RELIANCE

NEWS + PRESS

Reliance Global Group Projects Q2 2022 Revenue to Approximately Double Compared to the Same Period Last Year

LAKEWOOD, NJAug. 02, 2022 (GLOBE NEWSWIRE) — 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.

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Reliance Global Group to Participate in the Benzinga All Access Event on July 22nd

LAKEWOOD, NJJuly 14, 2022 (GLOBE NEWSWIRE) — 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.

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Reliance Global Group Launches RELI Exchange; Highly Scalable InsurTech Platform Expected to Accelerate Growth of Agency Partner Network

LAKEWOOD, N.J., July 11, 2022 — 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.”

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Reliance Global Group Announces Launch of Homeowner’s Insurance on 5MinuteInsure.com; Introduces Bundled Home and Auto Policies

LAKEWOOD, NJJune 23, 2022 (GLOBE NEWSWIRE) — 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.

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Reliance Global Group Expands Network to Over 30 Insurance Carriers Nationwide and Now Licensed in 49 States

LAKEWOOD, NJJune 21, 2022 (GLOBE NEWSWIRE) — 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.

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Reliance Global Group Appoints Senior Corporate Finance Executive William Lebovics as Chief Financial Office

LAKEWOOD, NJMay 31, 2022 (GLOBE NEWSWIRE) — 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.

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Reliance Global Appoints Grant Barra Senior Vice President of Operations

Grant Barra to oversee expansion of the Agency Partner Network and introduction of new InsurTech to accelerate growth

LAKEWOOD, NJApril 28, 2022 (GLOBE NEWSWIRE) — 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.

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Reliance Global Announces Acquisition of Barra & Associates, a Recognized Provider of Property and Casualty, Life and Health Insurance

Barra operates a growing network with over 60 agents and agency partners

Acquisition expected to be highly synergistic and accretive

LAKEWOOD, NJApril 27, 2022 (GLOBE NEWSWIRE) — 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.

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Reliance Global Group Completes Acquisition of Medigap Health Insurance Company

Acquisition grows the Company’s footprint across 47 states and expands offering within the Medicare supplement insurance market

LAKEWOOD, N.J.Jan. 11, 2022 (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 announced that it has completed the previously announced acquisition of Medigap Health Insurance Company (“Medigap”) in an asset purchase transaction.

Medigap is an insurance brokerage company headquartered in Florida, specializing in Medicare supplement insurance.  Medigap generated revenue of approximately $7 million1 for the trailing twelve months ended September 30, 2021.

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Reliance Global Group Announces Pricing of $20.0 Million Private Placement with Institutional Investors

LAKEWOOD, NJDec. 23, 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 announced a private placement of preferred stock, common stock and warrants for gross proceeds of $20.0 million before deducting the placement agent’s fees and other estimated offering expenses.  The offering is expected to close on or around December 27, 2021.

Under the terms of the securities purchase agreement, the Company sold 9,076 shares of the Company’s newly designated Series B Convertible Preferred Stock, 2,670,892 shares of common stock and warrants to purchase up to 9,779,952 shares of common stock. The Series B Convertible Preferred Stock is convertible immediately into 2,219,084 shares of common stock at a conversion price of $4.09 per share, subject to customary adjustment. The Series B Convertible Preferred Stock receives dividends if and when dividends are paid on the common stock, and is, generally, non-voting. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $4.09 per share. The warrants will expire five years from the date of issuance. The purchase price for one share of common stock and two corresponding warrants was $4.09.  The purchase price for one share of Series B Preferred Stock (convertible into approximately 244.5 shares of common stock), and approximately 489 corresponding warrants, was $1,000 (equal to $4.09 per share of common stock into which it is convertible, and corresponding two warrants).

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