Schedule 14A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(AMENDMENT NO.      )

Filed by the Registrant x                            Filed by a Party other than the Registrant ¨

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¨ Preliminary Proxy Statement
¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
¨ Definitive Proxy Statement
x Definitive Additional Materials
¨ Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-12

SCPIE HOLDINGS INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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SCPIE Holdings Inc. (“SCPIE”) is filing this Schedule 14A to publicly disclose the following statements by the Company’s Chief Executive Officer:

“While SCPIE has made great progress in its turnaround, it is faced by increasing challenges to its growth in a market in which at least four of its main California-based competitors, including The Doctors Company, are private. Private insurers have more flexibility to cut rates and take a short-term hit to profits, while SCPIE has to answer to shareholders. SCPIE hasn’t raised rates in two years and no increases currently are planned for 2008. SCPIE also faces obstacles to improving performance because SCPIE has institutional investors who have expressed a concern with respect to SCPIE expanding its business outside the State of California. In addition, SCPIE has been at a market disadvantage because of its “good” B+ financial rating from insurance industry rating firm A.M. Best Company. By comparison, The Doctors Company has an “excellent” A- rating. As a result, this was probably the best time for SCPIE to consider being acquired by a company that is bigger and stronger than it is. Except for Joseph Stilwell, SCPIE’s directors agreed that accepting a cash offer from a respected, in-state company was the best deal for shareholders. The other option would have been taking chances on a cash-and-stock offer where the share price could swing wildly in a volatile market before the deal closed.”

 

Additional Information About the Merger and Where to Find It

In connection with the pending merger with The Doctors Company, SCPIE intends to file relevant materials with the Securities and Exchange Commission (SEC), including a proxy statement. INVESTORS ARE URGED TO READ THESE MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE DOCTORS COMPANY, SCPIE AND THE MERGER. The proxy statement and other relevant materials (when they become available) and any other documents filed by SCPIE with the SEC may be obtained free of charge at the SEC’s website at http://www.sec.gov. In addition, investors may obtain free copies of the documents filed with the SEC by contacting SCPIE’s communications department at SCPIE Holdings Inc., 1888 Century Park East, Suite 800, Los Angeles, California 90067-1712, or by accessing the SCPIE’s website (www.scpie.com) and clicking on the Investors/Media section. Investors are urged to read the proxy statement and the other relevant materials when they become available before making any voting or investment decision with respect to the merger.

SCPIE and its executive officers and directors may be deemed to be participating in the solicitation of proxies in connection with the merger. Information about the executive officers and directors of SCPIE and the number of shares of SCPIE’s common stock beneficially owned by such persons is set forth in the proxy statement for SCPIE’s 2007 Annual Meeting of Stockholders, which was filed with the SEC on April 18, 2007, 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. Investors may obtain additional information regarding the direct and indirect interests of SCPIE and its executive officers and directors in the merger by reading the proxy statement regarding the merger when it becomes available.

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.