Excess of Loss Reinsurance Placement Slip between Guy Carpenter & Company, Inc. and SCPIE Holdings, Inc. and Affiliates (Effective January 1, 2003)

Exhibit 10.67

COMPANY:

SCPIE HOLDINGS, INC.,

AND/OR SCPIE INDEMNITY COMPANY,

AND/OR AMERICAN HEALTHCARE INDEMNITY COMPANY,

AND/OR AMERICAN HEALTHCARE SPECIALTY COMPANY,

AND/OR SCPIE INSURANCE SERVICES, INC.,

AND/OR SCPIE MANAGEMENT SERVICES, INC.,

LOS ANGELES, CALIFORNIA

TYPE:

FIRST – FOURTH EXCESS OF LOSS REINSURANCE

BUSINESS COVERED:

BUSINESS COVERED (Continued):

TERM:

January 1, 2003 to December 31, 2003 as respects claims made during the calendar year 2003.

The term “claims made” as used herein shall mean (A) In respect of Claims Made Policies, claims first notified to the Company during the term of this Agreement on any inforce policy or reporting endorsement arising out of incidents subsequent to the retroactive date of said policy as the result of the rendering of or failure to render a professional service or the reporting of losses which arise from the insured premises and operations incidental to the practice of a physician, hospital or managed care organization and/or (B) In respect of Occurrence, or Modified Claims Made Policies, claims or losses first notified to the Company during the term of this Agreement.

Retroactive date January 1, 1976, except for Extra Contractual Obligations which is January 1, 1979.

In the event of cancellation or non-renewal, and at the option of the Reinsured, Reinsurers agree to run-off policies in force until natural expiration not to exceed 12 months from the expiration date hereon, at terms to be mutually agreed.

TERRITORY:

As per the Company’s original policies, contracts, or binders.

EXCLUSIONS:

LIMIT AND RETENTION:

First Layer:

Reinsurers maximum aggregate liability, during the term of this Agreement shall be $18,000,000.

Not withstanding the foregoing it is a condition hereto that an Annual Aggregate Deductible of $3,000,000, otherwise recoverable, shall first be deducted before any liability attaches hereon.

Second Layer:

Third Layer:

Fourth Layer:

WARRANTY:

WARRANTY (Continued):

PREMIUM:

First Layer:

4.43% of G.N.E.P.I.

Deposit—$5,760,000 payable $2,880,000 semi-annually.

Minimum—$4,600,000

Second Layer:

2.47% of G.N.E.P.I.

Deposit—$3,210,000 payable $1,605,000 semi-annually.

Minimum—$2,568,000

Third Layer:

1.45% of G.N.E.P.I.

Deposit—$1,885,000 payable $942,500 semi-annually.

Minimum—$1,508,000

Fourth Layer:

1.00% of G.N.E.P.I.

Deposit—$1,300,000 payable $650,000 semi-annually.

Minimum—$1,040,000.

ATTACHMENT OF LIABILITY:

ACCOUNTING:

Premiums—Payments within 60 days of respective due date.

Losses—Payments within 60 days of receipt of proof of loss.

Outstanding losses reported individually as they occur.

GENERAL CONDITIONS:

Loss Adjustment Expenses to be included with the Ultimate Net Loss.

Excess of Original Policy Limits Clause.

80% Extra Contractual Obligations Clause.

Ultimate Net Loss Clause including Declaratory Judgement Expenses incurred in connection with coverage questions and legal actions related to a specific claim.

Net Retained Lines Clause.

Notice of Loss Clause.

Loss Funding Clause—Including IBNR (See Attached).

Special Funding Clause.

Confidentiality Clause.

Commutation Clause by Mutual Agreement.

Federal Excise Tax Clause.

Errors and Omissions Clause.

Insolvency Clause.

Offset Clause—BRMA 36A

Service of Suit Clause.

Mode of Execution Clause.

Arbitration Clause.

Access to Records Clause.

Guy Carpenter & Company, Inc. Intermediary Clause.

INFORMATION:

REGULATION 98:

Premium and loss payments made to Guy Carpenter & Company, Inc. shall be deposited in a Premium and Loss Account in accordance with Section 32.3(a)(1) of Regulation 98 of the New York Insurance Department. The parties hereto consent to withdrawals from said account in accordance with Section 32.3(a)(3) of the Regulation, including interest and Federal Excise Tax.

ACCEPTED: