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Reliance Global Group, Inc. - RELI STOCK NEWS

Welcome to our dedicated page for Reliance Global Group news (Ticker: RELI), a resource for investors and traders seeking the latest updates and insights on Reliance Global Group stock.

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.

News

RELI Exchange Launches the Client Referral Portal into its Proprietary InsurTech Platform

Rhea-AI Summary
Reliance Global Group, Inc. (Nasdaq: RELI) has announced the addition of the RELI Exchange Client Referral Portal (CRP) to its InsurTech platform, RELI Exchange. This new feature aims to help agency partners establish connections with professional service providers and streamline the referral process. The CRP allows agency partners to generate unique affiliate links for referral partners, monitor the status of referrals, and recognize successful referral sources. Moshe Fishman, Director of Insurtech and Operations, emphasized the value of this new feature in enhancing the RELI Exchange experience for agency partners and the positive industry feedback it has received.
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Reliance Global Group Provides Year-End Update on RELI Exchange

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Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) reports a more than 60% increase in total RELI Exchange policies after onboarding Fortman Insurance under the new 'One-Firm' approach. The company has added two new insurance carriers, bringing the total to 35 carriers on the RELI Exchange platform. Additionally, there are now 365 agents on the platform, positioning RELI Exchange for further growth heading into 2024.
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Reliance Global Group Announces Letter of Intent for Most Significant Acquisition to Date

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Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) has announced its intention to acquire a leading benefits enrollment company, which is expected to more than double its current revenue and provide attractive EBITDA returns. The target company is projected to generate over $21 million in revenue during fiscal year 2024, increasing Reliance's expected consolidated revenue by more than 100% to $35 million, resulting in significant cash flow for the combined companies in 2024 and beyond.
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Reliance Global Group, Inc. Withdraws Proposed Underwritten Public Offering

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Reliance Global Group, Inc. (RELI) withdraws underwritten public offering, CEO Ezra Beyman commits to fund cash needs if necessary.
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Reliance Global Group, Inc. Announces Proposed Underwritten Public Offering

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Reliance Global Group, Inc. (NASDAQ: RELI) has announced the commencement of an underwritten public offering to raise capital for working and general corporate purposes. The company plans to utilize the net proceeds from the offering to facilitate its growth. EF Hutton LLC is the sole book-running manager for the offering, with legal counsel provided by Anthony L.G., PLLC for Reliance Global and Sichenzia Ross Ference Carmel LLP for EF Hutton. The offering is being made under a 'shelf' registration statement on Form S-3 (File No. 333-275190) declared effective by the SEC on November 7, 2023. The preliminary prospectus supplement, final prospectus supplement, and accompanying prospectus will be available on the SEC's website or by contacting EF Hutton.
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Reliance Global Group Embraces 'OneFirm' Approach for Future Growth

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Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) consolidates all owned agencies under the RELI Exchange brand, aiming for enhanced efficiencies, cross talent utilization, and cross-selling. The move is expected to fortify relationships with carriers, increase business volume, and propel agency partners. Early financial benefits are evident, with a 19% year-over-year revenue increase and decreased operational losses by more than 21% in the first nine months of 2023. The 'OneFirm' strategy positions the company for rapid scalability and seamless integration of accretive acquisitions, leveraging the potential of the expanding U.S. insurance market.
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Reliance Global Group’s Revenue Grows by 16% for the Third Quarter of 2023

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Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) reported a 16% and 19% year-over-year increase in revenue for the third quarter and first nine months of 2023, driven by organic expansion and the acquisition of Barra Associates. Operational losses decreased by over 21% in the first nine months of 2023, and working capital increased by $5.4 million, or 117%, as of September 30, 2023. The company is focusing on consolidating its standalone agencies under RELI Exchange and is optimistic about long-term growth.
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Reliance Global Group Schedules Third Quarter 2023 Financial Results and Business Update Conference Call

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Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) will host a conference call on November 13, 2023, at 4:30 PM Eastern Time to discuss Q3 2023 financial results and provide a business update. The call can be accessed via telephone or webcast, with replays available on the company's website.
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Reliance Global Group Achieves 12% Increase in Revenue for the Second Quarter of 2023

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Reliance Global Group reports a 12% increase in revenue for Q2 2023 and a 30% reduction in loss from operations for the first half of 2023. Working capital has increased by $6.8 million. The company plans to consolidate its subsidiary agencies to enhance market presence. RELI Exchange continues to grow its network of agency partners.
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Reliance Global Group Schedules Second Quarter 2023 Financial Results and Business Update Conference Call

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Reliance Global Group, Inc. will host a conference call on August 10, 2023, to discuss financial results for Q2 2023 and provide a business update. The call can be accessed via telephone or webcast, with a replay available on the company's website.
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FAQ

What is the current stock price of Reliance Global Group (RELI)?

The current stock price of Reliance Global Group (RELI) is $2.53 as of December 24, 2024.

What is the market cap of Reliance Global Group (RELI)?

The market cap of Reliance Global Group (RELI) is approximately 4.3M.

What is the core business of Reliance Global Group, Inc.?

Reliance Global Group, Inc. operates as a holding company with a primary focus on the insurance market, involving both wholesale and retail insurance agencies.

How does Reliance Global Group generate revenue?

The company generates revenue primarily through commissions from its diverse portfolio of insurance products.

What is RELI Exchange?

RELI Exchange is an InsurTech platform developed by Reliance Global Group, providing independent insurance agencies with business development tools to compete with larger national agencies.

What is 5minuteinsure.com?

5minuteinsure.com is a business-to-consumer platform offering competitive insurance quotes within minutes using artificial intelligence and data mining.

What is the company’s strategy for growth?

Reliance Global Group focuses on acquiring undervalued wholesale and retail insurance agencies, expanding and optimizing their operations to maximize asset value and generate steady cash flows.

What recent achievements has Reliance Global Group made?

Recent achievements include the development of the RELI Exchange platform and the progression towards finalizing a definitive agreement following a letter of intent.

When is the next conference call for Reliance Global Group?

The next conference call is scheduled for May 20, 2024, to discuss financial results for Q1 2024 and provide a business update.

What events is Reliance Global Group participating in?

The company will be participating in the EF Hutton Annual Global Conference on May 15, 2024.

Where can I find more information about Reliance Global Group?

More information can be found on the company's official website at https://relianceglobalgroup.com or on their Twitter page.

Who can I contact for investor relations?

For investor relations, you can reach out to Crescendo Communications, LLC at +1 (212) 671-1020 or email RELI@crescendo-ir.com.

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Reliance Global Group, Inc.

Nasdaq:RELI

RELI Rankings

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RELI Stock Data

4.33M
1.63M
5%
1.46%
0.76%
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