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Reliance Global Group, Inc. (RELI) operates as a holding company with diversified interests primarily in the insurance market. The company employs an acquisition strategy, targeting both wholesale and retail insurance agencies. Reliance Global Group focuses on identifying opportunities for risk-to-reward arbitrage to expand its footprint on a national platform, optimizing operations and boosting revenue generation. The company primarily earns revenue through commissions from its diverse portfolio of insurance products.
The company's notable achievements include the development of its InsurTech platform, RELI Exchange, which equips independent insurance agencies with vital business development tools, allowing them to compete effectively against large-scale national agencies. Additionally, the company's consumer-facing platform, 5minuteinsure.com, leverages artificial intelligence and data mining to offer competitive insurance quotes within minutes, catering to auto, home, and life insurance needs.
Reliance Global Group is actively expanding its operations through strategic acquisitions, with a focus on underserved and growing segments of the insurance market. This approach not only maximizes asset value but also generates steady interim cash flows. The company is involved in ongoing projects and partnerships aimed at enhancing its market position and driving long-term growth.
Recent developments include the announcement of Q4 2023 financial results and a business update during a conference call on April 4, 2024. Additionally, the company is progressing towards finalizing a definitive agreement following a previously announced letter of intent, which is anticipated to further strengthen its market presence. Reliance Global Group's participation in the upcoming EF Hutton Annual Global Conference on May 15, 2024, highlights its proactive approach to engaging with investors and stakeholders.
For more information and the latest updates on Reliance Global Group's performance and events, visit the official website or follow their Twitter page.
Reliance Global Group (NASDAQ: RELI) reports a transformative 2024, highlighting the success of its OneFirm approach which has driven revenue growth, reduced expenses, and strengthened EBITDA. The company's Q3 2024 showed significant improvements linked to this strategic initiative.
The planned Spetner acquisition is nearing completion in early 2025, expected to nearly double annual revenue to approximately $28 million while boosting Adjusted EBITDA. Notably, Spetner's BenManage voluntary benefit insurance segment has grown from 45,000 to over 85,000 employees covered.
The company aims to build a multi-billion dollar enterprise through strategic expansion and disciplined fiscal management.
Reliance Global Group (NASDAQ: RELI) reported Q3 2024 financial results showing revenue growth and improved operational efficiency. Commission income increased 5% to $3.4 million, while total operating expenses decreased 16% to $3.9 million. The company achieved a 64% improvement in loss from operations and reported positive Adjusted EBITDA of $43,000, marking a 121% increase year-over-year. The company highlighted the success of its OneFirm strategy and announced progress on the Spetner Associates acquisition, which is expected to nearly double consolidated revenues. Additionally, RELI launched its AI-powered Quote & Bind solution on the RELI Exchange platform.
Reliance Global Group (NASDAQ: RELI) has announced a conference call scheduled for Thursday, November 7, 2024, at 4:30 PM Eastern Time to discuss their third quarter 2024 financial results and provide a business update. The call will be accessible via toll-free telephone numbers for both U.S. and international callers, and a webcast will be available on the company's website. A replay of the webcast will be accessible until November 7, 2025, while a telephone replay will be available through November 21, 2024.
Reliance Global Group (Nasdaq: RELI) has launched the beta version of its AI-powered Quote & Bind InsurTech solution for commercial policies ahead of schedule. Initially set for Q4 2024, this early release gives RELI Exchange agency partners immediate access to the technology. The solution enables real-time quotes and instant binding of commercial insurance policies, covering various lines including workers' compensation, general liability, and cyber liability.
This advanced system is expected to enhance revenue streams for RELI Exchange partners by streamlining the quoting process for commercial policies. The company anticipates millions of dollars in new premiums being added to its books in the coming year. The early launch reinforces Reliance's commitment to delivering state-of-the-art technology to its agency partners, positioning both agents and the company for significant growth in the commercial insurance market.
Reliance Global Group (Nasdaq: RELI) has announced enhanced terms for its pending acquisition of Spetner Associates. The upfront cash payment required to close the transaction has been reduced by over $2 million, from $8 million to $5.5 million. This revision is expected to provide greater flexibility in funding and minimize shareholder dilution. The acquisition remains on track to close in the second half of 2024.
Since the initial announcement, Spetner's BenManage voluntary benefit insurance segment has grown significantly, now covering over 85,000 employees, up from 45,000. The acquisition is anticipated to nearly double Reliance's annual revenue to approximately $28 million and boost Adjusted EBITDA. Reliance views this as a transformative acquisition aligning with its 'OneFirm' strategy, aiming to accelerate growth and enhance shareholder value.
Reliance Global Group (Nasdaq: RELI) has announced the launch of an advanced AI-powered Quote & Bind InsurTech solution for commercial policies, set to debut in Q4 2024. This new offering, integrated into the RELI Exchange platform, aims to significantly enhance the capabilities of agency partners by enabling real-time quotes from multiple carriers and instant policy binding. The solution covers various commercial insurance lines, including workers' compensation, business owners, general liability, cyber liability, inland marine, and executive lines such as D&O and EPLI.
CEO Ezra Beyman describes the new solution as a 'game-changer' that will empower agents to boost revenue and achieve new levels of success. The company expects to benefit considerably from its share of increased commissions generated by agency partners. Moshe Fishman, Director of Insurtech and Operations, highlighted that a single commercial policy could potentially generate commission revenue equivalent to 100 new homeowner policies, representing a significant organic growth opportunity for Reliance.
Reliance Global Group (NASDAQ: RELI) reported Q2 2024 results with revenues of $3.2 million, a 1% YoY growth. The company's net loss from continuing operations improved by 62% to $1.5 million. Key highlights include:
1. The pending acquisition of Spetner Associates, expected to close in H2 2024, projecting to double annual revenue to ~$28 million and boost AEBITDA.
2. Formation of a new real estate division led by Abe Miller, focusing on multi-family and commercial properties.
3. Simplified capital structure by removing warrant overhang.
4. Continued implementation of 'OneFirm' strategy, uniting nine agencies nationwide and driving efficiencies.
Reliance Global Group (NASDAQ: RELI) has announced a conference call scheduled for July 25, 2024, at 4:30 PM Eastern Time to discuss their second quarter 2024 financial results and provide a business update. Investors can access the call via telephone or webcast. The toll-free number for U.S. callers is +1 888-506-0062, while international callers can dial +1 973-528-0011 using access code 246542. A webcast of the call will be available on the company's investor relations website. A replay of the webcast will be accessible until July 25, 2025, and a telephone replay will be available until August 8, 2024.
Reliance Global Group (Nasdaq: RELI) has regained compliance with Nasdaq's minimum bid price requirement, as announced on July 17, 2024. This achievement is important for maintaining the company's Nasdaq listing and positioning it for long-term success. CEO Ezra Beyman emphasized the importance of this milestone in enhancing shareholder value and supporting the company's growth strategy.
Reliance is actively pursuing strategic initiatives, including the pending acquisition of Spetner Associates and exploring additional accretive opportunities. The company continues to make progress with its OneFirm initiative, aiming to create a more robust and resilient organization to drive growth in revenues, earnings, cash flows, and shareholder value.
Reliance Global Group (Nasdaq: RELI) has announced the formation of a new Real Estate division. This new division aims to expand the company’s operations in the multi-family and commercial real estate sectors.
Abe Miller, a successful real estate investor and M&A executive, joins Reliance to oversee the division without a fixed salary, being compensated entirely on a success-based model. The division will complement the company's existing focus on acquiring profitable insurance agencies.
CEO Ezra Beyman emphasized the potential of the new division to enhance shareholder value and leverage non-dilutive financing sources. This initiative aligns with Reliance's strategy of accretive, cash flow-positive acquisitions and aims to diversify the company's asset portfolio.
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