Tokio Marine could potentially spend around $10 billion on overseas acquisitions and is patiently tracking public companies around the world, the co-head of the Japanese insurer’s expanding international business told Reuters.

Tokio Marine’s international business has grown to more than 50 percent of the company’s profits, compared with less than 3 percent 20 years ago, with its most recent large acquisitions in the U.S. market.

“Something we could do relatively easily would be in the $10 billion range,” Chris Williams, co-head of Tokio Marine’s international business, said in an interview on Monday.

“North America is the biggest insurance market in the world; there are going to be opportunities there. There are opportunities in Asia and Europe, Canada and Australia,” Williams said. “We have aspirations to grow our business in all of those locations.”

Japanese insurers have historically pursued overseas investments to mitigate negative interest rates and stubborn deflation at home, but recent signs of more durable economic growth led the BOJ to announce on Tuesday it would end eight years of negative interest rates.

That decision would have no direct bearing on Tokio’s acquisition strategy, a source familiar with the company’s plans said.

Williams did not give a timeline but said the insurer was “very patient” in its hunt for good quality businesses, which could be “bolt-on” smaller-sized or large deals.

“We track all the public companies you’d expect around the world,” he said. “Our strategy when we look at these businesses is to say what’s been the flight path, what are the results…over a period of time.”

Tokio Marine bought U.S. insurer HCC in 2015 for $7.5 billion and more recent purchases include U.S. insurer Pure Group in 2020 for $3.1 billion.

The insurer was focusing on expanding in commercial insurance, Williams said, which could include sectors such as cyber, rather than in home and motor insurance.

Commercial insurers, such as those operating at Lloyd’s of London, have navigated unexpected losses in recent years from a pandemic, wars and natural catastrophes by raising premium rates and excluding some business.

Lloyd’s, where Tokio Marine already has operations, doubled its underwriting profit last year.

“One of the things we like about London is that it is quite innovative,” Williams said. “We would like to continue to expand our Lloyd’s platform.”

Tokio Marine is still considering options for its Southeast Asian life insurance business, Williams said. The insurer appointed Goldman Sachs and Jefferies to sell the $1 billion operation, Reuters reported last year.

Insurers are facing further geopolitical risk this year, with a raft of elections, including in the United States.

Tokio Marine is underweight in property insurance and takes a very cautious approach to insuring property against losses from riots or terror attacks, Williams said.

It has also reduced its exposure in the Red Sea, where attacks by Yemen’s Houthi militants have pushed up insurance costs.

The insurer is one of dozens involved in legal wrangles with aviation leasing firms about payouts for planes stuck in Russia following its invasion of Ukraine.

Tokio Marine has set aside cash for any possible settlements, as insurers and lessors hold talks ahead of court cases.

“There’s a strong desire to get this in the rear-view mirror,” Williams said.

(Reporting by Carolyn Cohn, editing by Sinead Cruise and Elaine Hardcastle)