On Tuesday we learned 6.28 per cent of FBD Insurance had changed hands in an over-the-counter, off-exchange transaction.  This morning we learned who was buying: the Norwegian-headquartered multinational insurer Protector Forsikring. Protector Forsikring now owns 6.3 per cent of FBD, making it the largest shareholder outside of the farmers interests that control 32.5 per cent of the company. It’s not unlikely that Protector Forsikring is planning an acquisition of FBD. Insurance companies aren’t typically in the business of buying large minority stakes in other insurers. It’s the only non-financial institution or farmers trust among the major shareholders.  It’s not yet…

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