The market had the benefit of a full weekend to digest the Commercial Court’s 201-page verdict in the test case between publicans and FBD over business interruption insurance. It delivered its own verdict first thing on Monday morning: FBD shares opened up 19 per cent. The FBD share price has been under a cloud since the first lockdown. Their liability for business interruption cover has never been made clear. They had suffered massive reputational damage. For shareholders, the big question is over how much of a loss will be absorbed by FBD’s reinsurance policy. Reinsurance is insurance for insurance companies. They…

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