F.b.d.hldgs Regulatory News (FBH)

FBD Holdings plc

5th February 2021

FBD Market Update

FBD Holdings plc ("FBD or the Group") announces a market update following the judgement this morning in the test case on Covid 19 business interruption cover.

Business Interruption Claims

FBD refers to the judgement today by the Commercial Court in Ireland in the test case taken, relating to public house policies, with the objective of achieving clarity for all parties around the application of business interruption insurance cover for losses suffered as a result of Covid 19 pandemic public health measures. FBD notes the decision of the Court that our public house policies do provide cover in the circumstances reviewed.  

FBD intends to now commence the process of settling claims for the customers involved which will include issuing interim payments in the short-term while awaiting final clarity on quantum.

FBD will also consider the effects of the judgement with its reinsurers and will revert to the market shortly on the estimated net cost of Covid 19 related business interruption claims to the Company. FBD expects this cost to be well within the range of considered financial outcomes, with FBD remaining strongly capitalised.

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