PHILIP FITZSIMONS, the chief executive of insurance company FBD, has died suddenly at the age of 60.

Mr Fitzsimons died in the early hours of yesterday morning while he was staying at Faithlegg House in Co Waterford. He is survived by his wife Paula and their five children.

Mr Fitzsimons, who was from Cavan, was born in 1948 and was educated at St Patrick's College in Cavan town. He graduated from UCD in 1970 with a BComm and joined FBD, then a new insurance company with strong links to the agricultural sector, in 1971. He was appointed as marketing manager in 1978 and became a director of the company in 1989. In 1996, he became deputy chief executive before taking on the job of chief executive in 2003.

FBD chairman Michael Berkery issued a statement extending sympathy to Mr Fitzsimons's family on behalf of FBD's board, management and staff.

"All in FBD know that Philip's contribution to the company has been outstanding. He has devoted his entire career to building FBD into one of Ireland's most successful enterprises. His wise and considerate counsel will be sadly missed."

FBD, which is listed on the Iseq index, is expected to make an announcement to the Irish Stock Exchange today nominating an interim chief executive.

FBD received an approach from Dutch financial group Eureko earlier this month.