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Independent probe gets insurance boss off the hook

Independent probe gets insurance boss off the hook | Insurance Business

Independent probe gets insurance boss off the hook

“The allegations have not been upheld.”

Those were the words of Irish property and casualty insurer FBD Holdings Plc when it announced the conclusion of the independent probe, conducted by law firm William Fry, into internal allegations made against group chief executive Fiona Muldoon.  

The insurance company, which earlier this month reported a higher net profit before tax of €18.4 million for the first half of 2018, did not provide further details regarding the allegations – in the same way that details were scant back in June when it confirmed that an investigation was ongoing.   

Multiple reports, however, pointed to complaints by FBD human resources director Sarah Ryan as being the root of the probe.

The CEO, who joined the insurer in 2015, previously served as director of credit institutions and insurance supervision at the Central Bank of Ireland and also spent 17 years with XL Group.

In its latest statement, FBD said Muldoon and the management team will continue to develop the firm’s business “for the benefit of customers, shareholders, and staff with the full confidence and support of the chairman and the board.”