UPDATE 2-Swiss insurer Baloise investor seeks to change voting rules

(Adds company response, details)

ZURICH, Jan 9 (Reuters) - Baloise investor zCapital AG on Tuesday launched an attempt to change voting rules at the Swiss insurance company, saying the current restrictions were outdated and weighed on its share price.

The proposed reform is the latest attempt to overhaul corporate governance at Swiss companies that are often protected from shareholder pressure by complex share structures, voting rules and large family holdings.

At Baloise, zCapital said it wanted to remove 2% restrictions on voting rights, and would make the proposal at the company's annual general meeting on April 26.

Baloise investors have their voting rights capped at 2%, regardless of their stake in the company.

zCapital, which holds a stake of more than 0.5% in Baloise, said it wanted to lift the restriction that it said deterred others from investing in Baloise.

"We simply want to make Baloise more attractive to investors," zCapital CEO Hilmar Langensand told Reuters. "When investors look at the company and see the restriction, they often don't want to invest."

"We are not activist investors, we take a long-term view," he added. "There is no plan B to restructure the company or replace the board. Every shareholder should have the right to vote in proportion to their shareholding in the company."

The attempt at reform has been made possible by a change to Swiss companies law that reduced the threshold for items to be placed on the agenda at shareholder meetings to investors holding 0.5% of capital or votes, down from 10% previously.

Baloise said it noted the application to change voting rights and would deal with the matter at the upcoming AGM.

The Basel-based group has endured a tough few years, with falls in its profit and share price. In November it warned of an "exceptional negative impact" from natural disasters in the second half of 2023.

In the last three years Baloise shares have lost nearly 19%, underperforming European peers. The Stoxx European 600 Insurance Index has gained nearly 22% over the same period. (Reporting by John Revill and Oliver Hirt; Editing by Linda Pasquini and Barbara Lewis)