LAKEWOOD, NJ, April 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Reliance Global Group, Inc. (OTCQB: RELI) ("Reliance" or the "Company"), today announced that its strategic partner Nsure.com, America's first licensed digital insurance agency®, has received a license to operate and sell insurance in the state of Texas. As previously announced in February, Reliance invested $1 million into Nsure.com, representing the first in a series of planned investments, expected to total $20 million, at which time, Reliance Global Group would own 35% of Nsure.com with an option to acquire an additional 5%, bringing the total to 40% of Nsure.com.
Nsure.com is a licensed online insurance agency that utilizes state of the art digital technology and represents over 40 top-rated insurance companies. Nsure.com's mission is to empower insurance consumers by helping them choose the best carriers and policies. Nsure.com has a recurring revenue model that includes annual commissions on all policies and renewals. Nsure.com currently operates within the state of Florida with plans to expand nationwide.
Ezra Beyman, CEO of Reliance Global Group, stated, "I'd like to congratulate Nsure.com on receiving their insurance license in Texas, which allows them to operate and sell insurance across the state. As more commerce moves online, especially during the COVID-19 pandemic, Nsure.com is ideally positioned within the insurance market. Nsure.com helps consumers see, from the comfort of their home or office, exact comparisons among multiple insurers, calculate their average savings for their policy needs, and help them feel confident they are getting the correct level of insurance for their home or auto. By utilizing Nsure.com's proprietary backend processing technology to support our traditional agency business, we also believe we can dramatically reduce costs among our bricks and mortar agencies, and allow our agents to focus on selling new policies, creating a digitally empowered and scalable insurance agency model."
Mr. Beyman continued, "Clearly, these activities do not detract from our focus on the real estate front, as evidenced by our recent appointment of key personnel, or our strategy to acquire independent insurance agencies. In fact, we believe these strategies are highly synergistic and are ideally suited for growth in any market environment. Towards that end, we are seeing particularly attractive opportunities in the real estate market that have not been available in past years, which we look to capitalize on in the near future."
Wojtek Gudaszewski, CEO of Nsure.com, commented, "Thanks to the investment and partnership with Reliance, we are rapidly entering new markets, expanding our participating insurance carriers, and adding personnel to support our growth. Currently, the US personal home and auto insurance market is valued at approximately $340 billion in annual premiums and more than $34 billion in recurring annual insurance agency commissions. We estimate that a mere 10% of the market is now online. Now that we are licensed in Texas, we look forward to establishing our presence within the state, with near-term plans to enter additional markets. Our goal remains to rapidly establish a nationwide footprint, in order to position Nsure.com as the premier nationwide provider of online insurance."
RELI also reported that it is very close to completing its audit, at which time it plans to file the form 10-K with the U.S. Securities & Exchange Commission.
Based in Florida, Nsure.com is the first all-digital licensed insurance agency that provides auto and home insurance via its secure website. Employing the most advanced data technology to track up-to-the-minute, real, not estimated, quotes from more than two dozen insurance carriers, Nsure.com enables customers to take complete control of the insurance buying process on their smartphones, tablets, and computers. The company's platform delivers a hassle-free experience, from a streamlined application process and instant quotes to no sales pitches and a simple renewal process that automatically updates quotes just prior to expiration so that customers can take advantage of the best rates and coverage possible.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (OTCQB: RELI) is moving forward with its goal to operate as a holding company for several companies in the real estate, insurance brokerage, and potentially other sectors. RELI's focus continues to be to grow the Company by pursuing an aggressive growth strategy of acquisition opportunities, including both real estate and insurance agencies. Insurance agencies, as opposed to insurance carriers, bear no insurance risk. The Company is controlled by Reliance Global Holdings, LLC, a New York-based limited liability company, which is the owner and operator of numerous companies with core interests invested in real estate and insurance brokerage.
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.