O'Caoimh, who remained on the board since the appointment of Fiona Muldoon to group finance director in January, stayed on to lead a number of projects, including the implementation of a new IT and policy administration system. He was formally replaced by Muldoon at the announcemnt of the company’s full year results in March.

After the sudden departure of former group chief executive, Andrew Langford, Muldoon was then appointed to interim chief executive. This left a gap and O’Caoimh was then reappointed as interim finance chief in August, just five months after he left his full-time role with the company.

O'Caoimh joined FBD in 2008 from Horizon Technology Group plc, where he was chief financial officer since 2001. Prior to that O’Caoimh held group finance director positions at Hibernian Insurance Group and Norwich Union Insurance Group in Ireland. He had previously served as group financial controller of Independent News and Media Group plc.

Only a month after his appointment as interim finance chief, it is understood that the Central banked pressed for the position to be filled on a temporary basis until the insurer appoints a new chief executive. This is likely to happen in the next couple of months and it is expected that Muldoon will be among the candidates considered for the top job.

FBD secured a €70m injection after reporting losses of €96 million for the first six months of the year. The company is now trying to turn itself back to profitability in 2016. It has agreed to sell off its hotels business for €48.5m and will cut costs by €7m this year. It has also stated it will refocus on its core agri and rural base.

On Wednesday, shares in FBD Holdings closed at €6.64, 28% above the 52 week low of €5.20 set one month ago.

FBD's interim finance chief retires

FBDs former finance director Cathal O’Caoimh, who stepped down from the position in March, has fully retired from the group and board of the insurer.