ZURICH (Reuters) – Activist investor Cevian on Thursday said it was unimpressed by Baloise’s proposals to improve performance at the Swiss insurer.
“For Baloise to become a great Swiss insurance company, real focus and real ambition are needed,” said Cevian partner Robert Schuchna. “Today’s announcements are insufficient on both counts.”
Earlier on Thursday, Baloise, where Cevian is the biggest shareholder with a 9.4% stake, said it planned to boost return on equity, cut jobs and would consider share buybacks.
(Reporting by Oliver Hirt; Writing by John Revill)
