FBD has announced Fiona Muldoon as the new chief executive of FBD Holdings plc.

She was the firm favourite for the position as she took over as interim chief following the sudden departure of Andrew Langford in July.

Muldoon became group finance director in March, having joined the board in January this year. She took over from Cathal O’Caoimh, who remained on the board to lead a number of projects and who announced his full retirement last week.

A chartered accountant, Muldoon was director of Credit Institutions and insurance supervision at the Central Bank from 2011 to 2014, and also worked in the insurance sector.

She has a large task ahead, as she has to turn the mainly farmer-owned insurer around after reporting losses of €96m in its half year results. It will cut costs by €7m this year, while also refocusing on its core agricultural insurance market.

Paul D’Alton is to take up the position of new chief financial officer. D’Alton comes with extensive experience in senior finance roles in the general insurance and banking sectors, having worked with UK insurer RSA, Bank of Ireland and Waterford Wedgewood.

Meanwhile, FBD Holdings has announced it will hold an EGM on 22 October where the proposed divestment of its stake in FBD Property and Leisure Ltd will be put to a shareholder vote. It is proposing to sell off its share of the hotels business for €48.5m to its joint venture partner and largest shareholder, Farmer Business Developments. This will be funded €23.5m from Farmer Business Developments and €25m from new borrowings, which have yet to be approved by the lending institution.

As it is an interested party, Farmer Business Developments cannot vote at the EGM.

It is likely the deal, which includes three hotels in Ireland and two in Spain, will be overwhelmingly approved by shareholders as the insurer aims to focus on its core insurance business.

The EGM will take place at 11am on 22 October at the Irish Farm Centre. Farmer Business Developments will also hold its EGM to approve the purchase of the hotels business on the same date.

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'FBD will emerge leaner and stronger', by Fiona Muldoon