Sean Casey, the managing director of Bank of Ireland-owned New Ireland Assurance, is stepping down from his position. Staff at the life assurance and pensions subsidiary were told of Mr Casey's exit on Wednesday.

Bank of Ireland said Mr Casey was stepping down to "pursue other opportunities", but in a short statement it did not outline specifically why he was leaving.

“Sean made a very significant contribution to the ongoing success of New Ireland, and we wish him well for the future. On behalf of the board of New Ireland Assurance Company a market search for a suitably qualified managing director will be conducted,” it said.

Mr Casey jointed New Ireland in 2000, and has been managing direction since 2010. New Ireland is a significant player in the life and pensions markets with 500,000 policyholders and €15 billion in funds under management. Industry figures show it was responsible for 23 per cent of new business written in 2015.