Tuesday 30 May 2017

FBD remains "on track" for recovery - Berkery

FBD ceo Fiona Muldoon and chairman Michael Berkery, who announced he is to step down, picturd at the company’s recent egm. Photo: Damian Eagers
FBD ceo Fiona Muldoon and chairman Michael Berkery, who announced he is to step down, picturd at the company’s recent egm. Photo: Damian Eagers
Michael Cogley

Michael Cogley

FBD chairman Michael Berkery has said the company remains on track for recovery and that the hardening of insurance rates has continued into 2016.

Mr Berkery was speaking ahead of the company's annual general meeting in Bluebell later today.

"The group’s weather loss experience since the start of the year has not been severe.  While the injury claims environment remains uncertain, FBD welcomes the increased attention and debate this is receiving at a national level.

"The group’s low risk investment allocation largely shielded FBD from the volatility experienced in markets since the start of the year," Mr Berkery said.

Shareholders will be asked later today among other things to raise directors' mandatory retirement age from 65 to 70.

Questions from the floor are expected about the payment of former chief executive Andrew Langford.

It was recently revealed Mr Langford is being paid €16,300 a month to advise the business this year.

The FBD chairman said the company is continuing with its simplified recovery strategy.

"We continue to execute our simplified strategy and remain on track for recovery.  We have an ambition to show a combined ratio of less than 100pc in quarter four of 2016.”

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