FBD appoints new Chief Financial Officer and Director

FBD Holdings plc has appointed John O’Grady as Chief Financial Officer and as Director of both the Group and of FBD Insurance plc.

O’Grady, a chartered accountant and insurance executive, will join the Group and the Board later this year on July 1, 2016.

He joins the Group from Liberty Insurance Limited where he currently holds the role of Finance Director.

Prior to his role in Liberty, O’Grady worked for Aviva and its predecessor companies in Ireland in various roles between 1989 and 2013, including Finance Director, Claims Director and Operations Director.

O’Grady will take over responsibility from Paul D’Alton, who has held the role of Interim Chief Financial Officer since October 2015.

Commenting on the changes announced, the Chairman of FBD, Michael Berkery, said that he looked forward to O’Grady’s contribution to FBD given his wealth of experience in the general insurance industry in Ireland.

Earlier this year, the Group announced losses of €84m for 2015, citing prior year claims and announced that Chairman Michael Berkery will retire in 2017, after overseeing reorganisation of the company.

Fiona Muldoon, Group Chief Executive, said after an exceptionally difficult year FBD has stabilised.

We have delivered on the commitments made to our shareholders last summer. Our corrective pricing and risk selection actions are building momentum towards restoring profitability.

FBD Holdings plc also announced changes to its governance arrangements which were approved by the Directors earlier this year.

The Group and its principal subsidiary, FBD Insurance plc will have a board comprised of the same directors and the dual board structure currently in operation will be retired.

It says this new structure will be implemented over the coming months as appointments are made and regulatory approvals obtained.