Activist Cevian presses Swiss insurer Baloise for strategy reset, FT reports
Updates with details paragraph 2 onwards
Sept 9 (Reuters) -Activist investor Cevian is pressing for a strategic overhaul at Swiss insurance group Baloise BALN.S after building up a stake of more than 9% in the company, the Financial Times reported on Monday.
The activist investor wants the management of the Swiss insurer to refocus on countries where it is strongest and has a high market share, and direct more of its cash generation to shareholder returns and investing in its domestic market, the newspaper reported, citing people familiar with its thinking.
The Swiss insurer is "looking forward to September 12, when we will explain Baloise’s strategic direction at our investor update”, it said, according to the report.
Cevian and Baloise did not immediately respond to Reuters' requests for comment.
Cevian previously invested in Swiss engineering group ABB ABBN.S and last year reported a position in UBS UBSG.S, saying it wanted to double the value of its stake.
Baloise has endured a tough few years, with the company's share price trailing rival insurers while investors have complained it is too dependent on its Swiss home market.
Reporting by Gursimran Kaur in Bengaluru; Editing by Sonia Cheema
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