When I heard Louth farmer and long-term IFA and FBD participant John McCullen was writing a 50-year anniversary book on FBD, I awaited its publication with intense interest. Like John, I too had invested £50 during that share-raising drive of 1969 and have had my insurance needs met by FBD ever since.

FBD is now the only Irish-owned insurance company in the country. This volume is about Irish farmers getting involved in business, outside the farm gate and directly followed the historic IFA march of 1966 and the realisation that together, farmers could achieve real progress on a range of fronts. It wasn’t all plain sailing.

Paddy O’Keeffe, editor of the Irish Farmers Journal, was the first FBD chair and one of the key driving forces in its establishment. He continued to hold that office until July 1996 when he handed over to the IFA general secretary at the time, Michael Berkery, with Liam Herlihy succeeding in 2017.

The 1970s saw the new company rapidly secure an ever-increasing share of the farmer insurance market by uniquely selling directly to farmers

John McCullen goes into the early difficulties of securing a Department of Industry and Commerce licence to operate as a farmer-owned insurance company, as well as the opposition of the established insurance broker sector and the pivotal hiring of Brian Colvitt as chief executive. Also pivotal was the linkage with the farmer-owned Belgian insurance firm Boerenbond Belge.

The 1970s saw the new company rapidly secure an ever-increasing share of the farmer insurance market by uniquely selling directly to farmers through local offices, though a specialist brokerage business was set up to deal with larger corporate clients. During the 1970s and early 1980s, a diverse range of investments was undertaken. Some were spectacularly successful, especially the large land holding in the south of Spain which returned a large special dividend to shareholders and continues to promise further payouts. During these years, premiums written and profits continuously increased with bonus shares regularly issued to the shareholders.

The traumas that followed the financial crash of 2008 and subsequent effects on the Irish economy as well as on FBD are dealt with comprehensively and with understanding

In 1988, the decision was taken to go on to the stock exchange with the main insurance business and some key investments especially in the hotel and leisure area being retained. The new FBD Holdings Limited had a stellar share price performance reaching a peak of €44.70 in 2007. The traumas that followed the financial crash of 2008 and subsequent effects on the Irish economy as well as on FBD are dealt with comprehensively and with understanding. The role and changing place of the hotel and leisure business as well as the FBD Holdings shares held by farmers in the separate FBD plc company are explained and quantified, while the role of the philanthropic arm of the enterprise FBD Trust is spelled out.

It is an excellent and informative read

Among a number of important grant initiatives, the aid and encouragement given to the Irish Cattle Breeding Federation (ICBF) will probably stand out as having the pivotal long-term influence on Irish farming, especially dairy farming. Michael Berkery, who had been a tireless advocate of ICBF in his role as IFA general secretary, became chair of the Trust in 2013. It is an excellent and informative read for anyone interested in Irish farmers developing their own business. The book was completed before COVID-19.

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Farmers Business Developments AGM on hold