Los Angeles, California — February 29, 2008 — SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare liability insurance, today reported its financial results for the year and fourth quarter ended December 31, 2007.

In 2007, SCPIE had net income of $17.9 million, equal to $1.82 per diluted share, compared with net income of $12.3 million, or $1.27 per diluted share in 2006.

For the 2007 fourth quarter, SCPIE had net income of $6.3 million, or $0.63 per diluted share. For the same period in 2006, the Company had net income of $4.0 million, or $0.41 per diluted share.

Direct Healthcare Liability Review
Net earned premiums for SCPIE’s direct healthcare liability insurance business in 2007 were $121.9 million, a slight decrease from the 2006 total of $123.2 million. Net written premiums for 2007 were $121.2 million, compared to $123.3 million the previous year.

This segment produced an underwriting profit in 2007 of $20.1 million, an increase over the 2006 underwriting profit of $10.8 million. The loss and loss adjustment expense ratio decreased to 62.0% from 70.6% in the previous year. In 2007, the combined ratio was 83.5%, compared with 91.3% in 2006.

For the 2007 fourth quarter, net earned premiums for SCPIE’s healthcare liability insurance business increased slightly to $31.6 million from $30.1 million in 2006. Net written premiums were $25.4 million in the fourth quarter of 2007 versus $24.5 million a year earlier.

In the 2007 fourth quarter, the business produced an underwriting profit of $10.6 million, compared with $3.1 million in 2006. The loss ratio in this segment for the last quarter of 2007 was 43.1% compared to 69.2% in 2006, and the combined ratio for the 2007 fourth quarter decreased to 66.5% from 89.7% in 2006.

Non-Core Review
SCPIE continued to run off its healthcare liability operations. Outstanding reserves for this segment declined further in 2007 to $23.9 million from $37.7 million at year-end 2006. Open claims dropped to 75 at year-end 2007, compared to 136 at the end of 2006.

The Company reported losses for 2007 of $8.9 million—$2.5 million in the fourth quarter—in the assumed reinsurance segment.

Financial Summary
For 2007, SCPIE had total revenues of $143.7 million, which included net earned premiums of $121.7 million, net investment income of $21.9 million and a realized investment loss of $114,000. For 2006, total revenues of $143.9 million included net earned premiums of $123.5 million, net investment income of $20.4 million and a realized investment loss of $493,000.

Total revenues of $36.9 million for the 2007 fourth quarter include $31.6 million of earned premiums, $5.3 million of net investment income and $3,000 of realized investment losses. In the previous year fourth quarter, total revenues of $35.6 million included $30.3 million of earned premiums, $4.9 million of net investment income and $70,000 of realized investment losses. Net written premiums for the 2007 fourth quarter totaled $25.4 million, compared with $24.7 million a year earlier.

SCPIE’s balance sheet remained debt-free at December 31, 2007. Book value per share was $24.21 at year end, up from $21.63 at December 31, 2006.

Supplemental financial data relating to the performance of the Company’s non-core direct healthcare liability operations and its assumed reinsurance business is contained in the detailed financial statement accompanying this news release.

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 for the healthcare community.

On October 16, 2007, the Company announced that it has entered into a definitive agreement to be acquired by The Doctors Company, a physician-owned medical malpractice carrier headquartered in Napa, California. The transaction is subject to the customary closing conditions, including regulatory approvals and the approval of the Company’s stockholders. A special meeting of stockholders to approve this transaction is scheduled for March 26, 2008, at 10 am Pacific Time, at the Company’s headquarters, 1888 Century Park East, Los Angeles, CA 90067.

Additional Information and Where to Find It
On January 30, 2008, SCPIE filed a definitive proxy statement with the Securities and Exchange Commission (SEC) in connection with its proposed acquisition by The Doctors Company. The proxy statement has been mailed to SCPIE’s stockholders, who are urged to read the proxy statement and other relevant materials filed with the SEC because they contain important information about the acquisition. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC at the SEC’s website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by SCPIE at the Investors/Media section on its corporate website at www.scpie.com.

SCPIE’s executive officers and directors may be participants in the solicitation of proxies from SCPIE stockholders with respect to the acquisition. Information about SCPIE’s executive officers and directors, and their ownership of SCPIE Holdings common stock, is set forth in the definitive proxy statement SCPIE filed with the SEC on January 30, 2008, and in the reports filed by the executive officers and directors under Section 16 of the Securities Exchange Act of 1934, as amended, since such date. Additional information regarding the direct and indirect interests of SCPIE’s executive officers and directors in the acquisition is in the definitive proxy statement.

In addition to historical information, this news release contains forward-looking statements that are based upon the Company’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. Actuarial estimates of losses and loss expenses and expectations concerning the Company’s ability to retain current insureds at profitable levels, successful withdrawal from the assumed reinsurance business, continued solvency of the Company’s reinsurers, obtaining rate change regulatory approvals, expansion of liability insurance business in its principal market, and improved performance and profitability are dependent upon a variety of factors, including future economic, competitive and market conditions, frequency and severity of catastrophic events, future legislative and regulatory actions, uncertainties and potential delays in obtaining rate approvals, the level of ratings from recognized rating services, the inherent uncertainty of loss and loss expense estimates in both the core business and discontinued non-core business and the cyclical nature of the property and casualty insurance industry, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. The Company is also subject to certain structural risks as an insurance holding company, including statutory restrictions on dividends and other intercompany transactions.

Risks and uncertainties regarding the pending transaction with The Doctors Company include the possibility that the closing does not occur, or is delayed, due to the failure of closing conditions (including approval by the Company’s stockholders and regulatory authorities) and risks that the pending transaction could disrupt current plans and opportunities of the Company. 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 Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the Company’s objectives or plans will be realized.