UNITED STATES

SECURITIES & EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. )*

Polaris Acquisition Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

73104R102

(CUSIP Number)

Michael S. Emanuel, Esq.

c/o Loeb Partners Corporation

61 Broadway, New York, N.Y. 10006 (212) 483-7047

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

January 13, 2009

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240,13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No.

73104R102

1. Name of Reporting Person

Loeb Arbitrage Management, LLC

I.R.S. Identification No. of Above Person

2. Check the Appropriate Box if a Member of a Group

(a) x

(b) o

3. SEC Use Only

4. Source of Funds

WC, OO

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

o

6. Citizenship or Place of Organization

Delaware

Number of Shares Beneficially Owned by Each Reporting Person With

7. Sole Voting Power

-0-

8. Shared Voting Power

101,167

9. Sole Dispositive Power

-0-

10. Shared Dispositive Power

101,167

11. Aggregate Amount of Beneficially Owned by Each Reporting Person

101,167

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares

o

13. Percent of Class Represented by Amount in Row (11)

0.54%

14. Type of Reporting Person

IA

CUSIP No.

73104R102

1. Name of Reporting Person

Loeb Arbitrage Fund

I.R.S. Identification No. of Above Person

2. Check the Appropriate Box if a Member of a Group

(a) x

(b) o

3. SEC Use Only

4. Source of Funds

WC, OO

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

o

6. Citizenship or Place of Organization

New York

Number of Shares Beneficially Owned by Each Reporting Person With

7. Sole Voting Power

719,110

8. Shared Voting Power

-0-

9. Sole Dispositive Power

719,110

10. Shared Dispositive Power

-0-

11. Aggregate Amount of Beneficially Owned by Each Reporting Person

719,110

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares

o

13. Percent of Class Represented by Amount in Row (11)

3.84%

14. Type of Reporting Person

PN

CUSIP No.

73104R102

1. Name of Reporting Person

Loeb Offshore Fund Ltd.

I.R.S. Identification No. of Above Person

2. Check the Appropriate Box if a Member of a Group

(a) x

(b) o

3. SEC Use Only

4. Source of Funds

WC, OO

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

o

6. Citizenship or Place of Organization

Cayman Islands

Number of Shares Beneficially Owned by Each Reporting Person With

7. Sole Voting Power

77,877

8. Shared Voting Power

-0-

9. Sole Dispositive Power

77,877

10. Shared Dispositive Power

-0-

11. Aggregate Amount of Beneficially Owned by Each Reporting Person

77,877

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares

o

13. Percent of Class Represented by Amount in Row (11)

0.42%

14. Type of Reporting Person

CO

CUSIP No.

73104R102

1. Name of Reporting Person

Loeb Marathon Fund LP

I.R.S. Identification No. of Above Person

2. Check the Appropriate Box if a Member of a Group

(a) x

(b) o

3. SEC Use Only

4. Source of Funds

WC, OO

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

o

6. Citizenship or Place of Organization

Delaware

Number of Shares Beneficially Owned by Each Reporting Person With

7. Sole Voting Power

33,058

8. Shared Voting Power

-0-

9. Sole Dispositive Power

33,058

10. Shared Dispositive Power

-0-

11. Aggregate Amount of Beneficially Owned by Each Reporting Person

33,058

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares

o

13. Percent of Class Represented by Amount in Row (11)

0.18%

14. Type of Reporting Person

PN

CUSIP No.

73104R102

1. Name of Reporting Person

Loeb Marathon Offshore Fund, Ltd.

I.R.S. Identification No. of Above Person

2. Check the Appropriate Box if a Member of a Group

(a) x

(b) o

3. SEC Use Only

4. Source of Funds

WC, OO

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

o

6. Citizenship or Place of Organization

Cayman Islands

Number of Shares Beneficially Owned by Each Reporting Person With

7. Sole Voting Power

18,888

8. Shared Voting Power

-0-

9. Sole Dispositive Power

18,888

10. Shared Dispositive Power

-0-

11. Aggregate Amount of Beneficially Owned by Each Reporting Person

18,888

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares

o

13. Percent of Class Represented by Amount in Row (11)

0.10 %

14. Type of Reporting Person

CO

Item 1.

Security and Issuer

The title and class of equity security to which this Statement relates is the Common Stock (the “Common Stock”), of Polaris Acquisition Corp. The address of the Issuer’s principal executive offices is 2200 Fletcher Avenue, 4^th Floor, Fort Lee, New Jersey 07024.

Item 2.

Identity and Background

All entities referenced herein are located at 61 Broadway, New York, New York 10006 and are investment partnerships or investment advisors. Loeb Arbitrage Fund (“LAF”) is a New York limited partnership. Loeb Marathon Fund LP (“LMF”) is a Delaware limited partnership. Loeb Arbitrage Management LLC (“LAM”), a Delaware limited liability company and registered investment adviser, is the investment manager of LAF and LMF. LAM’s President and Chief Operating Officer is Robert E. Enslein, Jr. The other officers include Thomas L. Kempner, Chairman of the Board; Gideon J. King, Chief Executive Officer; Michael S. Emanuel, Senior Vice President and Secretary; and David S. Hampson, Chief Financial Officer. Loeb Offshore Fund, Ltd. (“LOF”) and Loeb Marathon Offshore Fund, Ltd. (“LMOF”) are each a Cayman Islands exempted company. Loeb Offshore Management, LLC (“LOM”) is a Delaware limited liability company, a registered investment adviser and is wholly owned by Loeb Holding Corporation. It is the investment adviser of LOF and LMOF. Gideon J. King and Thomas L. Kempner are Directors of LOF and LMOF and Managers of LOM. LAM and LOM jointly do business as Loeb Capital Management. Loeb Holding Corporation (“LHC”), a Maryland corporation, is the sole stockholder of LAM and LOM. Thomas L. Kempner is the President, Chief Executive Officer, director and majority stockholder of LHC. Bruce L. Lev, Norman N. Mintz and Peter A. Tcherepnine are also directors. All of the individuals named in this Item 2 are United States citizens. None of the entities or individuals named in this Item 2 have been, within the last five years, convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding been or are subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.

Item 3.

Source and Amount of Funds or Other Compensation

Shares of Common Stock were acquired by LAF, LAM**, LOF, LMF and LMOF in margin accounts maintained with J.P. Morgan Securities Corp.

Item 4.

Purpose of Transaction

LAF, LAM**, LOF, LMF and LMOF (“Loeb”) have acquired shares of Common Stock for investment purposes. Loeb reserves the right, consistent with applicable law, to acquire additional securities of the Issuer (whether through open market purchases, block trades, private acquisitions, tender or exchange offers or otherwise).

Loeb intends to review its investment in the Issuer on a continuing basis and may engage in discussions with management or the Board of Directors of the Issuer concerning the business and future plans of the Issuer. Depending on various factors, including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Common Stock of the Issuer, conditions in the securities markets and general economic and industry conditions, Loeb may in the future take such actions with respect to its investment in the Issuer as it deems appropriate including, without limitation, seeking Board representations, making proposals to the Issuer concerning the capitalization of the Issuer, purchasing additional Common Stock and other securities of the Issuer, selling some or all of its Common Stock, engaging in short selling of or any hedging or similar transaction with respect to the Common Stock of the Issuer or changing its intention partially or entirely with respect to any and all matters referred to in Item 4.

Item 5.

Interest in Securities of the Issuer

(a)

The persons reporting hereby own the following shares of Common Stock as of January 13, 2009.

Shares of Common Stock

Voting Power

Dispositive Power

Sole

Shared

Sole

Shared

Loeb Arbitrage Fund

719,110

719,110

-0-

719,110

-0-

Loeb Arbitrage Management, LLC**

101,167

-0-

101,167

-0-

101,167

Loeb Offshore Fund Ltd.

77,877

77,877

-0-

77,877

-0-

Loeb Marathon Fund, LP

33,058

33,058

-0-

33,058

-0-

Loeb Marathon Offshore Fund, Ltd.

18,888

18,888

-0-

18,888

-0-

Total

950,100

(b)

See paragraph (a) above.

(c)

The following purchases and sales (-) of Common Stock have been made within the last sixty (60) days:

Purchases and Sales of Common Stock

Date

Average Price

Shares

Loeb Arbitrage Management, LLC

11/19/09

8.85

61

12/02/09

8.87

6,450

12/15/09

8.9

25,212

12/16/09

8.9

11,610

12/17/09

8.89

5,805

12/24/09

8.9

5,459

12/30/09

8.95

4,750

12/31/09

8.9

2,375

01/12/10

9.28

19,880

01/13/10

9.3

19,565

Date

Average Price

Shares

Loeb Arbitrage Fund

11/19/08

8.85

400

12/02/08

8.87

42,695

12/15/08

8.9

171,178

12/16/08

8.9

78,420

12/17/08

8.89

39,210

12/24/08

8.9

36,870

12/30/08

8.95

42,805

12/31/08

8.9

21,402

01/12/09

9.28

144,240

01/13/09

9.3

141,890

Date

Average Price

Shares

Loeb Offshore Fund, Ltd.

11/19/08

8.85

8

12/02/08

8.87

855

12/15/08

8.9

26379

12/16/08

8.9

9970

12/17/08

8.89

4985

12/24/08

8.9

4687

12/30/08

8.95

2445

12/31/08

8.9

1223

01/12/09

9.28

13780

01/13/09

9.3

13545

Date

Average Price

Shares

Loeb Marathon Fund LP

11/19/08

8.85

80

12/15/08

8.9

16,317

12/24/08

8.9

1,821

01/12/09

9.28

14,840

Date

Average Price

Shares

Loeb Marathon Offshore Fund, Ltd.

11/19/08

8.85

51

12/15/08

8.9

10,414

12/24/08

8.9

1,163

01/12/09

9.28

7,260

(d)

Not Applicable.

(e)

Not Applicable.

Item 6.

Contracts, Arrangement, Understandings or Relationships with Respect to the Issuer.

None.

Item 7.

Materials to be Filed as Exhibits.

None.

LOEB ARBITRAGE MANAGEMENT, LLC

Date: January 14, 2009

By:_ /s/ Michael S. Emanuel

Michael S. Emanuel

Senior Vice President

LOEB ARBITRAGE FUND

By: LOEB ARBITRAGE MANAGEMENT, LLC, G.P.

Date: January 14, 2009

By:_ /s/ Michael S. Emanuel

Michael S. Emanuel

Senior Vice President

LOEB OFFSHORE FUND LTD.

Date: January 14, 2009

By:_ /s/ Michael S. Emanuel

Michael S. Emanuel

Vice President

LOEB MARATHON FUND LP

By: LOEB ARBITRAGE MANAGEMENT, LLC, G.P.

Date: January 14, 2009

By:_ /s/ Michael S. Emanuel

Michael S. Emanuel

Senior Vice President

LOEB MARATHON OFFSHORE FUND, LTD.

Date: January 14, 2009

By:_ /s/ Michael S. Emanuel

Michael S. Emanuel

Vice President