Saturday 16 December 2017

FBD Insurance boss warns of possible office closures in attempt to return to profit

Fiona Muldoon, Director of Insurance Supervision, Central Bank of Ireland
Fiona Muldoon, Director of Insurance Supervision, Central Bank of Ireland
Donal O'Donovan

Donal O'Donovan

FBD Insurance was in a “distressed situation” and regulators were “getting nervous” about the business, shareholders have been told today.

The head of FBD Insurance Fiona Muldoon has warned of possible office closures saying says there must be no “sacred cows” within business as it pushes to return to profit.

She was speaking as shareholders were asked to vote at an extraordinary general meeting (EGM) on the proposed €48.5m sale of hotel assets agreed by the FBD board in order to meet a regulatory capital target.

The hotels are being sold to joint venture partner Famers Business Development, which is also the insurer’s biggest shareholder.

FBD chairman Michael Berkery told shareholders that the company has been in a “distressed  situation” before agreement to sell assets and raise €70m in long term debt from investor Prem Watsa.

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