Latest news with #TomásÓMidheach
Agriland
08-05-2025
- Business
- Agriland
FBD Holdings ‘confident in underlying profitability' of business
Insurance group FBD Holdings has expressed confidence in the underlying profitability, future growth prospects, and capital strength of the business. In an address due to be delivered at the company's annual general meeting (AGM) at Farm Centre in Dublin today (Thursday, May 8), Tomás Ó Midheach, chief executive will discuss the current trading environment. He is expected to tell shareholders that growth momentum has been sustained with gross written premium (GWP) increasing by approximately 10% compared to the same period in 2024. GWP is the total amount of money an insurer collects from its customers in exchange for insurance policies. FBD Holdings Ó Midheach will said the emphasis placed by the company on building and maintaining relationships with its customers has resulted in increased policy count across our portfolios in farm, business, retail, and partners. 'Today, we are doing more, with more customers than ever before, expanding our reach while staying true to the values that have defined FBD for decades. 'Central to this is our nationwide branch network, providing local expertise and dedicated support to the communities we serve,' he will add. In a trading update issued in February, FBD Holdings detailed that profitability in the year to date has been impacted by the cold spell of January and Storm Éowyn. The insurer said that Storm Éowyn, which hit the country on Friday, January 24, is 'set to be the single biggest storm in FBD's history'. The overall net cost (including reinstatement premium) for January 2025 weather is expected to be approximately €30 million. The underwriting profitability, excluding the weather events, is solid and in line with expectations. 'We fully understand the significant impact these events, have had on many of our customers. Progress is being made in settling these claims quickly and fairly. 'FBD's reinsurance programme provides cover for extreme events and will mitigate the financial impact to FBD,' Ó Midheach will tell shareholders. AGM The AGM will hear that investment return through the income statement in the year to date has been positive. 'FBD remains a strongly capitalised business with a Solvency Capital Ratio in excess of our stated risk appetite. 'Our intention is to move closer to target capital levels over time, while preserving the sustainability of our annual ordinary dividend and maintaining a robust capital position for our growing business. 'Overall, we remain confident in the underlying profitability, future growth prospects and capital strength of the business as well as our continued ability to deliver real value for both customer and shareholders,' Ó Midheach will say.
RTÉ News
08-05-2025
- Business
- RTÉ News
FBD Holdings' Gross Written Premium up 10% on last year
Insurance group FBD Holdings said today it remains confident in the underlying profitability, future growth prospects and capital strength of the business. In an address to be delivered at the company's AGM today, chief executive Tomás Ó Midheach will tell shareholders that FBD's growth momentum has been sustained with Gross Written Premium (GWP) increasing by about 10% on the same time last year. The CEO said the emphasis the company places on building and maintaining relationships with customers has resulted in increased policy count across its portfolios in farm, business, retail and partners. "Today, we are doing more, with more customers than ever before, expanding our reach while staying true to the values that have defined FBD for decades. Central to this is our nationwide branch network, providing local expertise and dedicated support to the communities we serve," he added. FBD had said in a trading update in February that profitability in the year to date had been impacted by the cold spell of January and Storm Éowyn. It said today that progress is being made in settling claims from these events quickly and fairly, adding that its reinsurance programme provides cover for extreme events and will mitigate the financial impact to FBD. "As previously disclosed, the overall net cost (including reinstatement premium) for January 2025 weather is expected to be approximately €30m. The underwriting profitability, excluding the weather events, is solid and in line with expectations," its CEO said today.
Irish Times
08-05-2025
- Business
- Irish Times
FBD Insurance making ‘progress' with Storm Éowyn claims
The chief executive of FBD Insurance said that 'progress is being made' in settling claims related to Storm Éowyn but reiterated that the group expects to take a €30 million hit from settlements related to the cyclone, which damaged homes and businesses across the country. In a trading update in advance of the group's annual general meeting on Thursday, chief executive Tomás Ó Midheach said FBD's profitability, excluding the impact of 'weather events' in January, has been 'solid' so far this year and 'in line with expectations'. However, the Republic's only indigenous insurer remains in line for a roughly €30 million hit from claims related to severe cold weather in January as well as Storm Éowyn, he said. 'We fully understand the significant impact these events have had on many of our customers,' Mr Ó Midheach said. 'Progress is being made in settling these claims quickly and fairly.' READ MORE More to follow ...
