GEROVA Financial Group Announces Board and Management Changes

MANCHESTER, England, April 13 /PRNewswire-FirstCall/ -- GEROVA Financial Group, Ltd. ("GEROVA") (NYSE Amex: GFC) announced today that Marshall Manley, Chief Executive Officer and Chairman of the Board of Directors of GEROVA, resigned from all positions held with GEROVA.  In addition, the Board accepted the resignation of Tore Nag as Chief Operating Officer of GEROVA.

Dr. Gary T. Hirst, President and a Director of GEROVA, was appointed as Chairman of the Board, and Stuart LR Solomons was appointed as Managing Director and a member of the Board.  Dr. Hirst agreed to accept the position of Chairman and Mr. Solomons agreed to accept the position of Managing Director on an interim basis until suitable permanent candidates for these positions are appointed by the Board.  

In connection with the resignation of Mr. Manley, GEROVA entered into a Separation Agreement and Release with Mr. Manley and also entered into a Share Repurchase Agreement with Mr. Manley and Marseilles Capital LLC, an affiliate of Mr. Manley, pursuant to which GEROVA repurchased 5,333,333 ordinary shares from Marseilles.  The two agreements were filed with the United States Securities and Exchange Commission as exhibits to a report on Form 6-K filed on April 13, 2010.

About GEROVA Financial Group, Ltd.

GEROVA Financial Group, Ltd., is a specialty reinsurance company, based in Manchester, England, that was recently established to take advantage of opportunities arising from financial market dislocations. GEROVA underwrites insurance risks that it believes will produce favorable long-term returns on shareholder equity. GEROVA seeks to further enhance returns on equity by directly originating high-yield senior secured commercial loans to middle market companies in select industries.  In January 2010, GEROVA acquired approximately $650 million in equity capital of a variety of investment funds, including an existing loan portfolio. GEROVA believes it has opportunities to deploy shareholder capital to acquire high quality assets at less than market value and opportunities to gather additional assets by providing reinsurance capacity to primary insurers that are under writing capacity pressure.

SOURCE GEROVA Financial Group, Ltd.