Exhibit 10.67



|GUY CARPENTER  |  | Guy Carpenter & Company, Inc.
|-------------- |  | -----------------------------
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|               |  |                              
|               |  |                              
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|              
|Placement Slip |  |                              
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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:



| | 1. |  | Physicians & Surgeons Comprehensive Professional and Business Liability, including Clinics and Clinical Laboratories.
| | -- |  | ---------------------------------------------------------------------------------------------------------------------



| | 2. |  | Professional and Business Liability Policies for Hospitals and Healthcare Facilities, including:
| | -- |  | ------------------------------------------------------------------------------------------------



| | a. |  | Modified Claims Made Coverage Hospitals and Medical Centers (Primary & Excess);
| | -- |  | -------------------------------------------------------------------------------



| | b. |  | Claims Made Coverage Hospitals and Medical Centers (Primary & Excess);
| | -- |  | ----------------------------------------------------------------------



| | c. |  | Excess Automobile Liability and Excess Employers Liability associated with the policy forms outlined above.
| | -- |  | -----------------------------------------------------------------------------------------------------------



| | 3. |  | Errors and Omissions Liability Policies for Managed Care Organizations, and Directors and Officers Liability Policies.
| | -- |  | ----------------------------------------------------------------------------------------------------------------------



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2 of 7File #:

8493-0009-01/2/3/4Effective Date:

January 1, 2003




BUSINESS
COVERED (Continued):



| | 4. |  | Physicians and Surgeons Comprehensive Professional Liability and Personal Umbrella Business underwritten by Brown & Brown, Inc., Tampa, Florida.
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------



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:



| | 1. |  | Insolvency Funds.
| | -- |  | -----------------



| | 2. |  | Nuclear IncidentLiabilityReinsurance.
| | -- |  | ---------------------------------------



| | 3. |  | Assumed Reinsurance other than for Licensing, Financial Rating Purposes or Acquisition Purposes.
| | -- |  | ------------------------------------------------------------------------------------------------



| | 4. |  | Terrorism per NMA 2929.
| | -- |  | -----------------------



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8493-0009-01/2/3/4Effective Date:

January 1, 2003




LIMIT AND
RETENTION:



First
Layer:



| | A.) |  | $3,000,000 each and every loss in excess of $2,000,000 each and every loss.
| | --- |  | ---------------------------------------------------------------------------



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:



|A.) |  | $5,000,000 each and every loss in excess of $5,000,000 each and every loss.
|--- |  | ---------------------------------------------------------------------------
|   
|B.) |  | Reinstatements                                                            
|   
|    |  |                                                                            





Third Layer:



|A.) |  | $10,000,000 each and every loss in excess of $10,000,000 each and every loss.
|--- |  | -----------------------------------------------------------------------------
|   
|B.) |  | Reinstatements                                                              



Fourth Layer:



|A.) |  | $30,000,000 each and every loss in excess of $20,000,000 each and every loss
|--- |  | ----------------------------------------------------------------------------
|   
|B.) |  | Reinstatements                                                             



WARRANTY:



|1.) |  | In respect of Physicians and Surgeons Comprehensive Professional and Business Liability Policies, including Clinics
and Clinical Laboratories, the Maximum Policy Limit is $10,000,000 subject to inuring protection of $8,000,000 in excess of $2,000,000 with a maximum aggregate of $8,000,000 during each 12 month period, or so deemed.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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8493-0009-01/2/3/4Effective Date:

January 1, 2003




WARRANTY
(Continued):



| | 2.) |  | Coverage for Professional and Business Liability Policies for Hospitals is restricted to policies incepting prior to January 1, 2002, the Maximum Policy Limit is
$50,000,000, or so deemed.
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.) |  | In respect of Professional and Business Liability Policies for Healthcare Facilities, the Maximum Policy Limit is $10,000,000 for policies incepting prior to January
1, 2002, and $5,000,000 for policies incepting on or after January 1, 2002, or so deemed.
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.) |  | In respect of Errors and Omissions Liability Policies for Managed Care Organizations, Directors and Officers Liability Policies, and Employment Practices Liability
Insurance, the Maximum Policy Limit is $5,000,000 for policies incepting prior to January 1, 2002, and $1,000,000 for policies incepting on or after January 1, 2002, or so deemed.
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.) |  | In respect of Professional and Business Liability Policies for Dentists, excluding coverages for Oral and Maxillofacial Surgeons, the Maximum Policy Limit is
$10,000,000, for policies incepting prior to January 1, 2002, and $2,000,000 for policies incepting on or after January 1, 2002, or so deemed.
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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.



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8493-0009-01/2/3/4Effective Date:

January 1, 2003




ATTACHMENT
OF LIABILITY:



| | (A) |  | For purposes of determining the attachment of the Reinsurers liability hereunder as respects any one loss, all losses (including Discovery Period Losses) involving
one or more Original Insureds, arising from the same incident, and in which First Notice of Claim or Circumstance is notified to the Company during the term of this Agreement shall be covered hereunder.
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) |  | The date of a loss hereunder shall be the earliest date, within the term of this Agreement, that the Company has received First Notice of Claim or Circumstance.
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



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.



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8493-0009-01/2/3/4Effective Date:

January 1, 2003




INFORMATION:





| |  | 2003 Premium Estimates by Line:    |  |   |            
| |  | ---------------------------------- |  | - | -----------
|
| |  | Physicians SCPIE                   |  | $ | 87,600,000 
| |  | Physicians (Standard) AHI-CA       |  | $ | 12,200,000 
| |  | Physicians Other than CA. Std. AHI |  | $ | 1,800,000  
| |  | PhysiciansNon Standard AHI        |  | $ | 1,300,000  
| |  | PhysiciansNon Standard AHSIC      |  | $ | 300,000    
| |  |                                    |  |   |            
| |  | Subtotal:                          |  | $ | 103,200,000
|
| |  | Hospitals                          |  | $ | 300,000    
| |  | Healthcare Facilities              |  | $ | 6,800,000  
| |  | Healthcare Providers               |  | $ | 1,600,000  
| |  | Umbrella                           |  | $ | 500,000    
| |  | Managed Care E&O                   |  | $ | 700,000    
| |  | Directors & Officers               |  | $ | 1,000,000  
| |  |                                    |  |   |            
| |  | Subtotal:                          |  | $ | 10,900,000 
|
| |  | Brown & Brown                      |  |   |            
| |  | Physicians                         |  | $ | 14,100,000 
| |  | Phys.Dentists & Oral Surgeons     |  | $ | 1,800,000  
| |  |                                    |  |   |            
| |  | Subtotal:                          |  | $ | 15,900,000 
|
| |  | Grand Total:                       |  | $ | 130,000,000





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.



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8493-0009-01/2/3/4Effective Date:

January 1, 2003




ACCEPTED:



|First Layer:          |  | 
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|Second Layer:         |  | 
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|Third Layer:          |  | 
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|Fourth Layer:         |  | 
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|Reinsurer:            |  | 
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|Reference #:          |  | 
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|FEIN # & NAIC #:      |  | 
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|Authorized Signature: |  | 
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|Date:                 |  | 
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