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  <TITLE> Philadelphia Consolidated Holding Corp. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	January 27, 2006
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  	Philadelphia Consolidated Holding Corp.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Pennsylvania
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  	0-22280
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  	23-2202671
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	One Bala Plaza, Suite 100, Bala Cynwyd, Pennsylvania
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  	19004
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	610-617-7900
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.02 Termination of a Material Definitive Agreement.
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  Two of the Company's insurance subsidiaries, Philadelphia Indemnity Insurance Company and Philadelphia Insurance Company (the "Company") have entered into a Reinsurance Commutation and Release Agreement with respect to their 2004 Whole Account Net Quota Share Reinsurance Contract with Swiss Reinsurance America Corporation and Federal Insurance Company, through Chubb Re, Inc.  Under the terms of the original agreement, the Company ceded 10% of its commercial and specialty lines net written premiums and loss and loss adjustment expenses for policies effective January 1, 2004 through December 31, 2004.  Additionally, the terms of the original agreement allowed the Company to elect commutation at any time, provided the Funds Held Payable to Reinsurers Liability account balance was positive.  In accordance with this provision of the original agreement, the Company commuted the agreement effective January 1, 2006.  The commutation was agreed to by both Swiss Reinsurance America Corporation and Federal Insurance Company, through Chubb Re, Inc., on January 27, 2006.  As a result of this commutation, effective January 1, 2006, the Company reduced its Funds Held Payable to Reinsurer liability by approximately $38.9 million, offset by an increase to its net Unpaid Loss and Loss Adjustment Expenses by $31.8 million, an increase to its net Unearned Premiums by approximately $0.2 million and a reduction to its previously recorded profit commission receivable by approximately $6.9 million.
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Philadelphia Consolidated Holding Corp.
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  	&nbsp;&nbsp;
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  <I>
  	February 2, 2006
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  	By:
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  <I>
  	Craig P. Keller
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  	Name: Craig P. Keller
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  	Title: Executive Vice President, Secretary, Treasurer and Chief Financial Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_9982.htm", "description": "LIVE FILING", "secsgml_size_bytes": 9835}]
metadata_filer: {"company-data": {"conformed-name": "PHILADELPHIA CONSOLIDATED HOLDING CORP", "cik": "0000909109", "assigned-sic": "6331", "irs-number": "232202671", "state-of-incorporation": "PA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22280", "film-number": "06573281"}, "business-address": {"street1": "ONE BALA PLAZA", "street2": "SUITE 100", "city": "WYNNEWOOD", "state": "PA", "zip": "19004", "phone": "6106428400"}, "mail-address": {"street1": "ONE BALA PLAZA", "street2": "SUITE 100", "city": "BALA CYNWYD", "state": "PA", "zip": "19004"}, "former-company": {"former-conformed-name": "MAGUIRE HOLDING CORP", "date-changed": "19930714"}}
text: Philadelphia Consolidated Holding Corp. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  January 27, 2006
  Philadelphia Consolidated Holding Corp.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Pennsylvania
  0-22280
  23-2202671
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  One Bala Plaza, Suite 100, Bala Cynwyd, Pennsylvania
  19004
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  610-617-7900
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.02 Termination of a Material Definitive Agreement.
  Two of the Company's insurance subsidiaries, Philadelphia Indemnity Insurance Company and Philadelphia Insurance Company (the "Company") have entered into a Reinsurance Commutation and Release Agreement with respect to their 2004 Whole Account Net Quota Share Reinsurance Contract with Swiss Reinsurance America Corporation and Federal Insurance Company, through Chubb Re, Inc.  Under the terms of the original agreement, the Company ceded 10% of its commercial and specialty lines net written premiums and loss and loss adjustment expenses for policies effective January 1, 2004 through December 31, 2004.  Additionally, the terms of the original agreement allowed the Company to elect commutation at any time, provided the Funds Held Payable to Reinsurers Liability account balance was positive.  In accordance with this provision of the original agreement, the Company commuted the agreement effective January 1, 2006.  The commutation was agreed to by both Swiss Reinsurance America Corporation and Federal Insurance Company, through Chubb Re, Inc., on January 27, 2006.  As a result of this commutation, effective January 1, 2006, the Company reduced its Funds Held Payable to Reinsurer liability by approximately $38.9 million, offset by an increase to its net Unpaid Loss and Loss Adjustment Expenses by $31.8 million, an increase to its net Unearned Premiums by approximately $0.2 million and a reduction to its previously recorded profit commission receivable by approximately $6.9 million.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Philadelphia Consolidated Holding Corp.
  February 2, 2006
  By:
  Craig P. Keller
  Name: Craig P. Keller
  Title: Executive Vice President, Secretary, Treasurer and Chief Financial Officer