SCPIE Holdings Again Corrects Stilwell Statements; Urges Stockholders Not to Throw Their Votes Away

SCPIE Holdings Inc. (NYSE:SKP) today provided the
following comments in response to the latest misleading public
statements of the Stilwell Group:
   "The Stilwell Group's attempts to spin the truth continue. As we
noted yesterday, the Delaware Department of Insurance has stated
unequivocally that the Stilwell Group must secure the Department's
prior approval by filing and clearing a Form A before seeking to
exercise any control over SCPIE, including holding proxies to vote
more than 10% of the outstanding shares of our common stock. Don't
just take our word for it -- read the letter sent to Stilwell's
counsel, which we attached to our press release of yesterday. Even
though the Stilwell crew has had over four months to file the required
form, apparently they couldn't be bothered with a mere legal
requirement."
   "And look closely at Stilwell's comments on the Department's
action. In the face of the Department's unequivocal conclusion to the
contrary, the Stilwell Group says they 'believe' they have complied
with the applicable legal requirements and that they 'believe' they
can vote your shares as proxy. But there is not one word of analysis,
and not a single word that refutes the Department's unambiguous
finding. We're just asked to take Stilwell's word for it."
   "And we have, in recent weeks, seen exactly how much that is
worth. Ask -- particularly if you're a fiduciary -- Joe Stilwell how
he can legally vote your shares in the face of this regulatory
statement. And ask yourself whether you'd want someone who'd be
willing to act that way at the helm of your company. Don't throw your
vote away by giving your proxy to someone who thinks he is above the
law (or perhaps insurance code)."

   About SCPIE Holdings

   SCPIE Holdings Inc. is a leading provider of healthcare liability
insurance for physicians, oral and maxillofacial surgeons, and other
healthcare providers, as well as medical groups and healthcare
facilities. Since the company was founded in 1976, it has carved out a
significant niche in the insurance industry by providing innovative
products and services specifically for the healthcare community.

   Important Additional Information Filed with the SEC

   On May 8, 2006, SCPIE filed a definitive proxy statement with the
SEC and mailed it to SCPIE's stockholders. WE URGE INVESTORS TO READ
THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT SCPIE HAS
FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Security holders are able to obtain a free copy of the proxy statement
and other related documents filed by SCPIE at the SEC's website at
www.sec.gov. SCPIE's proxy statement and other related documents may
also be obtained from SCPIE free of charge by contacting SCPIE's
Communications Department at 310-551-5942.
   LISTING OF PERSONS WHO MAY BE DEEMED "PARTICIPANTS" IN THE
SOLICITATION AND CERTAIN INFORMATION CONCERNING SUCH PERSONS IS SET
FORTH IN THE DEFINITIVE PROXY STATEMENT FILED WITH THE SEC ON MAY 8,
2006, WHICH MAY BE OBTAINED THROUGH THE WEB SITE MAINTAINED BY THE SEC
AT www.sec.gov. SINCE SUCH DATE, WILLIAM A. RENERT, M.D. SOLD 1,895
SHARES OF SCPIE'S COMMON STOCK ON MAY 12, 2006.

   Forward-Looking Statements

   In addition to historical information, this news release contains
forward-looking statements that are based upon the SCPIE's estimates
and expectations concerning future events and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
Forward-looking statements include statements herein regarding SCPIE's
upcoming annual meeting of stockholders. In light of the significant
uncertainties inherent in the forward-looking information herein, the
inclusion of such information should not be regarded as a
representation by SCPIE or any other person that SCPIE's objectives or
plans will be realized.