SCPIE Holdings Inc. Continues to Scare Stockholders - The Stilwell Group Reaffirms that Proxies Will Be Voted at Annual Meeting

NEW YORK, June 6  /PRNewswire/ -- The Stilwell Group responded today to the incorrect assertion by SCPIE Holdings Inc. (NYSE:SKP) that the Delaware Department of Insurance has required the Group to obtain Form A approval before SCPIE's annual meeting.  Mr. Stilwell remarked, "The Stilwell Group is confident that the proxies it has obtained will absolutely count at the annual meeting.  My Group duly filed, in complete compliance with Delaware insurance law, a Disclaimer of Control with the Delaware Department of Insurance on April 27, 2006.  Our Disclaimer duly rebutted the 'presumption of control' occurring when a person holds proxies representing in excess of 10% of an insurer's shares.  Our Disclaimer was 'effective' when we filed it and it remains effective unless and until the Department disallows it after notice, a hearing and after making specific findings of fact to support such disallowance.  We have not as of this date received any notice of a hearing by the Department and the Department has not issued any specific factual findings to support disallowance of our Disclaimer of 'control.'  I ask you:  how can SCPIE possibly argue we could 'control' the Company if we held only 3 of 12 board seats?  It seems to me that the Company's legal acumen is very similar to their business acumen." 

DATASOURCE: The Stilwell Group



CONTACT:  Mr. Joseph Stilwell of The Stilwell Group, [phone]

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