Reliance Global Group Inc Stock Price, News & Analysis

Reliance Global Group has launched RELI Exchange, a B2B InsurTech platform aimed at independent agents and agency partners to streamline sales and reduce back-office expenses. This platform offers instant quotes from over 30 insurance carriers and builds on the success of 5MinuteInsure.com. With more than 80 agency partners generating over $10 million in annual premiums, RELI Exchange is set to attract new agencies through its low entry barriers. The scalable platform aims to expand the agency partner network significantly, enhancing competitive advantages in the insurance market.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) has launched homeowner’s insurance on 5MinuteInsure.com, expanding its offerings alongside auto insurance. The company now provides bundled home and auto policies, allowing clients to benefit from multi-policy discounts. Reliance has increased its insurance carrier network to over 30, enabling customers to compare quotes effectively. The firm is also set to unveil a proprietary Insurtech platform aimed at streamlining policy writing for independent agents.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) has expanded its insurance network to over 30 carriers and is now licensed to sell policies in 49 states. CEO Ezra Beyman stated that despite economic challenges, the company is well-positioned for growth as customers seek insurance savings. The launch of 5MinuteInsure.com allows clients to compare and purchase policies quickly, reducing operational costs. Following the acquisition of Barra & Associates, Reliance will introduce new insurtech solutions for independent agents.

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) has appointed William Lebovics as Chief Financial Officer, effective June 1, 2022. He brings substantial corporate finance experience from IDW Media Holdings, IDT Corporation, PwC, and Nippon Life Global Investors. Chairman and CEO Ezra Beyman expressed confidence in Lebovics' ability to support the company's growth strategy through organic expansion and acquisitions. Former CFO Alex Blumenfrucht will remain on the Board to assist during the transition, ensuring robust governance and a solid financial infrastructure for the company’s future.

Reliance Global Group (Nasdaq: RELI; RELIW) reported a significant achievement in revenue, posting an 82% increase to $4.2 million for Q1 2022, up from $2.3 million the previous year. This growth stems from strategic acquisitions, including the recent purchase of Barra & Associates, and organic expansion. However, operating expenses rose to $6.6 million, primarily due to increased administrative costs from these acquisitions. Notably, net income surged to $9.3 million, aided by a $15.5 million gain on the warrant liability.

Reliance Global Group has appointed Grant Barra as Senior Vice President of Operations to enhance the agency partner network and launch a new InsurTech platform aimed at growth acceleration. Barra, with over 18 years of experience, previously founded Barra & Associates, offering various insurance products. His leadership is anticipated to utilize advanced technologies, improving sales efficiency and expanding distribution networks. CEO Ezra Beyman highlighted Barra's track record in driving profitability and revenue growth as pivotal for upcoming strategic initiatives.

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) announced the acquisition of Barra & Associates for approximately $7.5 million, combining cash and debt. This acquisition expands their network by adding over 60 agents and aligns with their strategy for nationwide growth. Barra & Associates generated over $700K in EBITDA in 2021, enhancing Reliance's profitability and reinforcing its strong balance sheet. CEO Ezra Beyman emphasized the strategic importance of the acquisition for synergy and growth. Further details will be filed with the SEC.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) reported financial results for the year ended December 31, 2021, highlighting a 33% revenue increase to $9.7 million, primarily due to operational growth and recent acquisitions. The company faced a net loss of $21.1 million, largely attributed to a non-cash fair value change in its warrant commitment derivative. The acquisition of Medigap Health Insurance is expected to bolster revenue by over 70%. Reliance maintains a solid cash position of over $4.6 million and is positioned for growth through further acquisitions.

Reliance Global Group has successfully completed its acquisition of Medigap Health Insurance Company for $20.1 million, significantly strengthening its position in the Medicare supplement market. This acquisition is set to boost Reliance's revenues by approximately 70%, expanding its operational footprint to 47 states. Medigap, with an annual revenue of around $7 million, is noted for its rapid growth in the sector. CEO Ezra Beyman emphasized the potential for operating synergies and cross-selling opportunities as key drivers for future profitability.