Gerova Holdings Ltd’s subsidiary Gerova Reinsurance Ltd was granted a restricted licence by the Bermuda Monetary Authority (BMA), the Authority has said.Gerova Re’s parent company was served notice for the termination of its lease after failing to pay $49,083.40 in rent and service charges, as reported in The Royal Gazette yesterday.The BMA said that while Gerova Holdings was not licensed by the Authority, Gerova Re was issued a licence in July 2010 with a number of restrictions in place at the time, including not being able to write any direct insurance business without the BMA’s prior written approval.The Authority placed further restrictions on the company’s licence in February 2011, which included not being able to establish any re/insurance contracts, pay dividends or make any capital contributions to its parent company or affiliates, without the Authority’s agreement.It said that the restrictions have subsequently remained in place.