Gerova Announces Shareholder Conference Call

HAMILTON, Bermuda, December 8, 2010 - Gerova Financial Group, Ltd. ("Gerova") (NYSE: GFC) today announced that
there will be a Gerova Shareholder Conference call on Friday, December 10th,
2010 at 10:00 a.m. EST. The sole purpose of the call is to review the events
described in recent public releases.

The toll-free dial-in information for the US and Canada is as follows:
+1-866-760-1356 (US callers only); +1-877-796-4111 (Canada callers only). The
dial-in number for international callers is: +1-702-443-9176. The Passcode
is: 3736536

About Gerova Financial Group, Ltd.

Gerova Financial Group, Ltd. is diversified financial services company
formed to acquire private equity portfolios and to provide reinsurance
capacity principally to life and annuity insurance carriers. The company went
public as a Special Purpose Acquisition Company (SPAC) and later successfully
became an operating company in January 2010 after acquiring nine private
equity portfolios from hedge funds in exchange for its public stock. In June
2010 Gerova Reinsurance Ltd received a class 3 insurance license from the
Bermuda Monetary Authority. Gerova was admitted to trade on the NYSE in
September 2010 and is listed in the Russell 2000(R) index published by
Russell Investments, a ranking of the top US listed public companies.

    Contact:

    Jeff Lloyd
    Thomas Mulligan
    Sitrick and Company
    +1-212-573-6100

Jeff Lloyd or Thomas Mulligan, both of Sitrick and Company, +1-212-573-6100