Insurer FBD has named Tirlán’s former chief executive, Jim Bergin, as its next chairman, with effect from next May.
He will succeed Liam Herlihy, who had signalled in the company’s latest annual report that he plans to step down at the conclusion of the 2025 annual general meeting on May 8th, 2025, after completing nine years at the helm of the board.
This is in line with the corporate governance standard promoted by the Irish stock market operator, Euronext Dublin.
Mr Bergin joined Avonmore Co-operative Society in 1984. Following the company’s merger with Waterford Co-op in 1997 to form Glanbia plc, he went on to serve in a number of executive positions at group.
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In 2017, he became the chief executive of Glanbia’s then consumer and agribusiness joint venture with its main shareholder Glanbia Co-op. Glanbia subsequently sold its remaining shares in the venture to the co-op, which changed the name of the business from Glanbia Ireland to Tirlán two years ago.
The 100 per cent farmer-owned Tirlán’s brands include Avonmore, Kilmeaden, Premier and Wexford in its portfolio, while its international brands include Gain Animal Nutrition, Truly Grass Fed, Millac and Solmiko.
Mr Bergin retired from the company in July and was succeeded by internal candidate Seán Molloy.
“Jim has a breadth of experience demonstrated through his highly successful career in the agri sector over the past 40 years,” said Mr Herlihy. “He is well placed to lead the board of FBD into the future and I look forward to working with him through the coming months as he transitions into his new role.”
FBD reported in August that its pretax profit fell 18 per cent during the first half of the year to €32 million, as an increase in motor damage and property claims more than offset the effect of a 10 per cent increase in gross written premiums, to €226 million.
Two-thirds of the premium increases were down to customers increasing their level of cover, it said. Storm Isha in January had resulted in “substantially higher weather costs”, hitting its property result, FBD said.
Still, the board approved a special dividend of €1 per ordinary share, as its capital reserves – or so-called solvency capital – remained well above its own target and regulatory requirements.
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