CEO at FBD facing internal inquiry

It has emerged that Fiona Muldoon, the chief executive of FBD Insurance, is the subject of an internal investigation.

The development has been confirmed in a statement by FBD Holdings whereby the company said it had received a press enquiry regarding “internal allegations made against the chief executive, Fiona Muldoon”.

It is understood that an investigation is being conducted; however, no further details have been released at this time. The nature of the allegations are also unknown.

The company has stated that Fiona Muldoon remains in her role as FBD chief executive.

Financial report 2017

Last February, FBD Holdings plc announced a €50 million profit before tax in its preliminary results for the year ending December 31, 2017.

Up almost €39 million on the €11 million recorded profit before tax for 2016, the company also announced a proposed dividend of 24c/share.

FBD managed the gross costs of Storm Ophelia – which initially accounted for between €10 million and €11 million – down to a net cost of €5.4 million after reinsurance.

A Gross Written Premium of €372 million was recorded for the year; this is €11 million higher than 2016’s €362 million.

A Combined Operating Ratio of 86% was notched up, compared to 99% in 2016. While 2017’s figures also include a €15 million (5%) benefit driven by the prior year and €5.6 million (equivalent to 1.7%) from Motor Insurance Bureau of Ireland (MIBI) reserve releases.

An annualised total investment return of 1.2% was recorded – down 0.7% on 2016’s 1.9% figure.