Next Monday will see FBD Holdings plc issue its half-yearly report for the six months ending 30 June 2015. The date has been brought forward by one day, presumably in light of the sudden departure of the CEO and recent speculation around the amount of capital required to meet new regulations. The insurer, which made a €4.5m loss last year, is expected to report another challenging half-year result.

It is expected that interim CEO Fiona Muldoon will announce a plan to turn around the company, while ensuring there is enough capital to comfortably meet new regulatory requirements.

It is also expected that FBD will announce it is to fully exit the hotels and leisure business.

It is yet difficult to understand the impact Solvency II poses for FBD. The challenge seems to have intensified since its mid-May statement, when it reiterated that the continuing significant uncertainty in the claims environment will impact the development of booked claims reserves and profitability in 2015.

At that time, FBD also revealed that no interim dividend will be declared at this set of results.

Last week, it was reported that the company’s defined benefit pension scheme would be closed after striking a deal with staff. It had a deficit of €54m at the end of 2014, up from €28m at the end of 2013. While it is unknown at this stage, the cost of this deal may be as high as €10m.