Gerova Rescheduled Conference Call: Dial-in Information

HAMILTON, Bermuda, December 10, 2010 - Gerova Financial Group, Ltd. ("Gerova") (NYSE: GFC) today announced the
dial-in information for the rescheduled Gerova Shareholder Conference Call on
Monday, December 13, 2010, at 11:00 a.m. EST.

The call, originally scheduled for today, was rescheduled due to
technical difficulties with the previous conference call service provider.

The sole purpose of the call is to review the events described in recent
public releases.

The toll-free number for U.S. callers is: 1-877-941-0844. The dial-in
number for international callers, including those is Canada, is:
+1-480-629-9645. No passcode is required.

A replay of the call will be available later on the Gerova web site:
www.gerova.com.

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

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