Financial services company, Gerova Financial Group, has acquired a portfolio of life insurance policies and loans on life insurance policies, which represents $1.2 billion of in-force life insurance. Hedge fund, HM Ruby Fund, has sold the portfolio for about for $105 million, which includes $11 million in cash and $94 million in Gerova ordinary shares. Gerova has also arranged a five-year $50 million loan. The proceeds from the credit line will be used to service the portfolio and to service future share-based portfolio acquisitions in the life settlements sector.

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