Seymour Pierce in transatlantic deal

Seymour Pierce is preparing to enter the US in a deal that appears to be a reverse takeover of the little-known Bermudan reinsurer Gerova Financial.

Gerova will take the Seymour Pierce name after the deal and the combined group will be run by Keith Harris, the stockbroker's high-profile chairman, who has become the City's "Mr Football" having arranged a string of deals including Roman Abramovich's takeover of Chelsea.

The combined group will boast 210 employees in London and New York across investment banking, asset management and insurance. The deal is expected to value Seymour Pierce at around £40m. Gerova entered into a simultaneous agreement to buy the New York-based money broker Ticonderoga Securities.