PMA Capital (PMACA) is an insurance company that has been undergoing a turnaround since 2004. We think that over the next twelve months, investors will finally feel comfortable that the worst is behind for the company and the focus will shift towards renewed growth opportunities for PMACA’s core workers’ compensation business, which has been operating since 1915. As investor sentiment changes towards the company, its shares could rise by 50%+ over the next two years with limited downside risk for investors.