Montpelier Re is aiming to expand its global share by capturing a number of new insurance markets outside of Bermuda.

Chris Harris, executive vice-president and chief underwriting and risk officer, told investors during the company’s second quarter results conference call that the reinsurer would target overseas business that does not correlate with the peak category exposures written out of Bermuda in places such as Europe.

He said: “It would be a variety of business in this area – it will certainly be international property insurance.

“We feel that a Lloyds’ (of London) platform will have access to a bit more of that business that currently does not make its way to Bermuda.

“Certainly there are some specialty classes where we would expect to right a lot more premium volume and engineering would be another class that we might target.

“In the US it would be a mixed – some of it will be property insurance and facultative reinsurance, again at levels with very little category exposure, and some of it will be just accessing businesses through sources that is not currently making its way to Bermuda.

“There might be a little bit of marine treaty business, again, not offshore, but inland marine business.”

On Tuesday night, Montpelier announced second-quarter profits of $50.7 million – down $6.9m from the same period a year earlier.