBy-Laws also permits the Registrant, by action of its board of directors, to indemnify
officers, employees and other persons to the same extent as directors and officers. To the extent
that any
- 3 -
Table of Contents
such employee or agent has succeeded on the merits or otherwise in defense of any action,
Section 9 of Article IV provides that the Registrant shall indemnify such person against expenses
(including attorneys' fees) actually and reasonably incurred in connection therewith. The right to
indemnification described in Section 9 includes the right of an indemnitee to have his expenses
paid by the Registrant in advance of the final disposition of a Proceeding to the fullest extent
permitted by Pennsylvania law; provided that the indemnitee undertakes to repay all amounts so
advanced without interest if it shall ultimately be determined that the indemnitee is not entitled
to be indemnified.
Section 9 of Article IV also provides that, notwithstanding the above, no indemnification
shall be made where the act or failure to act giving rise to the claim for indemnification is
determined by a court to have constituted willful misconduct or recklessness. Moreover, a director
may be personally liable if he has breached or failed to perform his duties under Pennsylvania law
and if the breach or failure constitutes self-dealing, willful misconduct or recklessness. The
provisions of Section 9 do not apply to the responsibility or liability of a director pursuant to
any criminal statute, or to the liability of a director for the payment of taxes.
If any change in Pennsylvania law permits the Registrant to further limit the liability of
directors or officers or to provide broader indemnification rights or rights to the advancement of
expenses than the Registrant was permitted to provide prior to such change, then liability
thereupon shall be so limited and the rights to indemnification and the advancement of expenses
shall be so broadened to the extent permitted by law.
Amendments, repeals or modifications of Section 9 of Article IV of the Registrant's By-Laws
apply to indemnitees prospectively only and such changes require the consent of each of the
directors affected by the change. No repeal or amendment of the By-Laws will affect any or all of
Section 9 of Article IV so as either to reduce the limitation of directors' liability or limit
indemnification or the advancement of expenses in any manner unless adopted by the unanimous vote
of the directors of the Registrant then serving or the affirmative vote of shareholders entitled to
cast not less than a majority of the votes that all shareholders are entitled to cast in the
election of directors.
Section 9 of Article IV further permits the Registrant to purchase and maintain insurance, at
its expense, for the benefit of any person on behalf of whom insurance is permitted to be purchased
by Pennsylvania law against any such expenses, liability or loss, whether or not the Registrant
would have the power to indemnify such person against such expense, liability or loss under
Pennsylvania or other law.
The Registrant has purchased directors' and officers' liability insurance.
Item 7. Exemption from Registration Claimed.
Not applicable.
- 4 -
Table of Contents
Item 8. Exhibits.
The following Exhibits are filed as part of this Registration Statement:
3.1
Amendment to Articles of Incorporation of Philadelphia
Consolidated Holding Corp.
3.2
Articles of Incorporation of Philadelphia Consolidated Holding
Corp., as amended
3.3
By-Laws of Philadelphia Consolidated Holding Corp. (as Amended
through April 29, 2005)
4.1
Philadelphia Insurance Companies Nonqualified Employee Stock
Purchase Plan (Amended and Restated, Effective as of January 1, 2007, with
Performance-Based Compensation Provisions).
5.1
Opinion and Consent of Wolf, Block, Schorr and Solis-Cohen LLP.
23.1
Consent of independent registered public accounting firm,
PricewaterhouseCoopers LLP.
23.2
Consent of Wolf, Block, Schorr and Solis-Cohen LLP (contained
in Exhibit 5.1).
24.1
Power of Attorney (included on signature page of this
Registration Statement).
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as
amended (the "Securities Act");
(ii) To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than 20 percent change in the
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maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in
the effective registration statement.
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information in
the registration statement;
provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the
Exchange Act that are incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual report pursuant to
Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(h) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
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SIGNATURES AND POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Bala Cynwyd, Commonwealth of Pennsylvania, on this 22nd
day of August, 2007.
PHILADELPHIA CONSOLIDATED HOLDING CORP.
By:
James J. Maguire, Jr.
James J. Maguire, Jr.
Chief Executive Officer
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints James J. Maguire, James J. Maguire, Jr. and Craig P. Keller, and each of them, the
undersigned's true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for the undersigned and in the undersigned's name, place and stead, in any and all
capacities, to sign any and all amendments to this Registration Statement (including, without
limitation, post-effective amendments to this Registration Statement), and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated.
Signature
Title
Date
James J. Maguire
James J. Maguire
Chairman of the Board of
Directors
August 22, 2007
James J. Maguire, Jr.
James J. Maguire, Jr.
President, Chief Executive Officer
and
Director (Principal Executive Officer)
August 22, 2007
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Signature
Title
Date
Craig P. Keller
Craig P. Keller
Executive Vice President,
Secretary,
Treasurer, Chief
Financial Officer (Principal
Financial and Accounting Officer)
August 22, 2007
Sean S. Sweeney
Sean S. Sweeney
Executive Vice President and
Director
August 22, 2007
Aminta Hawkins Breaux
Aminta Hawkins Breaux
Director
August 22, 2007
Michael J. Cascio
Michael J. Cascio
Director
August 22, 2007
Elizabeth H. Gemmill
Elizabeth H. Gemmill
Director
August 22, 2007
Michael J. Morris
Michael J. Morris
Director
August 22, 2007
Shaun F. O'Malley
Shaun F. O'Malley
Director
August 22, 2007
Donald A. Pizer
Donald A. Pizer
Director
August 22, 2007
Ronald R. Rock
Ronald R. Rock
Director
August 22, 2007
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PHILADELPHIA INSURANCE COMPANIES NONQUALIFIED EMPLOYEE
STOCK PURCHASE PLAN (AMENDED AND RESTATED, EFFECTIVE AS OF
JANUARY 1, 2007, WITH PERFORMANCE-BASED COMPENSATION PROVISIONS)
REGISTRATION STATEMENT ON FORM S-8
EXHIBIT INDEX
Exhibit No.
3.1
Amendment to Articles of Incorporation of Philadelphia Consolidated Holding Corp.
(incorporated by reference to Exhibit 3.1.2 to the Registrant's Quarterly Report on Form 10-Q
filed on August 13, 2002).
3.2
Articles of Incorporation of Philadelphia Consolidated Holding Corp., as amended
(incorporated by reference to Exhibit 3.1 filed with the Registrant's Registration Statement
on Form S-1 under the Securities Act of 1933, Registration No. 33-65958).
3.3
By-Laws of Philadelphia Consolidated Holding Corp. (as Amended through April 29, 2005)
(incorporated by reference to Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q
filed on May 9, 2005).
4.1
Philadelphia Insurance Companies Nonqualified Employee Stock Purchase Plan (Amended and
Restated, Effective as of January 1, 2007, with Performance-Based Compensation Provisions)
(incorporated by reference to Exhibit B to the Registrant's Definitive Proxy Statement on
Schedule 14A filed on April 4, 2007).
5.1*
Opinion and Consent of Wolf, Block, Schorr and Solis-Cohen LLP.
23.1*
Consent of independent registered public accounting firm, PricewaterhouseCoopers LLP.
23.2*
Consent of Wolf, Block, Schorr and Solis-Cohen LLP (contained in Exhibit 5.1).
24.1*
Power of Attorney (included on signature page of this Registration Statement).
*
Filed electronically herewith