Yesterday a new player joined the Irish financial scene: an obscure Norwegian insurance company called Protector Forsikring (PF). We learned that on Tuesday, PF had bought 6.3 per cent of FBD Insurance. That makes it the largest institutional investor in the company.  I wrote yesterday “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.” As it turns out, my guess was wrong. PF’s investment in FBD isn’t likely part of a takeover attempt – though PF is not a typical insurance company. …

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