Earnings Call Excerpt
PMA Capital Corporation (PMACA)
Q4 2008 Earnings Call Transcript
February 20, 2009 8:30 am ET
Executives
Bill Hitselberger – EVP and CFO
Vince Donnelly – President and CEO
Analysts
Robert Paun – Sidoti & Co.
Michael Nannizzi – Oppenheimer
Randy Binner – FBR Capital Markets
Presentation
Operator
Good morning ladies and gentlemen and welcome to the PMA Capital Fourth Quarter 2008 Earnings Conference Call. For those listening in via the webcast, you are in a listen-only mode. As a reminder, this call is being recorded today and a replay will be made available on PMA Capital Corporation’s website, www.pmacapital.com through March 20. Because of the time sensitive nature of the information that will be covered today, any rebroadcast of this call may not take place after March 20. The webcast of the conference call and its content, along with any tape, broadcast, or publication are the sole copyrighted property of PMA Capital Corporation and may not be copied, taped, rebroadcast, or published in the whole or in part without the express written consent of PMA Capital Corporation.
I would now like to turn the call over to William Hitselberger, Executive Vice President and CFO of PMA Capital Corporation. Mr. Hitselberger, you may begin.
Bill Hitselberger
Thanks, Josh. Good morning everyone and thank you for joining us for PMA Capital’s fourth quarter 2008 earnings conference call. Joining me on the call today is Vince Donnelly, PMA Capital’s President and Chief Executive Officer.
Before we begin, I have an important reminder for you about our earnings release. Our earnings release and statistical supplements, which are available under the Investor Information section of our website at www.pmacapital.com provides detailed reconciliations of our operating results by business segment to our net income computed under Generally Accepted Accounting Principles.
Although operating income does not replace GAAP net income, operating income is the financial measure that we use to evaluate and assess the performance of our businesses. As we define it, operating income is GAAP net income excluding net realized investment gains and losses and the results of our discontinued operations.
Today, Vince and I will be discussing PMA Capital’s fourth quarter and full-year 2008 financial results. All earnings per share amounts discussed will be on a diluted per-share basis. Following our prepared remarks, Vince and I will be available to answer any questions.
As a reminder, any comments we make regarding future expectations, trends and market conditions, including premiums, revenues, earnings, cash flow, pricing, loss cost trends, and return on equity are forward-looking statements under the Private Securities Litigation Reform Act of 1995.
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