TOKYO (Reuters) - Japanese insurer NKSJ Holdings said it could spend more than $2.4 billion earmarked for overseas acquisitions over a three-year period - and Bermuda companies are among its potential targets.

Japan's No.3 property-casualty insurer in terms of net premiums written said potential targets include life insurance and reinsurance firms.

NKSJ and its bigger rivals MS&AD Insurance and Tokio Marine Holdings are accelerating their overseas expansion as Japan's 8 trillion yen ($95 billion) property-casualty insurance market faces weak growth prospects.

Their main businesses are car and home insurances, and both of them are unlikely to rise amid Japan's ageing demography.

"We have to tap overseas markets to secure growth, and we will seek such opportunities mainly in BRIC (Brazil, Russia, India and China) and ASEAN countries," managing executive officer Hiroyuki Yamaguchi told Reuters in an interview yesterday.

"(Target) overseas insurance companies include reinsurers and we will also look at life insurance firms, so we might need more than 200 billion yen."

NKSJ, created through the merger of Sompo Japan and Nipponkoa Insurance in April, had said it would spend 200 billion yen ($2.4 billion) on acquisitions over the three years ending in March 2013.

Yamaguchi said NKSJ sees opportunities in Bermuda-based companies, some of which he believes are likely to be put up for sale as investment funds move to cash out their ownership stakes due to current economic uncertainty.