Reliance Global Group, Inc. - RELI STOCK NEWS

Reliance Global Group (Nasdaq: RELI; RELIW) has announced a referral partnership with NRS Funding, enhancing revenue opportunities for RELI Exchange agents through merchant cash advance services. This collaboration aims to provide agents with new income streams, benefiting their businesses and clientele. CEO Ezra Beyman expressed optimism about the potential growth for RELI Exchange, which continues to attract agency partners with its low entry barriers and robust service offerings. The company remains focused on expanding its network and providing valuable tools for agent efficiency and profitability.

Reliance Global Group (NASDAQ: RELI, RELIW) reported a 92% year-over-year increase in revenue for Q2 2022, reaching approximately $4.2 million, compared to $2.2 million in Q2 2021. This growth is attributed to acquisitions and organic expansion. However, operating expenses surged to $6.2 million, up from $3.3 million a year ago, primarily due to higher commissions and marketing costs. The company reported a net income of approximately $10.5 million, significantly improving from a loss of $1.3 million in Q2 2021, driven mainly by warrant liability adjustments.

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) announced a conference call on August 15, 2022, at 2:00 PM ET to discuss financial results for Q2 2022 and provide a business update. Investors can access the call via phone or webcast. Reliance focuses on integrating AI and cloud technologies with traditional insurance services, aiming for organic growth through platforms like 5minuteinsure.com and RELI Exchange, while also pursuing acquisitions of undervalued insurance agencies. Detailed information is available on their investor relations page.

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) will present at the Q3 Investor Summit on August 16, 2022, at 4:15 PM ET. The key speakers include Chairman and CEO Ezra Beyman, Director of Insurtech Moshe Fishman, and Senior VP of Operations Grant Barra. This virtual event will feature over 90 companies and is designed to connect smallcap and microcap firms with qualified investors. Attendees can register for complimentary access and watch the presentation replay on the Company’s website.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced preliminary revenue guidance for Q2 2022, expecting it to double year-over-year. CEO Ezra Beyman attributed this growth to successful acquisitions, particularly of Barra & Associates and Medigap, both showing strong organic growth. The company highlighted a 30% increase in agency partner channels post-acquisition and reported nearly 800 new Medigap policies in July 2022, a 20% rise since January. Reliance aims to build RELI Exchange into a leading agency network in the U.S. and capitalize on expanding Medicare opportunities.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced that its Chairman and CEO, Ezra Beyman, along with Senior VP Grant Barra, will participate in the Benzinga All Access event on July 22, 2022, at 11:00 A.M. Eastern Time. They will discuss the launch of RELI Exchange, an InsurTech platform aimed at expanding the company’s agency partner network. The presentation will be live-streamed, and an archived recording will be available on the company’s investor relations website.

Reliance Global Group has launched RELI Exchange, a B2B InsurTech platform aimed at independent agents and agency partners to streamline sales and reduce back-office expenses. This platform offers instant quotes from over 30 insurance carriers and builds on the success of 5MinuteInsure.com. With more than 80 agency partners generating over $10 million in annual premiums, RELI Exchange is set to attract new agencies through its low entry barriers. The scalable platform aims to expand the agency partner network significantly, enhancing competitive advantages in the insurance market.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) has launched homeowner’s insurance on 5MinuteInsure.com, expanding its offerings alongside auto insurance. The company now provides bundled home and auto policies, allowing clients to benefit from multi-policy discounts. Reliance has increased its insurance carrier network to over 30, enabling customers to compare quotes effectively. The firm is also set to unveil a proprietary Insurtech platform aimed at streamlining policy writing for independent agents.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) has expanded its insurance network to over 30 carriers and is now licensed to sell policies in 49 states. CEO Ezra Beyman stated that despite economic challenges, the company is well-positioned for growth as customers seek insurance savings. The launch of 5MinuteInsure.com allows clients to compare and purchase policies quickly, reducing operational costs. Following the acquisition of Barra & Associates, Reliance will introduce new insurtech solutions for independent agents.