Asia Special Situation Acquisition Corp. Makes Insurance Company Buy

January 25, 2010

The Asia Special Situation Acquisition Corp. (ASSAC) announced that it has completed its business combination by the acquisition of one insurance company together with approximately $650 million of assets from two unaffiliated investment funds.

The investment corporation is also working on acquiring two additional insurance companies, which it said are “subject to the completion of definitive agreements and regulatory approvals.”

Upon closing the deal ASSAC also changed its name to GEROVA Financial Group Ltd.

The announcement described the acquired property as follows: “(i) the assets and liabilities or equity interests of various pooled investment vehicles managed by Stillwater Capital Partners, Inc.; (ii) an 81.5 percent interest in Amalphis Group, Inc. and (iii) the assets and investments held by Wimbledon Financing Master Fund Ltd. and Wimbledon Real Estate Financing Fund Ltd.”

The bulletin also noted that ASSAC is a “special purpose acquisition company formed in 2007 originally for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets that is either located in Asia (which, for this purpose includes Australia), provides products or services to consumers located in Asia or invests in Asia.”

Source: Asia Special Situation Acquisition Corp [GEROVA Financial Group]

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