Malpractice insurer proxy fight.SCPIE SCPIE Southern California Physicians Insurance Exchange 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 Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. insurer released an evaluation by ISS ISS See Institutional Shareholder Services (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 (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control 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 The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. 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." |
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