Carnegie acted as joint lead manager in two private placements of shares in Protector Forsikring to institutional investors, totalling NOK 141 million. Protector Forsikring ASA was established in 2003 as a Norwegian non-life insurance company. Protector is a small player in the Norwegian insurance market, but has gained a market leading position within insurance related to ownership changes on real estate for private individuals. The Company has also gained a strong position with Norwegian municipalities and is targeting the SME segment.July, 2006.