FBD investors back €70 million fundraising

Shareholders voted overwhelmingly to approve the capital raising

Michael Berkery has been chairman of FBD for the past 19 years Pic: Tony OShea

Shareholders in insurer FBD today approved the last leg of the company's €70 million fundraising to shore up its capital position.

Shareholders voted overwhelmingly on two resolutions at an extraordinary general meeting in Dublin today to approve the capital raising.

FBD, which has been hit by huge underwriting losses, is raising the money through the issue of debt to Canadian billionaire Prem Watsa, one of the investors who bailed out Bank of Ireland ...