SKP Merrill Lynch

SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare liability insurance, today announced that Institutional Shareholder Services/RiskMetrics (ISS), one of the nation�s leading proxy advisory firms, has recommended that SCPIE stockholders vote FOR the merger agreement with The Doctors Company which provides that all stockholders will receive $28 per share in cash. With this recommendation, three leading independent proxy advisory firms, ISS, Glass Lewis & Co. and PROXY Governance, Inc., have now recommended that SCPIE stockholders support the merger with The Doctors Company. The Special Stockholders Meeting to vote on the merger is scheduled for Wednesday, March 26, 2008. In its report, recommending for the merger with The Doctors Company, ISS concluded: �Based on our review of SCPIE's prospects as a standalone company, the sale process, the measures taken to handle the conflicts of interests inherent in Joseph Stilwell�s ownership of both ACAP and SCPIE, and the significant one-day premium, we believe that the current offer warrants shareholder support.� In so finding, they noted that: On Process � �We note that the company ran a thorough auction process.� On Premium Analysis � �The Doctors Company�s cash offer price of $28.00 per SKP share represents a significant premium to SCPIE�s historical share price on a pre-announcement basis.� On ACAP�s bid � �. . .when comparing the two offers, ISS notes that ACAP�s stock offer presented several closing and post-closing risks � [T]he Acquirer�s offer provided the certainty of cash and the speed of a private transaction with regard to closing. The Acquirer�s cash offer did not have the downside risk associated with ACAP�s stock price in a stock merger. Also, the proposed cash offer was not subject to financing conditions �. Finally, we note that presently there is no definitive offer by ACAP for SCPIE�s shares.� Mitchell S. Karlan MD, Chairman of the Board of SCPIE, stated, �We are very pleased that now three leading independent proxy advisors endorse our proposed merger with The Doctors Company and recognize the superiority of The Doctors Company bid. Moreover, their united front confirms our conviction that the merger offers the best value to SCPIE stockholders and that all stockholders should vote FOR the merger on our WHITE proxy.� The merger agreement calls for the payment of $28 per share in cash, which represents an aggregate purchase price of approximately $281 million and reflects a premium of approximately 31% over the Company�s closing price one week before the transaction was announced. The company encourages all stockholders to vote their shares promptly by phone, Internet, or by mailing their WHITE proxy card, and to contact MacKenzie Partners at 800/322-2885 or collect at 212/929-5500 if they have any questions or need any assistance in voting their shares. 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 or by contacting MacKenzie Partners at 800/322-2885 or by email at scpieproxy@mackenziepartners.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.