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 (RELI) reported its 2024 financial results, showing a 2% increase in commission income revenue to $14.05M from $13.73M in 2023. The company's net loss decreased by 24% to $9.07M, compared to $12.01M in 2023. Adjusted EBITDA loss improved significantly, decreasing 39% to $321,224 from $526,798 in 2023.
The company highlighted its OneFirm strategy, which has integrated agency operations into a unified technology platform. RELI's Quote & Bind platform, powered by AI, has expanded to include more carriers and insurance products. The company is also in the final stages of completing the Spetner acquisition, which is expected to expand its insurance offerings.
Reliance Global Group (NASDAQ: RELI) has announced a conference call scheduled for Thursday, March 6, 2025, at 4:30 PM Eastern Time. The call will discuss the company's financial results for the fourth quarter and year ended December 31, 2024, along with providing a business update.
Participants can join via telephone by dialing toll-free +1 888-506-0062 (U.S. callers) or +1 973-528-0011 (international callers) with access code 522829. A webcast will be available through the company's investor relations website, with replay access through March 6, 2026. A telephone replay will be accessible until March 20, 2025.
Reliance Global Group (Nasdaq: RELI) announced a major expansion of its Commercial Quote & Bind InsurTech solution on RELI Exchange, following its successful beta launch in late 2024. The expansion includes additional carriers and product offerings to the platform's agent distribution channel, with plans to introduce more business lines and carriers in upcoming months.
The enhanced platform aims to empower insurance agents with advanced InsurTech solutions to improve efficiency and business growth. The system allows agents to quote and bind a wider range of commercial insurance policies, optimizing the insurance purchasing experience through automation.
According to CEO Ezra Beyman, these enhancements will enable agents to connect with more prospects, write more policies, and increase their earnings. The company's goal is to position RELI Exchange as the industry's leading comprehensive agency partner platform.
Reliance Global Group (NASDAQ: RELI) reports a transformative 2024, highlighting the success of its OneFirm approach which has driven revenue growth, reduced expenses, and strengthened EBITDA. The company's Q3 2024 showed significant improvements linked to this strategic initiative.
The planned Spetner acquisition is nearing completion in early 2025, expected to nearly double annual revenue to approximately $28 million while boosting Adjusted EBITDA. Notably, Spetner's BenManage voluntary benefit insurance segment has grown from 45,000 to over 85,000 employees covered.
The company aims to build a multi-billion dollar enterprise through strategic expansion and disciplined fiscal management.
Reliance Global Group (NASDAQ: RELI) reported Q3 2024 financial results showing revenue growth and improved operational efficiency. Commission income increased 5% to $3.4 million, while total operating expenses decreased 16% to $3.9 million. The company achieved a 64% improvement in loss from operations and reported positive Adjusted EBITDA of $43,000, marking a 121% increase year-over-year. The company highlighted the success of its OneFirm strategy and announced progress on the Spetner Associates acquisition, which is expected to nearly double consolidated revenues. Additionally, RELI launched its AI-powered Quote & Bind solution on the RELI Exchange platform.
Reliance Global Group (NASDAQ: RELI) has announced a conference call scheduled for Thursday, November 7, 2024, at 4:30 PM Eastern Time to discuss their third quarter 2024 financial results and provide a business update. The call will be accessible via toll-free telephone numbers for both U.S. and international callers, and a webcast will be available on the company's website. A replay of the webcast will be accessible until November 7, 2025, while a telephone replay will be available through November 21, 2024.
Reliance Global Group (Nasdaq: RELI) has launched the beta version of its AI-powered Quote & Bind InsurTech solution for commercial policies ahead of schedule. Initially set for Q4 2024, this early release gives RELI Exchange agency partners immediate access to the technology. The solution enables real-time quotes and instant binding of commercial insurance policies, covering various lines including workers' compensation, general liability, and cyber liability.
This advanced system is expected to enhance revenue streams for RELI Exchange partners by streamlining the quoting process for commercial policies. The company anticipates millions of dollars in new premiums being added to its books in the coming year. The early launch reinforces Reliance's commitment to delivering state-of-the-art technology to its agency partners, positioning both agents and the company for significant growth in the commercial insurance market.
Reliance Global Group (Nasdaq: RELI) has announced enhanced terms for its pending acquisition of Spetner Associates. The upfront cash payment required to close the transaction has been reduced by over $2 million, from $8 million to $5.5 million. This revision is expected to provide greater flexibility in funding and minimize shareholder dilution. The acquisition remains on track to close in the second half of 2024.
Since the initial announcement, Spetner's BenManage voluntary benefit insurance segment has grown significantly, now covering over 85,000 employees, up from 45,000. The acquisition is anticipated to nearly double Reliance's annual revenue to approximately $28 million and boost Adjusted EBITDA. Reliance views this as a transformative acquisition aligning with its 'OneFirm' strategy, aiming to accelerate growth and enhance shareholder value.
Reliance Global Group (Nasdaq: RELI) has announced the launch of an advanced AI-powered Quote & Bind InsurTech solution for commercial policies, set to debut in Q4 2024. This new offering, integrated into the RELI Exchange platform, aims to significantly enhance the capabilities of agency partners by enabling real-time quotes from multiple carriers and instant policy binding. The solution covers various commercial insurance lines, including workers' compensation, business owners, general liability, cyber liability, inland marine, and executive lines such as D&O and EPLI.
CEO Ezra Beyman describes the new solution as a 'game-changer' that will empower agents to boost revenue and achieve new levels of success. The company expects to benefit considerably from its share of increased commissions generated by agency partners. Moshe Fishman, Director of Insurtech and Operations, highlighted that a single commercial policy could potentially generate commission revenue equivalent to 100 new homeowner policies, representing a significant organic growth opportunity for Reliance.
Reliance Global Group (NASDAQ: RELI) reported Q2 2024 results with revenues of $3.2 million, a 1% YoY growth. The company's net loss from continuing operations improved by 62% to $1.5 million. Key highlights include:
1. The pending acquisition of Spetner Associates, expected to close in H2 2024, projecting to double annual revenue to ~$28 million and boost AEBITDA.
2. Formation of a new real estate division led by Abe Miller, focusing on multi-family and commercial properties.
3. Simplified capital structure by removing warrant overhang.
4. Continued implementation of 'OneFirm' strategy, uniting nine agencies nationwide and driving efficiencies.
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