SKP Merrill Lynch

SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare liability insurance, today announced that the preliminary results of the stockholder vote to elect three directors to SCPIE's 12-person board indicate that SCPIE's nominees have been elected. In the preliminary vote count provided by the independent inspectors of election, SCPIE's three nominees, Kaj Ahlmann, Willis T. King Jr. and Elizabeth A. Murphy, received votes totaling approximately 4.6 million, 3.6 million and 4.6 million, respectively, with the Stilwell Group's nominees, Joseph Stilwell, Spencer Schneider and Gregory Noonan, receiving approximately 2.9 million, 1.9 million and 1.9 million votes, respectively. There were approximately 6.7 million votes cast in the election. These preliminary results are subject to review by SCPIE and by the Stilwell Group before they are certified. Today's announcement is based on a preliminary count performed by IVS Associates, Inc., the independent inspectors of election. Final certification of the vote is expected in about one week. Donald J. Zuk, President and Chief Executive Officer of SCPIE Holdings Inc., said, "I would like to thank all stockholders who voted in this important election, regardless of how they cast their ballots. "As always, enhancing stockholder value is our foremost and overriding goal. With the proxy contest nearly concluded, we will continue to fine-tune our strategies and execute our business plan to achieve this important objective." 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. Forward-Looking Statements In addition to historical information, this news release contains forward-looking statements that are based upon 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 2006 election of directors. 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 person that SCPIE's objectives or plans will be realized.