Disposal of Subsidiary

RNS Number : 3051T

FBD Holdings PLC

11 December 2012

 



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	[phone]

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

 

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