LONDON (Bloomberg) — Hardy Underwriting Bermuda Ltd., a Lloyd's of London insurer based on the Island, may expand in Asia and the Middle East after opening a Bermuda office earlier this year.

"We're particularly interested in the Far East and the Middle East, actually, so we're doing some research on both areas," chief executive officer Barbara Merry said yesterday in a telephone interview.

Although no decision has been made, the "obvious thing" to do in the Far East would be to join the Lloyd's Asia office, Merry said.

Lloyd's of London Chairman Peter Levene said in May the market is looking to rebalance its focus on the UK and US by growing in continental Europe. Lloyd's is also seeking to expand in South Korea, Korea Economic Daily reported in June, citing Levene. Hardy raised £40 million in a share sale earlier this year and opened an office in Bermuda in May.

"Myself and our head of business development went on a fact-finding mission to Singapore a couple of weeks ago," Merry said. "We're interested enough to go out there and talk to lots of people."

Net income fell to £6.5 million ($11 million) for the six months ended June 30, from £7.4 million a year earlier, the company said yesterday in a statement. Hardy said it lost £11 million on foreign exchange movements.