NEW YORK, NY / ACCESSWIRE / February 13, 2019 / Reliance Global Group, Inc. (OTC PINK: RELI) (''RELI'' or the ''Company'') announces that it has fully executed two separate Letter of Intents to acquire 100% of each unaffiliated insurance agency. Insurance agencies, as opposed to carriers, bear no insurance risk.
One of the agencies to be acquired had premiums of approximately $7,500,000 (unaudited) in 2018. Additionally, this agency has been experiencing growth year over year. The agency specializes in Personal and Commercial insurance lines and is located on the West Coast, increasing RELI's presence there.
The second agency to be acquired had revenues of approximately $525,000 (unaudited) in 2018. This agency specializes in placing health insurance, which will complement the agencies we currently own, Employee Benefits Solutions and US Benefits Alliance, which are located in the same Midwestern region.
Completion of each of the 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, and we intend to continue to make acquisitions in the real estate sector as well. I want our shareholders to know that due to our extensive experience in both sectors, we rarely let our LOI's lapse. We intend to close every LOI we sign.
About Reliance Global Group
Reliance Global Group, Inc. (OTC PINK: 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 will 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.
SOURCE: Reliance Global Group, Inc.