Reliance Global Group Inc Stock Price, News & Analysis

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) has announced the upcoming commercial launch of its 5minuteinsure.com platform in Q3 2021. This innovative platform leverages artificial intelligence to provide competitive insurance quotes online within five minutes. It combines traditional insurance agency elements with a modern digital approach, allowing for both online and offline policy binding. The company has secured licenses in 46 states and partnered with 11 insurance carriers. The launch follows a successful beta phase that gathered essential user insights.

Reliance Global Group (NASDAQ: RELI, RELIW) reported a 15% revenue increase, reaching $2,296,328 for Q1 2021 compared to $2,004,314 in Q1 2020. The company maintained over $10 million in cash, enhancing its financial stability. A significant acquisition of J.P. Kush and Associates aims to expand its services and enhance cash flow. The firm is focused on the rollout of 5minuteinsure.com, which promises quick, AI-driven insurance quotes, aiming to disrupt the insurtech market. Net loss narrowed to $641,328 from $979,798 in the same quarter last year.

Reliance Global Group, Inc. (Nasdaq: RELI, RELIW) has acquired J.P. Kush and Associates, a healthcare insurance agency operating in 10 states. This acquisition adds over 100 independent agents to Reliance's network and enhances its health insurance expertise. J.P. Kush generated over $1.1 million in revenue in the past year, with attractive operating margins. The $1.95 million purchase is expected to be accretive, funded through cash, restricted stock, and an earnout. The acquisition aligns with Reliance's strategy to enhance its insurance offerings, particularly through its 5minuteinsure.com platform.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced that its subsidiary, Fortman Insurance Services LLC, has received approval to offer Travelers and Nationwide insurance products nationally via the 5MinuteInsure.com platform. The initial focus will be on home and auto insurance, with plans for additional coverage options. CEO Ezra Beyman highlighted this approval as a significant milestone, enhancing their AI-driven quote comparison service. This development is expected to boost the company's growth strategy, which includes organic expansion and acquiring undervalued insurance agencies.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) has announced that its Reliance Insurtech division has received licenses to sell home and auto insurance in 40 states, with plans for further expansion. The company is configuring its 5MinuteInsure.com platform to offer services in these states, onboarding various insurance carriers. Utilizing advanced AI technology, this platform aims to provide competitive insurance quotes in under five minutes, appealing to the growing trend of online shoppers.

Reliance Global Group (Nasdaq: RELI; RELIW) announced the expansion of its sales initiatives aimed at large enterprises and employee organizations. Its subsidiary, Southwestern Montana Insurance Center (SWMIC), has been selected as the broker of choice for three additional unions, building on its prior selection for 18 public school districts. The CEO emphasized the company's dual strategy of launching the online platform 5minuteinsure.com and pursuing acquisition opportunities within undervalued insurance agencies, aiming for economies of scale.

Reliance Global Group, Inc. (Nasdaq: RELI) has appointed Moshe Fishman as Director of Insurance Operations. Fishman will oversee the integration of insurance agencies and the launch of the new platform, 5MinuteInsure.com. He previously served as President of Tekeno Financial, where he developed unique insurance products and marketing strategies. CEO Ezra Beyman expressed confidence in Fishman’s experience and the potential of 5MinuteInsure.com to enhance customer experience and operational efficiency.

Reliance Global Group, Inc. (Nasdaq: RELI) has launched the beta version of 5MinuteInsure.com, a platform aimed at facilitating quick insurance quotes and policy binding. The service is initially available in Ohio for automotive insurance, with plans to expand to home insurance and other states. This innovative tool leverages artificial intelligence to streamline the insurance process, connecting consumers with local agents. CEO Ezra Beyman emphasized that this platform enhances operational efficiency and aims to drive growth amidst a competitive digital landscape.

Reliance Global Group, Inc. (Nasdaq: RELI) announced the closing of a public offering of 2,070,000 shares of common stock and Series A warrants at a price of $6.00 per share, raising approximately $12.42 million before expenses. The underwriter's over-allotment option was fully exercised. The common stock and warrants began trading on the Nasdaq Capital Market under the symbols RELI and RELIW on February 9, 2021. The SEC declared effective a registration statement related to these securities on February 8, 2021.