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GFC 13.95, GEROVA Receives Regulatory Approval for Bermuda Reinsurance License

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.


http://finance.yahoo.com/news/GEROVA-Receives-Regulatory-prnews-2324298238.html?x=0&.v=1