NEW YORK, Feb. 28, 2019
NEW YORK, Feb. 28, 2019 /PRNewswire/ -- Reliance Global Group, Inc. (OTC: RELI) ("RELI" or the "Company"), is pleased to announce it has arranged to commit significant funds, up to $1,500,000, and has launched a national campaign to recruit independent health agents, brokers and National Marketing Organizations to market US Benefits Alliance's portfolio of insurance products. US Benefits Alliance, LLC, is a wholly owned subsidiary of RELI, and is focused on aggressive growth of our national health insurance brokerage and agent partnership arrangements. The investment of funds will be supplied by Reliance Global Holdings, LLC, of which Ezra Beyman, the CEO of RELI, is a principal.
As part of the launch, US Benefits Alliance has hired Steven Dodder, CLU, to oversee agent recruitment for the Western half of the U.S. Steve spent the last four years of his 28-year career with a national insurance carrier as Vice-President, Field Sales, Western USA. During those last four years, Steve's team of 25,000+ independent health insurance agents and brokers generated over $60,000,000 in annualized health insurance premiums.
Additionally, RELI announces that it has fully executed a Letter of Intents to acquire 100% of an unaffiliated insurance agency. Insurance agencies, as opposed to carriers, bear no insurance risk.
The agency to be acquired had premiums of approximately $16,000,000 (unaudited) in 2018. The agency specializes in personal and commercial insurance lines, and is located in the Midwest, thus increasing RELI's presence there.
Completion of this proposed acquisition, as with the LOIs for the other insurance agency acquisitions, is subject to the signing of a definitive purchase agreement, and final due diligence. Depending on the timing of the completion of our SEC-compliant audits of these agencies, they might first be acquired by RELI's affiliate Reliance Global Holdings, LLC, and then acquired by RELI shortly thereafter, pending the completion of RELI's audit, which is in progress.
Ezra Beyman, RELI's CEO, stated, ''We are delighted with RELI's continuing to make acquisitions in the insurance agency space, as well as our vision to grow our independent agencies, and we intend to continue to make acquisitions in the real estate sector as well. We intend to close the four open LOI's during the second quarter of 2019, G-D willing."
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SOURCE Reliance Global Group, Inc.