Welcome to our dedicated page for Reliance Global Group news (Ticker: RELIW), a resource for investors and traders seeking the latest updates and insights on Reliance Global Group stock.
Reliance Global Group, Inc. (NASDAQ: RELI; warrants trading as RELIW) issues frequent updates that highlight its activities at the intersection of InsurTech, digital assets, and technology investments. News about the company often centers on the development and scaling of its insurance technology platforms, portfolio optimization within its insurance agency operations, and capital markets or treasury decisions disclosed through press releases and SEC filings.
Company announcements regularly describe progress with the RELI Exchange business-to-business InsurTech platform and the 5minuteinsure.com consumer platform, both of which are positioned by Reliance Global Group as AI- and cloud-enabled tools for insurance distribution. Updates have also covered the sale of non-core insurance agencies and the redeployment of proceeds toward debt reduction and investment in core technology-forward initiatives.
Another recurring theme in the company’s news flow is its Digital Asset Treasury (DAT) strategy. Reliance Global Group has released multiple statements about acquiring and consolidating digital asset positions, including a strategic decision to concentrate its Digital Asset Treasury in Zcash (ZEC). These releases discuss the company’s internal view of privacy-enabled digital assets and their role in its long-term treasury approach.
In addition, the company has publicized the formation of EZRA International Group, a division focused on acquiring controlling stakes in high-tech Israeli companies, and has reported a non-binding term sheet to acquire a majority equity position in Scentech, a diagnostics company developing AI-based breath analysis technologies. News items also cover governance and advisory developments, such as the appointment of a chairman to the Crypto Advisory Board, as well as financial updates and conference call announcements.
Investors and observers following RELIW-related news can expect coverage of InsurTech platform developments, insurance portfolio transactions, digital asset treasury decisions, technology-focused investments through EZRA International Group, and regulatory and financing disclosures that the company releases through GlobeNewswire and SEC filings.
Reliance Global Group (Nasdaq: RELI; RELIW) announced its plan to acquire Medigap Health Insurance Company for approximately $19.6 million. This transaction is expected to close in the first quarter of 2022, subject to customary conditions. Medigap, an insurance brokerage based in Florida, specializes in Medicare supplement insurance and generated about $7 million in revenue in the last twelve months. The acquisition aims to enhance Reliance's capabilities in the Medicare market, potentially increasing revenue by over 70%, and is anticipated to be highly accretive.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) announced that CEO Ezra Beyman will participate in the Benzinga All Access event on December 16, 2021, at 10:20 a.m. ET. The event features a live interview moderated by Spencer Israel, Executive Producer of Benzinga TV. Viewers can watch the event live here, with an archived recording available on the company's investor relations website.
Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) has successfully expanded its insurance platform, 5MinuteInsure.com, to include 20 states across the U.S., reaching a population of over 100 million. CEO Ezra Beyman expressed satisfaction with the rapid rollout and highlighted ongoing discussions for significant acquisitions to enhance product offerings. This platform utilizes AI to streamline insurance purchases, providing quotes in under 2 minutes and binding coverage in 5 minutes.
Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) has expanded its 5MinuteInsure.com platform to four additional states: Missouri, Alabama, Iowa, and West Virginia. This expansion brings the total number of states served to 12, covering over 82 million people. The platform, utilizing AI and data mining, allows users to receive competitive auto insurance quotes quickly and bind coverage within minutes. The company's growth strategy includes organic expansion and acquiring undervalued insurance agencies.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) has announced the promotion of Jonathan Fortman to Vice President of Acquisitions. Fortman, who has been with the company since its acquisition of Fortman Insurance Services in 2019, will report directly to Chairman and CEO Ezra Beyman. The company aims to enhance its growth strategy by accelerating the acquisition of cash flow positive insurance agencies, building on the success of 5MinuteInsure.com. This initiative is part of Reliance's strategy to become a leading 'clicks and bricks' insurance provider.
Reliance Global Group (Nasdaq: RELI; RELIW) has launched 5MinuteInsure.com in South Carolina, now live in 8 states with a total population exceeding 65 million. The platform utilizes AI and data mining to offer competitive insurance quotes in under 2 minutes, allowing consumers to bind coverage within 5 minutes. This initiative aims to provide a fast and efficient way for consumers to save on insurance amid rising inflation. The company continues to expand its digital presence and innovative services.
Reliance Global Group (Nasdaq: RELI; RELIW) has launched its platform 5MinuteInsure.com in North Carolina, expanding its coverage to a total of 7 states. This follows recent launches in Virginia and Tennessee. The platform utilizes AI to provide competitive insurance quotes quickly, allowing consumers to compare and purchase coverage in under 5 minutes. CEO Ezra Beyman emphasized the company's commitment to a rapid rollout and aggressive marketing strategy to enhance market presence.
Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) has launched 5MinuteInsure.com in Virginia, expanding its coverage to six states. The platform offers rapid insurance quotes in under two minutes, allowing consumers to complete purchases in five minutes. CEO Ezra Beyman emphasized the quick rollout alongside strategic marketing for client acquisition. Reliance intends to grow organically and through acquiring cash flow positive insurance agencies, enhancing its AI-driven insurance services.
Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) has launched 5MinuteInsure.com in Tennessee, following successful launches in Michigan, Arizona, Indiana, and Ohio. This platform utilizes AI to provide competitive insurance quotes in under 2 minutes and allows binding of coverage within 5 minutes. CEO Ezra Beyman highlighted the rapid expansion capabilities and the potential for significant policy savings for consumers.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) reported a 54% revenue increase for Q3 2021, reaching $2.6 million compared to $1.7 million in Q3 2020. The company reduced its consolidated EBITDA loss by 88% to approximately $87,000. The successful launch of the 5MinuteInsure.com platform in four states signals robust growth, with regulatory approval in 46 states. The firm ended the quarter with over $6.1 million in cash, indicating a solid balance sheet for future growth.
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