Reliance Global Group Promotes Jonathan Fortman to Vice President of Acquisitions

Rhea-AI Summary

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) has announced the promotion of Jonathan Fortman to Vice President of Acquisitions. Fortman, who has been with the company since its acquisition of Fortman Insurance Services in 2019, will report directly to Chairman and CEO Ezra Beyman. The company aims to enhance its growth strategy by accelerating the acquisition of cash flow positive insurance agencies, building on the success of 5MinuteInsure.com. This initiative is part of Reliance's strategy to become a leading 'clicks and bricks' insurance provider.

Positive

• Jonathan Fortman's promotion reflects his extensive experience and industry relationships.
• Reliance Global Group is accelerating its focus on acquiring cash flow positive insurance agencies.
• The company has successfully rolled out 5MinuteInsure.com, boosting its growth strategy.

Negative

• None.

LAKEWOOD, NJ, Nov. 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), which combines AI and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that Jonathan Fortman has been promoted from Chief Operating Officer of Reliance Global Group’s subsidiary, Fortman Insurance Services, to Vice President of Acquisitions for Reliance Global Group, where he reports directly to Mr. Ezra Beyman, Chairman and CEO.

Mr. Fortman joined Reliance Global Group in 2019 when the Company acquired Fortman Insurance Services, an independent insurance agency started by the Fortman family in 1978. Mr. Fortman joined Fortman Insurance Services in 2003 and over time, his responsibilities increased, eventually leading to his appointment as COO in 2019. Mr. Fortman earned a bachelor’s degree in Economics from Bowling Green State University in 2002.

Ezra Beyman, Chairman and CEO of Reliance Global Group, commented, “We are delighted to announce the promotion of Jonathan to Vice President of Acquisitions. Jonathan brings extensive industry relationships and a deep understanding of the sector. Since he joined the team, Jonathan has been instrumental in helping evaluate a variety of acquisition targets and we look forward to fully leveraging the breadth of his experience. Given our success rolling out 5MinuteInsure.com, we are now accelerating our focus on acquiring accretive insurance agencies and are actively evaluating several targets that could have a significant impact on our business.  We believe such acquisitions would support our strategy of becoming the nation’s leading ‘clicks and bricks’ insurance company.”

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including 5MinuteInsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies.  Additional information about the Company is available at https://www.relianceglobalgroup.com/. 

Forward-Looking Statements

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.

Contact:

Crescendo Communications, LLC
Tel: +1 (212) 671-1020
Email: RELI@crescendo-ir.com

FAQ

What is the significance of Jonathan Fortman's promotion at Reliance Global Group?

Jonathan Fortman's promotion to Vice President of Acquisitions is significant as it leverages his extensive industry experience to evaluate and acquire cash flow positive insurance agencies.

How does Reliance Global Group plan to grow its business?

Reliance Global Group plans to grow its business through organic expansion and by acquiring well-managed, undervalued insurance agencies.

What is Reliance Global Group's strategy with 5MinuteInsure.com?

The strategy with 5MinuteInsure.com is to enhance the company's growth and integrate advanced technologies with traditional insurance services.

What types of companies is Reliance Global Group looking to acquire?

Reliance Global Group is looking to acquire cash flow positive insurance agencies as part of its growth strategy.