CHARLIE TAYLORInsurer FBD has announced that chief executive Andrew Langford is stepping down with immediate effect.

Shares in FBD were down almost 11 per cent in afternoon trading on the Dublin market following the announcement.

Fiona Muldoon, the former director of credit institutions and insurance supervision at the Central Bank of Ireland who joined FBD in January, is to replace Mr Langford on an interim basis.

Reporting to the chairman and board, Ms Muldoon will assume overall executive responsibility for the company pending completion of a selection process which FBD said is expected to conclude without any delay.

“After 19 years with FBD, including seven as chief executive, I believe the time is right for somebody new to lead the company through its next phase. I have really enjoyed the challenges and have been fortunate to be part of a great Irish company working with the best people who always go the extra mile for our customers,” said Mr Langford.

Company chairman Michael Berkery said Mr Langford would continue to make his services available to FBD in a consultancy capacity for the next financial year.

FBD is due to publish its half-year results on August 25th.

The group experienced a turbulent trading year in 2014, issuing two profit warnings due to “unprecedented volatility” in claims costs, relating to storms and a spike in motor claims.

In May, it said trading conditions in the Irish market remained challenging. In an interim management statement issued ahead of its AGM, the insurer said market rates had continued to harden for both car insurance and business insurance.

It added that home insurance rates also remained weak with increased competition for new business, due to the absence of significant weather events.

Shares in FBD were down 10.8 per cent in afternoon trading on the Dublin market.