GEROVA Reinsurance Receives BMA Approval
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.”
