<PAGE>
Prospectus Supplement No. 8 Rule 424(b)(3) Prospectus
to Prospectus dated April 11, 1997 Registration Number 333-22125
Penn Treaty American Corporation
$74,750,000 6 1/4% Convertible Subordinated Notes Due 2003
2,628,340 shares of Common Stock
This Prospectus Supplement supplements information contained in that
certain Prospectus of the Company dated April 11, 1997, as supplemented by
Prospectus Supplement No. 1 dated May 6, 1997, Prospectus Supplement No. 2 dated
June 11, 1997, Prospectus Supplement No. 3 dated July 21, 1997, Prospectus
Supplement No. 4 dated August 15, 1997, Prospectus Supplement No. 5 dated
November 10, 1997, Prospectus No. 6 dated November 21, 1997 and Prospectus
Supplement No. 7 dated March 10, 1998 (collectively, the "Prospectus") relating
to the potential sale from time to time of up to $74,750,000 aggregate principal
amount of Notes and the Common Stock issuable upon conversion thereof by the
Selling Securityholders. This Prospectus Supplement is not complete without,
and may not be delivered or utilized except in connection with, the Prospectus,
including any amendments or supplements thereto. Capitalized terms used herein
but not defined have the meanings assigned to such terms in the Prospectus.
The following table supplements the information set forth in the Prospectus
under the caption "Selling Securityholders" with respect to the Selling
Securityholders, the respective principal amounts of Notes beneficially owned by
such Selling Securityholders and that may be sold pursuant to the Prospectus, as
amended or supplemented:
<TABLE>
<CAPTION>
Principal
Amount
of Notes Number of
Beneficially Conversion
Owned and Percent of Shares
That May Outstanding That May
Name (1) Be Sold Notes Be Sold (2)
-------- --------- ----------- ------------
<S> <C> <C> <C>
Bear Stearns & Co., Inc. (16).... $ 9,665,000 12.93% 339,838
Nicholas-Applegate Income &
Growth Fund (3)(17)............. $ 1,026,000 1.37% 36,075
</TABLE>
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(1) The information set forth herein is as of April 29, 1998 and will be
updated as required. Certain of the holders share investment power with
their respective investment advisors.
(2) Assumes conversion of the full amount of Notes held by such holder at the
initial rate of $28.44 in principal amount of Notes per share of Common
Stock.
(3) Nicholas-Applegate Capital Management has full voting and investment power
of these securities.
(16) The amount listed includes an additional $1,000,000 principal amount of
Notes beneficially owned by Bear Stearns & Co., Inc. ("Bear Stearns"). Bear
Stearns, as principal, purchased an aggregate of $1,000,000 principal
amount of Notes on April 7, 1998. Bear Stearns has sold or will resell the
Notes it beneficially owns in the manner described under "Plan of
Distribution." Any compensation in the form of discounts, fees or
commissions and any profits on the sales of such Notes may be deemed
underwriting discounts or commissions.
(17) The amount listed includes an additional $106,000 principal amount of Notes
beneficially owned by the holder and purchased on September 3, 1997.
The date of this Prospectus Supplement is April 29, 1998
