PMA Capital Releases Details of CMBS Investments
November 20 2008 - 5:59PM
Business Wire
PMA Capital Corporation (NASDAQ:PMACA) today announced that it
posted a listing of its Commercial Mortgage Backed Securities
(�CMBS�) holdings on its website at www.pmacapital.com. The
schedule, which can be found on the Investor Information section of
the Company�s website under Financial Reports, details the
securities that are included in the Company�s CMBS investment
portfolio, as well as each security�s most recent credit rating,
fair value and amortized cost at September 30, 2008, the original
and current support for each security and the delinquency
percentage of the securities in the pool. Support for CMBS
securities is measured as the percentage of collateral within the
pool of securities that would be required to default prior to the
senior securities in the pool losing any principal value. The
Company intends to update this schedule only on a quarterly basis.
The Company notes the following highlights in its CMBS portfolio:
The CMBS portfolio represents 19% of the Company�s invested assets
at September 30, 2008; All securities within the portfolio have a
credit rating of AAA; All securities in the portfolio experienced
an increase in their support level since origination; All
securities are senior or super senior tranches of the CMBS
structure; On a weighted average basis, current support is at 28.2%
of the par value of the securities; and On a weighted average
basis, less than 1% of the underlying pool collateral is
delinquent. PMA Capital Corporation, headquartered in Blue Bell,
Pennsylvania, is a holding company whose operating subsidiaries
provide insurance and fee-based services. Insurance products
include workers� compensation and other commercial property and
casualty lines of insurance, primarily in the eastern part of the
United States, underwritten and marketed under the trade name The
PMA Insurance Group. Fee-based services include third party
administrator, managing general agent and program administrator
services.
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