Blue Capital Global Reinsurance Fund Ltd saw the net asset value of its ordinary shares increase by 1.9 per cent in the first half of this year, after accounting for dividends declared.

The company had $212.9 million invested in Blue Capital Global Reinsurance as of the end of June. That represents all the company’s capital, excluding amounts retained for working capital purposes.

In a statement, the company said it had benefited from a low level of loss activity during the first half of 2015.

Montpelier Re Holdings, the parent company of Blue Capital Management, completed a merger with Endurance Holdings on July 31.

Looking ahead to the second half of the year, the company said: “While little direct reinsurance will be bound prior to the January renewals, the investment manager will continue to look for opportunities to improve our portfolio and position for the upcoming renewal season.”