Langford who served as CEO for the past 7 years, joined FBD 19 years ago.

In a statement, Langford said, “I believe the time is right for somebody new to lead the Company through its next phase. I have really enjoyed the challenges and have been fortunate to be part of a great Irish company working with the best people who always go the extra mile for our customers."

Fiona Muldoon, Group Finance Director has been appointed Interim Chief Executive and will assume overall executive responsibility for the company in the interim.

Muldoon who joined FBD in January, from the Central Bank had previously worked with Canada Life where she held the position of Chief Financial Officer.

A chartered accountant, Muldoon spent 17 years of her career with XL Group in Dublin, London and Bermuda, where she worked in senior financial and general management positions. She is also a non-executive Director of Bank of Ireland.

Commenting, FBD Chairman, Mr. Michael Berkery said: "The Board would like to thank Andrew Langford for his contribution to the Company over the last 19 years. I am delighted that Andrew has agreed to make his experience and services available to the Company for the next financial year in a consultancy capacity. During his stewardship, as CEO for 7 years and previously as Finance Director, FBD has grown significantly in the Irish insurance market. We wish him well for the future."

FBD is due to publish its half yearly results on 25 August 2015.

Share in the company fell sharply on the announcement and closed down 10.8% at €7.65

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Weathering the storm – overview of the Irish insurance market