On track to commence commercial launch of 5MinuteInsure.com this summer;
increases insurance carriers on the platform to 16
LAKEWOOD, N.J., Aug. 17, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — 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 second quarter ended June 30, 2021.
Ezra Beyman, CEO of Reliance Global Group, commented, “I am pleased to report that our revenue for the second quarter of 2021 increased by approximately 33.4% to $2.2 million versus $1.6 million for the same period last year. Our solid year-over-year growth reflects the continued execution of our insurance agencies. These agencies continue to generate positive cash flow on a standalone basis and serve as further validation of our strategy to acquire regional agencies at attractive multiples in order to rapidly expand our national footprint as well as the scope of our offering. Each of these agencies provide a long term, highly predictable and profitable revenue stream based on the expected life of the insurance policies. We ended the quarter with over $6.8 million of cash and restricted cash, which provides us a solid balance sheet to execute on our growth objectives, both organic and through acquisitions.”