Gerova Reinsurance, a subsidiary of Bermuda-based Gerova Holdings, has been approved by the Bermuda Monetary Authority as a Long Term Insurer, authorizing the company to underwrite life and annuity reinsurance in Bermuda.
Lou Hensley, CEO of Gerova Holdings, said: Approval of our Bermuda reinsurance license is an important step in growing Gerova’s insurance business. 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. 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.
Gerova Financial Group is an international reinsurance holding company, with operating insurance subsidiaries in Bermuda, Barbados, and Ireland.