FBH.L Regulatory News (FBH)

FBD Holdings plc

FBD Insurance plc

Increased Risk Appetite

13 October 2020

FBD Holdings plc ("FBD" or the "Group") today announces that following engagement between the Central Bank of Ireland ("CBI") and FBD Insurance plc ("FBD Insurance") on a range of matters, the board of FBD Insurance (the "Board") has made the decision to increase its Solvency Capital Ratio Risk Appetite from its current range of 120% to 140% up to 150% to 170%.

The Board has prudently decided to increase the Solvency Capital Risk Appetite on a voluntary basis and any adjustment below 170% will be subject to CBI approval. The Solvency Capital Risk Appetite will be kept under review as part of the regular engagement with the CBI. 

The Solvency Capital Risk Appetite takes account of all risks including Non-Life Underwriting, Market, Counterparty Default and Operational Risk incorporating systems of governance and potential uncertainties resulting from the Covid 19 pandemic, including business interruption claims, as well as any risk mitigation techniques applied by FBD Insurance. 

FBD remains confident in the underlying profitability, future growth prospects and capital strength of the business.

Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the "Market Abuse Regulation") requires disclosure of inside information relating to the Group and FBD Insurance Plc. This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with Article 17 of the Market Abuse Regulation.

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About FBD Holdings plc

FBD is one of Ireland's largest property and casualty insurers, looking after the insurance needs of farmers, consumers and business owners. Established in the 1960s by farmers for farmers, FBD has built on those roots in agriculture to become a leading general insurer serving the needs of its direct agricultural, small business and consumer customers throughout Ireland. It has a network of 34 branches nationwide.

The following details relate to FBD's ordinary shares of €0.60 each which are publicly traded:

FBD Holdings plc, FBD House, Bluebell, Dublin 12Registered in Dublin, Ireland Registered Number 135882