LAKEWOOD, N.J., May 13, 2021 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), which combines AI and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided a business update and reported financial results for the first quarter ended March 31, 2021.
Ezra Beyman, CEO of Reliance Global Group, commented, “We continue to execute on our organic growth strategy as evidenced by a 15% increase in revenue for the first quarter of 2021 over the same period last year. I am also pleased to report that we continue to increase the cash flow from our insurance operations.We ended the quarter with over $10 million of cash and restricted cash, which provides us a solid balance sheet to execute on our near and long-term growth objectives. At the same time, we are accelerating our M&A strategy by targeting additional growing, cash flow positive agencies we can acquire at attractive multiples, as illustrated by our recently announced acquisition of J.P. Kush and Associates, Inc., a premier healthcare insurance agency with over one hundred independent agents across 10 states.Importantly, this acquisition is consistent with our strategy of targeting companies that we believe will expand our national footprint, add additional carrier relationships, provide opportunities for meaningful operating synergies and are expected to be accretive to earnings. We are currently evaluating additional acquisition opportunities that we believe may be highly synergistic and in line with our core strategy.”