Fiona Muldoon to step down as chief executive of FBD

Fiona Muldoon is to step down as chief executive of FBD Insurance. Ms Muldoon informed the company that she will leave her position in October 2020.

She has been chief executive since August 2015, having joined FBD as executive director and chief financial officer at the beginning of 2015.

Ms Muldoon is credited with returning the insurer to profitability in 2017 after several years of losses, blamed on a higher court awards, higher frequency claims and higher legal costs.

During her time in charge, the former Central Bank regulator presided over a major restructuring of the group, including the sale of property investments, the hiking motor premiums and a scaling back on the use of insurance brokers, while renewing the company's focus on price and risk.

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She also closed the company’s defined benefit pension plan to future accrual as part of a cost-cutting programme.

First dividend

In 2018, FBD paid its first dividend in four years coinciding with the 20th anniversary of its flotation on the Irish Stock Exchange. It reported profits of €50 million for last year.

“We have taken the business through a major repair, recovery and refocus operation through to its current state of strength and stability,” Ms Muldoon said.

"Our results speak for themselves and I wish the FBD team at head office in Bluebell and in our branches up and down the country every continued success as we proudly push on from here as the only independent Irish insurer in the Irish marketplace," she said.

Mr Muldoon herself was the subject of an internal complaint by the company's human resources director, Sarah Ryan, which was later investigated by law firm William Fry. She was later cleared of any wrongdoing.

FBD chairman Liam Herlihy said: "Fiona has transformed the commercial fortunes of FBD over the past four years.

“Her relentless focus on the business and its customers has been remarkable. The shareholders and the community we serve have benefitted from her tireless efforts.”

The company has not yet named a replacement. “Succession planning is an important board function and an executive search will commence,” Mr Herlihy said.