ZURICH, Sept 12 (Askume) – Swiss insurer Baloise (BALN.S) is considering changes to its board of directors, Chairman Thomas von Planta said on Thursday, after the company unveiled plans to boost shareholder returns.
“We want to strengthen the insurance expertise on the board,” von Planta told Askume in an interview. “We are currently in discussions about that,” he added.
Von Planta said Baloise was working to make changes by the 2025 annual shareholder meeting and said he was up for re-election as chairman.
Baloise revealed plans to change its strategy after Swedish activist investor Cevian Capital announced earlier this week that it had become the company’s largest shareholder.
The Swiss insurer has met with representatives of Cevian and other investors to discuss its plans, with the chairman describing the Swedish company as “very successful”.
“As they say, they (Savion) see potential in Baloise. We are listening very carefully,” said von Planta, who stressed that the insurer wanted to remain independent.
He said the company was committed to maintaining operations in Switzerland, Germany, Belgium and Luxembourg. Some shareholders have urged Baloise to exit Germany.
The chairman said Baloise expects the share price to rise in the future and that the company’s valuation will increase if the new strategy is successfully implemented.
“I am confident we will be able to do that,” he said.
