Michael Garvey to leave troubled insurer FBD

Troubled insurer FBD's director of sales, Michael Garvey, is leaving the company, it has emerged.

Mr Garvey is understood to have told the company his decision in recent days. He joined FBD three years ago. Over the previous 26 years he worked in senior roles for Norwich Union, Hibernian and Aviva.

FBD’s finance director, Cathal O’Caoimh, retired recently after returning to the company on an interim basis. Paul D’Alton is replacing him on an interim basis.

Two weeks ago FBD confirmed Fiona Muldoon as chief executive.

The insurer lost €96.4 million before tax in the first half of this year as claims against its policies rose and returns on its investments fell.