Trading in shares of Bermuda-based Gerova Financial Group was yesterday suspended on the New York Stock Exchange (NYSE).Michael Hlavsa, chief financial officer of Gerova, said: “After a discussion with the NYSE, we concur that the best decision was to halt the trading of our securities. The added time will enable the company to disseminate to the market in an orderly way a comprehensive update on recent developments and strategic direction.”The NYSE cited the need for more information from the company.Meanwhile, Bermuda insurer Argus Group Holdings Ltd said yesterday it had no direct exposure to Gerova, though the companies are fellow investors in another insurance company.Gerova, which redomiciled from the Cayman Islands to Bermuda last year and set up a life reinsurance company, based in Cumberland House, on Victoria Street, is scheduled to merge with London firm Seymour Pierce in the coming weeks in a deal reportedly worth more than $60 million.Keith Harris, the Seymour Pierce chief executive best known for advising Premier League football clubs, was reported on the Daily Telegraph’s website to be sticking by the deal last night. Other sources have reported that the deal is likely to be scuppered.Documents shown to the US Securities and Exchange Commission (SEC) last June had expressed doubts about some asset values.A boardroom shake-up has done little to help the company’s reputation and the share price has plunged from a high of $92.50 in June last year to $5.28 before the suspension took effect yesterday.Argus is a fellow investor with Gerova in a Bermuda reinsurer called Northstar.Yesterday Argus chief executive officer Alison Hill said: “I can confirm that Argus has no direct exposure to Gerova Financial Group.“Argus and Gerova are, however, both investors in Northstar, although Argus invests, via tracking stock, in a different class of shares to that owned by Gerova.”