The interim Chief Executive of FBD, Fiona Muldoon has described last week which saw the company post a near €90m loss in the first half of the year as the most difficult in its 40-year history.

However, she said it would still be serving farmers in 40 years’ time.

Speaking at the Macra na Ferime Young Farmer of the Year awards for which FBD are the main sponsor, she commented that much has been written about the company in recent weeks and reassured farmers that the business would ride out its current difficulties.

“Last week was probably the most difficult week for FBD since it was started for farmers by farmers 40 years ago.

“We reported a significant loss for the halve year and we have set aside a further €88m extra for claims in light of the inflation we expect to see.”

Fiona Muldoon interim CEO, FBD

Fiona Muldoon interim CEO, FBD

Muldoon conceded that making this provision was tough on FBD’s beleaguered shareholders which have seen the value of their holdings fall significantly in 2015.

However, she said the move means that the insurer now has €835m set aside for policy holders and stressed that its claims pay strength is beyond question.

“FBD will be there for the policy holder when and if they have a claim,” she said.

Return to its roots

Muldoon also said FBD is nothing if it is not about farming and the agri-business sector.  She said the business has 400,000 farm and business policies throughout Ireland.

“This has always been at the heart of what we do and it always will be.”

“FBD has a franchise in the farming and agribusiness community and a relationship with our farming customers that is the envy of many of our competitors.

“FBD has been and will be right there with Irish farming in good times and bad.

We have been serving Irish farmers for 40 years and I believe we will be serving them in 40 years time.

Muldoon stressed that its ‘partnership’ with rural Ireland will endure and said it is proud of that partnership and are confident of better days ahead.