Gerova Financial Group Ltd. is to shift its domicile to Bermuda from the Cayman Islands, after shareholders approved the move at an extraordinary general meeting.

The group had already established a life reinsurance unit in Hamilton, Gerova Re, which has now received its licence from regulator the Bermuda Monetary Authority.

The group's headquarters will now be at the Cumberland House home of Gerova Re, the company announced yesterday.

"We are excited for our group parent to become a Bermuda company," said Lou Hensley, chief executive officer of Gerova Re. "We believe that Bermuda is one of the world's leading reinsurance centres, and is an attractive location in which to be based.

"Bermuda has strong international relationships, a long history of international investment, particularly in the areas of insurance, reinsurance and investment funds, and long-established commercial relationships, trade agreements and tax treaties with the United States and other countries around the world."

Gerova Financial Group, Ltd. is an international reinsurance holding company, with operating insurance subsidiaries in Barbados, and Ireland, as well as Bermuda.