MR John Bourke has resigned from the board of Celtic International, the Galway based insurance broker he established in 1982. Mr Bourke sold the company in July 1993 to the pan European insurance and assurance group Eureko for a reported £9 million.

He remained on the board as a non executive director but has now stepped down following the amalgamation of the Celtic International board into the board of Eureko Ireland Holdings, which is responsible for all the group's operations in Ireland including Friends Provident.

Mr Bourke is resigning in order to spend more time on other personal and business interests, which include the Glenlo Abbey Hotel near Galway, according to a statement from Eureko.