Swiss insurer Baloise is considering changes in its board of directors, Chairman Thomas von Planta said on Thursday after the company revealed plans to boost returns to shareholders.
“We want to strengthen the insurance expertise on the board,” von Planta told Reuters in an interview. “We are currently holding discussions on this,” he added.
Baloise was working towards making those changes at its 2025 Annual General Meeting, said von Planta, who noted that he was open to being re-elected as chairman.
Swiss Insurer Baloise Targets Higher Returns for Shareholders After Cevian Move
Baloise unveiled theplan to overhaul its strategy after Swedish activist investor Cevian Capital earlier this week announced it had become the company’s biggest stakeholder.
The Swiss insurer met with representatives of Cevian and other investors when discussing its plans, the chairman said, calling the Swedish firm “very successful.”
“As they say, they (Cevian) see potential in Baloise. We’re listening very carefully,” said von Planta, who stressed that the insurer wanted to remain independent.
He said the company was committed to retaining its operations in Switzerland, Germany, Belgium and Luxembourg. Some shareholders have urged Baloise to withdraw from Germany.
Baloise hopes to boost its shares going forward, and the company will be able to increase its valuation if the new strategy is successfully implemented, the chairman said.
“I’m confident we’ll succeed in doing this,” he said.
(Reporting by Oliver Hirt; editing by Dave Graham and Rachel More)
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