LAKEWOOD, NJ, Aug. 09, 2022 — via NewMediaWire —Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that Ezra Beyman, Chairman and Chief Executive Officer, Moshe Fishman, Director of Insurtech, and Grant Barra, Senior VP of Operations of Reliance Global Group, will be presenting at the Q3 Investor Summit, hosted by the Investor Summit Group, being held virtually on August 16-17, 2022.
A replay of the presentation will be available on the Investor Relations section of the Company website here. Management will also host 1×1 meetings with qualified investors throughout the conference. The conference is completely complimentary to qualified investors, who can register at Complimentary Investor Registration.
About Investor Summit Group
The Investor Summit (formerly MicroCap Conference) is an exclusive, independent conference dedicated to connecting smallcap and microcap companies with qualified investors. The Q3 Investor Summit will take place virtually, featuring 90+ companies and over 500 investors comprising institutional investors, family offices, and high net worth investors. Sectors Participating: Biotech, Communication Services, Consumer, Energy, Energy/Tech, Financial, Healthcare, Industrials, Materials, Real Estate, Technology, and Tech/Crypt. Contact: info@investorsummitgroup.com
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy is focused on both organic expansion, including 5minuteinsure.com and RELI Exchange, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
LAKEWOOD, NJ, Aug. 02, 2022 — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided preliminary revenue guidance for the second quarter of 2022. The Company currently expects revenue for the second quarter of 2022 to approximately double compared to the same period last year.
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “I am pleased to report that we expect year-over-year revenues will approximately double compared to the same period last year. This growth is due in part to the acquisitions of Barra & Associates and Medigap. Importantly, both of these businesses are experiencing strong organic growth since we acquired them earlier this year, further validating our buy-and-build strategy, as well as our ability to acquire cash flow positive agencies at attractive multiples.
“Since relaunching Barra & Associates as RELI Exchange, following the integration of our state-of-the-art InsurTech platform, we have witnessed unprecedented interest and demand from new agency partners. When we acquired Barra & Associates in April of this year, it was our intention and strategy to leverage their agent network to accelerate the growth of RELI Exchange. I could not be more pleased with the progress and receptivity from the agents. Specifically, we provide our agency partners the ability to generate instant and competitive insurance quotes for their customers from more than thirty insurance carriers, utilizing our own 5MinuteInsure.com platform, while reducing back-office burden and expenses by eliminating paperwork. In turn, this frees up agents to focus on selling policies. In just three short months, we have grown our agency partner channel by over 30%. We believe this reflects the scalability of our platform and we remain steadfast in our goal of building RELI Exchange into the largest agency partner network in the U.S.
“At the same time, we are experiencing steady growth in Medigap. In July of 2022 alone, Medigap recorded nearly 800 new policies, an increase of more than 20% compared to January of 2022, the month in which we acquired them. Medicare supplemental insurance coverage represents a tremendous growth opportunity and we are executing on our strategy to aggressively expand their operations, as well as capitalize on cross-selling opportunities across our existing portfolio companies. Overall, we remain highly encouraged by the outlook for the business and look forward to providing further updates on our progress.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. n In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as revenue for the second quarter of 2022 to approximately double compared to the same period last year, year-over-year revenues approximately double compared to the same period last year, the intention and strategy to leverage Barra & Associates network to accelerate the growth of RELI Exchange, the scalability of the Company’s platform, the goal of building RELI Exchange into the largest agency partner network in the U.S., Medicare supplemental insurance coverage representing a tremendous growth opportunity and providing further updates on our progress. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated, the ability to accelerate the RELI Exchange, the ability to grow the RELI Exchange into the largest agency partner network in the U.S., the ability to take advantage of the Medicare supplemental insurance coverage growth opportunity. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s recent Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission.The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
LAKEWOOD, NJ, July 14, 2022 — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that Ezra Beyman, Chairman and CEO of Reliance Global Group, will be participating in the Benzinga All Access event taking place on July 22, 2022. Mr. Beyman will be joined by Grant Barra, Senior VP of Operations, who will be discussing the recently announced launch of RELI Exchange, a highly scalable InsurTech platform designed to accelerate growth of the Company’s agency partner network.
Mr. Beyman and Mr. Barra are scheduled to present on Friday, July 22, 2022, at 11:00 A.M. Eastern Time.
Benzinga All Access is a first-of-its-kind show: part interview, part investor presentation. On All Access, Benzinga partners with companies to bring you in-depth one-on-one conversations with executives across a wide range of industries and asset classes. From emerging biotechs, to alternative real estate investment platforms, to everything in between, guests on All Access have one thing in common: they want to tell their story to investors.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, and include statements such as the recently announced launch of RELI Exchange accelerating growth of the Company’s agency partner network and the Company growing through an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including the Company’s ability to accelerate growth of the Company’s agency partner network from the RELI Exchange and its ability to grow through an organic expansion, including through 5minuteinsure.com, as well as acquire well managed, undervalued and cash flow positive insurance agencies and those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Provides New Tools for Independent Agents and Agency Partners to Increase Sales and Reduce Back Office Expenses
LAKEWOOD, N.J., July 11, 2022 — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, announces the launch of RELI Exchange, a business-to-business (B2B) InsurTech platform and agency partner network for insurance agents and agencies.
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “RELI Exchange is a first-in-class technology platform and agency partner network. For agents and agencies that join our network, RELI Exchange is designed to provide instant and competitive insurance quotes from more than thirty insurance carriers nationwide. The platform reduces back-office burden and expenses by eliminating paperwork, thereby providing agents more time to focus on selling policies. RELI Exchange builds on the artificial intelligence and data mining backbone of 5MinuteInsure.com, a platform we designed to target the direct-to-consumer market. At the time we introduced 5MinuteInsure.com, we stated that our longer-term goal was to make the platform more broadly available to independent agents nationwide. The launch of RELI Exchange is the realization of that goal, providing our proven technology to the more than 80 agency partners already within our network. The RELI Exchange partner network, formerly known as Barra & Associates, is now generating more than $10 million in annualized premiums. Unlike a franchise model, we designed RELI Exchange with low barriers to entry and a compelling value proposition that we believe will help us attract many new agency partners-providing them with the tools to make their businesses better.”
Grant Barra, Senior Vice President of Operations, stated, “When Reliance acquired Barra & Associates earlier this year, we immediately recognized that the RELI Exchange InsurTech platform could significantly enhance the competitive advantages we provide our agency partners. We believe the addition of this platform will allow us to significantly expand our agency partner network and, in turn, support the growth of their respective businesses by simplifying the sales process. We have already onboarded multiple agency partners to the platform, such as Larson Insurance, Jay Kim Agency, and DS Insurance Agency LLC, and the initial feedback has been extremely positive. You can see what RELI agents are saying about us here: https://youtu.be/0X6xOlJxSdI.”
Mr. Beyman continued, “We have heard great things from our in-house agents using RELI Exchange, as well our first outside agency partners that have adopted the platform. They are already reporting on the positive results the platform is having on their business. We are not aware of any other offerings with the speed and flexibility of RELI Exchange. Given the versatility of this platform, we look forward to aggressively adding new agency partners to our network and believe this may have a multiplier effect on our business. Using the proprietary software that RELI Exchange has developed, our agency partner network is highly scalable, which we believe provides us the ability to grow this business line significantly at almost no additional cost. By combining the low barriers to entry of our agency network, with our state-of-the-art technology, our goal is to build RELI Exchange into the largest agency partner network in the country.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
LAKEWOOD, NJ, June 23, 2022 — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, announces the launch of homeowner’s insurance on 5MinuteInsure.com. The Company has also introduced bundled home and auto policies for additional savings.
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “In addition to our auto insurance offering on 5MinuteInsure.com, which has been helping clients save money since Q3 2021, we are excited to announce the launch of homeowner’s insurance on the platform. We are concurrently introducing the 5MinuteInsure.com experience for bundled home and auto insurance policies, which should enable clients to receive multi-policy discounts from our carriers. Notably, Reliance agency figures show that retention rates of multi-line clients are significantly improved, thereby increasing the long-term value of new policies.”
“As recently announced, we have grown our network to include more than 30 insurance carriers nationwide,” continued Mr. Beyman. “5MinuteInsure.com enables customers to instantly compare insurance quotes helping to ensure they are getting optimal pricing for policies that are well-matched to their personal needs. Additionally, customers can compare and purchase policies within minutes, while our licensed agents provide the human touch. At the same time, we are leveraging our state-of-the-art, proprietary Insurtech platform designed to empower independent agents to write more insurance policies in less time with reduced paperwork; which we will be unveiling in the coming weeks.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
LAKEWOOD, NJ, June 21, 2022 — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, has expanded its network to include more than 30 insurance carriers nationwide. In addition, the Company is now licensed to sell policies in 49 states.
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “We are making progress on our strategy to expand our nationwide footprint and are now licensed in 49 states. Despite the current economic challenges and inflationary environment, we believe we are well positioned for growth as consumers increasingly look for ways to save money, and re-evaluate their insurance policies and coverage options. The fact that we can now offer policies through more than 30 insurance carriers empowers our customers to choose from a large selection of policies to meet their unique needs, while helping to ensure they are getting the best possible pricing. Importantly, as an insurance agency, we do not have the same exposure to interest rates or underwriter liability as do carriers.”
Mr. Beyman continued, “Through our state-of-the-art insurtech capabilities, including 5MinuteInsure.com, customers can now compare and purchase policies within minutes, while reducing back-office expense. As a result, we are uniquely positioned within the market, combining both the latest technologies, with the human touch that customers expect. Moreover, following our recent acquisition of Barra & Associates, we are leveraging these capabilities to offer new insurtech solutions for independent agents, which we look forward to unveiling in the near future.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
LAKEWOOD, NJ, May 31, 2022 — via NewMediaWire —Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announces the appointment of Mr. William Lebovics as Chief Financial Officer, effective June 1, 2022. Mr. Blumenfrucht, who previously served as Chief Financial Officer, will continue as a member of the Company’s Board of Directors and will provide support through the transition period.
Among his accomplishments, Mr. Lebovics served as the Finance Manager for IDW Media Holdings, where he was responsible for dealing with financial reporting, financing, and M&A, as well as other finance related operations. Additionally, Mr. Lebovics served as Director of Business Development at IDT Corporation. Mr. Lebovics brings extensive corporate finance experience, including senior roles at PwC and Nippon Life Global Investors. Mr. Lebovics has an MS in Accounting from Fairleigh Dickenson University, an MS in Real Estate with a concentration in Finance and Investment from NYU, and a BS in Business Management from Touro College.
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “I am pleased to welcome William to the senior management team. He brings an impressive track record across corporate finance, capital markets, M&A, budgeting, and compliance, including his most recent experience within NYSE listed companies. We believe his strong skill set will be important as we continue to grow Reliance into a leading national insurance enterprise, both organically and through future acquisitions. I would especially like to thank Alex for his significant contributions during the early stages of our development. Importantly, we have established a scalable financial infrastructure and reporting systems, laying the foundation to support our future growth. I look forward to his continued involvement as a member of our board and believe that separating the role of CFO from our board also reinforces our commitment to the highest levels of corporate governance. Moreover, William will be supported by Joel Markovitz who will continue in his current role as Chief Accounting Officer. We could not be more excited about the outlook for the business and believe we have built a first-class organization to help realize the full potential of the Company.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Continues Successful Execution of Growth Strategy through Key Acquisitions and Senior Management Appointments
LAKEWOOD, NJ, May 16, 2022 — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, provided a business update today and reported financial results for the first quarter ended March 31, 2022.
Ezra Beyman, CEO of Reliance Global Group, commented, “We continue to execute on our business growth strategy, as evidenced by an 82% increase in revenue to $4.2 million for the first quarter of 2022. This growth is a direct result of our successful acquisition strategy, including J.P. Kush last year and the Medigap Health Insurance Company in the first quarter of this year, as well as organic growth within the agencies. Most recently, we completed the acquisition of Barra & Associates, a recognized provider of property and casualty, life and health insurance. This accretive acquisition broadens our national footprint and brings a network of over 60 agents and agency partners, which we plan to rapidly grow. In connection with the acquisitions, we have expanded our senior management team with leading industry talent. We recently announced the appointment of Grant Barra as Senior Vice President of Operations, who will be responsible for the build out of our agency partner network and the launch of new InsurTech offerings to further accelerate the growth and improve the operating efficiency of our agent network. We ended the quarter with $5.9 million of total cash, which should provide sufficient capital to execute on our strategy and build upon our solid foundation.”
Financial Results
Revenue for the three months ended March 31, 2022 increased 82% to $4.2 million, compared to $2.3 million for the three months ended March 31, 2021. The $1.9 million increase was primarily due to expanded operations, including the additional insurance agencies acquired during 2021 and 2022.
Operating expenses for the three months ended March 31, 2022 were approximately $6.6 million, compared to approximately $2.8 million for the three months ended March 31, 2021. The increase in operating expenses primarily reflected higher general and administrative and marketing expenses, reflecting operating expenses of the acquired insurance agencies during 2021 and 2022, with the former reporting a full year of expenses as well as increased expenses to support the Company’s planned growth.
Net income for three months ended March 31, 2022 was approximately $9.3 million, compared to a loss of $614 thousand for the same period last year. Net income for the three months ended March 31, 2022 includes a gross gain on the warrant liability of approximately $15.5 million, partially offset by private placement issuance costs of approximately $3.6 million for a net gain on the warrant liability of approximately $11.8M.
The Company also reports that it believes it has taken the necessary steps to regain compliance with the Nasdaq continued listing requirement and plans to provide further updates shortly.
The complete financial results will be available in the Company’s Form 10-Q, which is expected to be filed with the U.S. Securities & Exchange Commission later today.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Grant Barra to oversee expansion of the Agency Partner Network and introduction of new InsurTech to accelerate growth
LAKEWOOD, NJ, April 28, 2022 — via NewMediaWire —Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced it has appointed Grant Barra as Senior Vice President of Operations following the recently announced acquisition of Barra & Associates. In addition to overseeing the Barra & Associates subsidiary, Mr. Barra will be responsible for overseeing expansion of the agency partner network and introduction of new InsurTech to accelerate growth.
Mr. Barra brings over 18 years of experience in the insurance industry. In 2008, he founded Barra & Associates, which quickly grew to become a recognized provider of both personal and commercial insurance products, including property and casualty, life, health and other insurance products. Along with founding Barra & Associates, he served in a leadership role for a single life carrier, where he focused on recruitment, development, and motivating independent agents to sell life insurance products. Earlier in his career, he founded Grant Barra Agency, providing all lines of insurance policies under a captive agency agreement. Mr. Barra received a Bachelor of Science in Business Administration from DeVry University, in addition to earning a certificate in contract law with Harvard University (HarvardX). He is a Chartered Leadership Fellow and a member of the Life Underwriting Training Council at The American College of Financial Services.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are delighted to welcome Grant to the senior management team given his impressive track record growing revenues and driving profitability within the insurance industry. We look forward to leveraging his skills, as he has built a successful distribution platform for agents to sell life and health, as well as property and casualty insurance products. He brings deep industry relationships and an ability to capitalize on these networks, which will be particularly valuable as we expand our agency partner network, as well as accelerate our M&A strategy. He is also adept at deploying technologies to enhance sales and improve operating efficiency, which will be highly complementary to our own 5MinuteInsure.com platform, which we are expanding beyond the direct-to consumer market. We look forward to providing further updates on these initiatives in the weeks ahead.”
Grant Barra further noted, “There are numerous barriers to entry within the independent agency channel that have prevented many quality agents from breaking away from single carrier agreements. I look forward to building upon Reliance Global Group’s robust infrastructure, as we introduce a new InsurTech platform that will allow access to multiple carriers, backend support and cutting edge technology. In turn, we believe this will make it significantly easier to drive revenue while minimizing the costs to acquire clients.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5MinuteInsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Barra operates a growing network with over 60 agents and agency partners
Acquisition expected to be highly synergistic and accretive
LAKEWOOD, NJ, April 27, 2022 — via NewMediaWire —Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced it has acquired Barra & Associates, a recognized provider of both personal and commercial insurance products, including property and casualty insurance, life insurance, health insurance and other insurance products. The Company acquired Barra & Associates for approximately, $7.5 million, comprised of cash and debt. Following the transaction, Grant Barra, founder and CEO of Barra & Associates, will continue to oversee the Barra & Associates subsidiary, as well as other senior responsibilities within the Company.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are very excited to announce this highly strategic acquisition of Barra & Associates, which is complementary to our existing offerings and supports our nationwide expansion plans. This type of transaction, which we have been targeting for some time, adds over 60 agents and agency partners, which we can scale both rapidly and cost-effectively. Moreover, Barra brings an advanced technology infrastructure that is aligned with our acquisition strategy. By combining our own tech stack, including 5MinuteInsure.com, we look forward to creating synergies for growth, including the affiliated-agent business model. Barra & Associates already has a solid track record of growth and profitability. In 2021 alone, we estimate Barra & Associates generated over $700K of EBITDA. The fact we were able to consummate this acquisition for cash and debt, with no equity dilution, reinforces the strength of our balance sheet and the cash flow of our combined portfolio companies. Moreover, we believe this transaction further illustrates our ability to acquire synergistic and accretive businesses at attractive multiples. Combined with our recent acquisition of Medigap in January 2022, we are executing on our strategy, resulting in strong revenue growth and improved profitability.”
Grant Barra, CEO of Barra & Associates, further noted, “I could not be more excited to join Reliance Global Group during this period of rapid nationwide expansion. By leveraging the 5MinuteInsure.com platform, we look forward to introducing new InsurTech offerings to our agents and agency partners that we believe will make it significantly easier to drive revenue. Reliance brings tremendous resources, industry talent and access to capital that we believe will enable us to further accelerate growth.”
Additional details on the transaction will be available in the Company’s Form 8-K, which is expected to be filed with the U.S. Securities & Exchange Commission.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5MinuteInsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
