The 10% bounce in FBD’s share price has outlasted the denial by Protector Forsikring of Norway that its purchase of a 6.3% stake in the market is the precursor to a bid.

Protector is not one of the international insurance giants. Its market capitalisation is about three times that of FBD’s €250m, compared to Kerry, the agri-business heavyweight on the Irish exchange, which is 78 times the size, or Glanbia, 19 times the size.