In the wake of the attacks on September 11, we increased the Fund's exposure to the Swiss insurance industry, with Baloise Insurance joining Zurich Financial Services and Swiss Re. The Basel-based company has clearly-defined strategic principles and does not operate in the United States.
Baloise is a Swiss leader in nonlife insurance and employs a staff of 7,250, roughly half in Switzerland. Consolidated premiums written for 2000 amounted to CHF 6.7 bn.
The social and environmental rating of the company is positive, which justifies a greater weighting than that resulting from financial valuation alone.
Baloise issued its first environmental report this year. While this is limited at present to Switzerland (45% of business), the company has organized its commitment worldwide and defined responsibilities for its top managers . In addition, Baloise applies the industry's environmental standards.
From a social standpoint, the company has made a commitment to be more open to dialogue, but is still saying little about its responsibilities toward its stakeholders as a whole, i.e. its employees, customers, suppliers, shareholders and community.
