David Costello, who will join FBD on 22 February 2016, is a qualified actuary and a Fellow of the Society of Actuaries in Ireland. He is joining FBD from Allianz Worldwide Care, where he was head of actuarial services for the past nine years and a member of the executive management team.

The new chief risk officer has worked in various actuarial roles in the insurance industry over 25 years in a number of companies, including Zurich Insurance Ireland and New Ireland. He has also served on the Council of Actuaries (2009-2013).

Mr Costello’s appointment comes in the wake of a difficult financial year for FBD. Last year, the company posted a loss of €96m before tax for the first six months of 2015.

The role of the chief risk officer is intimately involved in deflecting the possibility of such a profit loss repeating itself. The main responsibility of the role is to look at the risks the company faces and assess how best to mitigate them.

New CEO Fiona Muldoon is in process of building up her team in the aftermath of last year’s profit loss. At the end of January, the Dealer reported that Muldoon is now on the lookout for an appointee to a newly created chief commercial officer role.

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