FBD ditches brokers as rising claims start to bite

New chief executive Muldoon is hoping to shave €7m off the company’s operating costs

30th August, 2015

Beleaguered FBD Holdings is to end its relationship with insurance brokers, as it looks to reduce its losses and focus on its direct sales channels.

Sales through brokers account for about 10 per cent of annual premium income. However, FBD said last week that about €28 million of the €88 million it set aside in extra reserves to pay out on mounting claims related to insurance policies sold through brokers.

The broker channel has been one...

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