Last checked at 11 Dec 2012 18:31
FBD Holdings plc
11 December 2012
FBD Disposes of Captive Reinsurance Subsidiary
FBD Holdings plc ("FBD" or the "Group") announces that it has today sold Abbey Reinsurance S.A. ("Abbey Re"), its Luxembourg-based subsidiary, to Groupe PPR, the Paris-based Luxury and Sports & Lifestyle group, for total cash consideration of €34.7 million.
Abbey Re was established by FBD in 1997 as a captive reinsurance company which was registered, authorised and regulated in Luxembourg and participated in the Group's reinsurance programme in the intervening period. In recent years Abbey Re's role in the Group's reinsurance programme has reduced considerably and, some time ago, the Board of FBD decided to sell this subsidiary.
The sale will have no material effect on the ongoing operations or profitability of the Group. The net proceeds will be utilised for working capital purposes. The Group expects to record a gain of circa €4 million in 2012 as a consequence of the sale.
For Reference:
FBD Holdings plc | Telephone |
Cathal O'Caoimh, Group Finance Director | +353 1 409 3208 |
About Abbey Reinsurance SA
In the year ended 31 December 2011, the last date to which audited accounts were prepared, Abbey Re generated a loss before taxation of circa €18,000. At 31 December 2011, Abbey Re had gross assets of approximately €49.2 million comprising receivables from Group companies and cash. Net assets at that date amounted to €37.7 million.
About FBD Holdings plc
FBD is one of Ireland's largest property and casualty insurers looking after the insurance needs of farmers, private individuals and business owners.
The following details relate to FBD's ordinary shares of €0.60 each which are publicly traded:
Listing | Irish Stock Exchange | UK Listing Authority |
Listing Category | Premium | Premium (Equity) |
Trading Venue | Irish Stock Exchange | London Stock Exchange |
Market | Main Securities Market | Main Market |
ISIN | IE0003290289 | IE0003290289 |
Ticker | FBD.I or EG7.IR | FBH.L |
FBD Holdings plc FBD House, Bluebell, Dublin 12
Registered in Dublin, Ireland Registered Number 135882