Stockholders Approve SCPIE Holdings Merger Agreement with The Doctors Company

  
    
  
  
    
      SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare 
      liability insurance, today announced that its stockholders have voted 
      FOR the adoption of the merger agreement with The Doctors Company, a 
      leading physician-owned medical malpractice carrier.
    
    
      The votes from SCPIE Holdings Inc.’s March 26, 
      2008, Special Meeting of Stockholders were certified in a final report 
      by IVS Associates, Inc., the independent inspectors of election. 
      According to the final report, SCPIE stockholders voted approximately 
      5.9 million shares, or 61.9%, FOR the merger out of a total of 
      approximately 9.6 million outstanding shares eligible to be voted. This 
      fulfilled the requirement that a majority of outstanding shares be voted 
      for the merger in order to be approved.
    
    
      Mitchell S. Karlan MD, Chairman, SCPIE Board of Directors, said, “I 
      would like to thank all stockholders who voted for the merger agreement. 
      It’s gratifying to know that you agreed with 
      the Board’s decision that this was the right 
      move at the right time for our Company.”
    
    
      The merger agreement provides for the purchase of SCPIE for $28.00 per 
      share in cash, or an aggregate purchase price of approximately $281 
      million. The transaction is subject to the receipt of insurance 
      regulatory approvals.
    
    
      Forward-Looking Statements
    
    
      This news release contains forward-looking statements that involve 
      material risks and uncertainties. Such forward-looking statements, 
      including, but not limited to, statements relating to the consummation 
      of the proposed transaction and the terms and timing thereof, are 
      subject to change based on factors beyond the control of SCPIE. Risks 
      and uncertainties regarding the transaction include the possibility that 
      the closing does not occur, or is delayed, either due to the failure of 
      closing conditions, including the failure to obtain required regulatory 
      approvals, or other reasons. Other factors that may cause actual results 
      to differ from the forward-looking statements contained herein and that 
      may affect the Company’s prospects are 
      included in the Company’s other filings with 
      the SEC. SCPIE expressly disclaims any obligation to publicly release 
      any updates or revisions to any such forward-looking statement to 
      reflect any change in its expectations or any change in events, 
      conditions or circumstances on which any such statement is based.