FBD chief in the clear following independent investigation

FBD Holdings plc has ended its independent investigation regarding allegations against the group CEO Fiona Muldoon, the company has announced earlier today (Monday, August 13).

In a statement, FBD said: “Further to its announcement of June 29, the board of FBD Holdings plc today announces the conclusion of an independent investigation into internal allegations made against the chief executive.

The allegations have not been upheld.

“The chief executive, Fiona Muldoon and her management team will continue to develop the business of FBD for the benefit of customers, shareholders and staff with the full confidence and support of the chairman and the board,” the statement added.

The nature of the allegations remain unknown.

Strong six months for FBD

Earlier this month, FBD Holdings plc recorded a strong showing for the first six months of 2018, revealing a profit before tax of €18 million.

This was announced in the group’s half-yearly report, for the six months ended June 30, 2018.

The firm saw a combined operating ratio of 88.6% including the net of reinsurance for Storm Emma costs of €6.6 million and a positive prior year reserve development of €6 million.

Gross Written Premium has increased by 1% to €192 million in 2018 – some €2 million higher than 2017 figures. The company has put this rise down to strong customer retention, combined with increased new business in Consumer, Commercial and Farm aspects of the firm.

FBD Holdings recorded a half-year annualised return on equity of 12% for the past six months.

The firm’s net profit before tax has seen a considerable increase of 54.6% over last year, recording a figure of €18.4 million – compared to €11.9 million in 2017.