After 20 years as chairman of FBD, Michael Berkery indicated his intention to retire from the board in 2017. Despite record losses last year, Berkery described the FBD Group he leaves behind today as a “more streamlined business” than at any time since he was chairman.

The announcement comes as part of a wider shakeup of the FBD board structure.

The current structure, where there are two separate boards, one for FBD Insurance and one for FBD Holdings, will be revamped with a single board.

As part of the new-look board structure, FBD announced that current board members Emer Daly, Eddie Downey, Bríd Horan and Ruairí O’Flynn will continue in office until 29 April this year, but will not be putting themselves forward for re-election.

FBD reported full-year net losses before tax of €85m, while recording underwriting losses of €113.8m for the year.

The losses were mainly driven by the development of prior-year claims of €96m – €88m of this had been reported in the first half of 2015.