Shareholders in insurance firm FBD Holdings have agreed to the final terms of a €70m investment deal with Canada's Fairfax, which is headed up by businessman Prem Watsa. 

At the company's EGM in Dublin today, the company's shareholders voted overwhelming in favour of two resolutions linked to the Fairfax loan.

The resolutions are aimed at allowing FBD meet new solvency regulations which are due to come into effect in January.

FBD had reported a €96m loss for the first six months of the year.

It has also previously announced a restructuring of the business, which included the sale of its 50% stake in a hotel and leisure joint venture and the scrapping of its No Nonsense insurance brand.

Group finance director and former Central Bank director Fiona Muldoon was appointed as CEO of the company earlier this year, following the resignation of Andrew Langford.  

In November, FBD said that the insurance industry will continue to be loss making for 2015 and 2016, adding that in its view, the market has not increased rates sufficiently to compensate for the significant deterioration in the claims environment.