Malpractice insurer proxy fight.

SCPIE Holdings Inc. announced that two independent proxy advisory firms, Institutional Shareholder Services and Glass Lewis & Co., have both backed management's slate of nominees to its hoard of directors, which is facing opposition from a dissident group of investors.

The Los Angeles-based medical malpractice insurer released an evaluation by ISS that stated Kaj Ahlmann, Willis T. King Jr. and Elizabeth Murphy had more insurance industry experience than a slate backed by Joseph Stilwell's Stilwell Value LLC and other investors. Glass Lewis' evaluation praised SCPIE's recent turnaround, according to the release.

SCPIE has had a rocky time over the past several years after a foray into the reinsurance sector and medical markets outside of California led to successive annual losses starting in 2001.

The company reported its first annual profit--$3.5 million--last year, while its stock has risen over the past 12 months to close Monday at $22.09, up from $10.96 last June. However, the Stillwell group is still not satisfied with the stock price and has said the board should include individuals "who have a track record of helping troubled medical malpractice carriers focus on their core business."