HAMILTON, Bermuda, June 10 /PRNewswire-FirstCall/ -- GEROVA Financial Group, Ltd. ("GEROVA") (NYSE Amex: GFC), an international reinsurance company, announced today that GEROVA Reinsurance, Ltd., a wholly-owned subsidiary of Bermuda-based GEROVA Holdings, Ltd., has received approval from the Bermuda Monetary Authority to be registered as a Long Term Insurer, authorizing GEROVA Reinsurance to underwrite life and annuity reinsurance in Bermuda.
"Approval of our Bermuda reinsurance license is an important step in growing GEROVA's insurance business," said Lou Hensley, CEO of GEROVA Holdings, Ltd. "Bermuda is a global reinsurance center and establishing operations here will further expand the footprint of GEROVA's insurance business.
"The global reinsurance market offers tremendous growth opportunities as primary life insurers and annuity providers seek to replenish their capital and transfer risk through reinsurance," he added. "At present, we believe there is significant undercapacity in global reinsurance and GEROVA will continue to build its reinsurance capacity to take advantage of that growing market demand."
About GEROVA Financial Group, Ltd.
GEROVA Financial Group, Ltd. is an international reinsurance holding company, with operating insurance subsidiaries in Bermuda, Barbados, and Ireland. GEROVA underwrites insurance risks that it believes will produce favorable long-term returns on shareholder equity. 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.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company, its acquired assets and the Company's business after completion of the transactions consummated in January 2010. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of the management of the Company, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the Forward-Looking Statements: (i) potential material reductions in the value of a substantial portion of the Company's assets acquired in connection with the business combinations consummated in January 2010; (ii) officers and directors allocating their time to other businesses or potentially having conflicts of interest with the Company's businesses; (iii) success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors following the transactions; (iv) the potential liquidity and trading of the Company's public securities; (v) the Company's revenues and operating performance; (vi) changes in overall economic conditions; (vii) anticipated business development activities of the Company following consummation of the business combinations consummated in January 2010; (viii) risks and costs associated with regulation of corporate governance and disclosure standards (including pursuant to Section 404 of the Sarbanes-Oxley Act of 2002); and (ix) other relevant risks detailed in the Company's filings with the SEC. The information set forth herein should be read in light of such risks. Neither the Company nor any target companies or funds we intend to acquire assumes any obligation to update the information contained in this release.
SOURCE GEROVA Financial Group, Ltd.