FMG seeks new directors

FMG seeks new directors | Insurance Business

FMG seeks new directors

Members of rural mutual insurance company FMG will be voting in their new board members at the insurer’s upcoming annual general meeting.

According to FMG, its policy requires a third of all member directors to retire by rotation at each year’s AGM.

Current directors Steve Allen and Geoff Copstick are due to retire by rotation this year and both will be standing for re-election.

Any member nominations close on May 01. All members are invited to attend and vote at the AGM, which will be held at Cross Recreation Centre on August 23.

At its 114th AGM, FMG will provide an update on how its business is progressing as a mutual.

Read more: FMG enjoys leap in GWP

In 2018, FMG saw a net profit after tax of $12.1 million – a turnaround from the previous year’s $3.3 million loss – and a 12.8% leap in gross written premium, sitting at $283 million. The insurer said positive results for the financial year 2018 were on the back of an unprecedented year of extreme weather events, which cost $26 million.