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Reliance Global Group Inc operates as a holding company with diversified interests in the insurance market, as well as other related sectors. The company focuses on growing by pursuing an acquisition strategy, initially and primarily focused on wholesale and retail insurance agencies. Its primary strategy is to identify specific risks to reward arbitrage opportunities and develop these on a national platform, thereby increasing revenues and returns. The company generates revenue in the form of commissions and is an InsurTech pioneer, utilizing artificial intelligence (AI) and cloud-based technologies to transform and improve efficiencies in the insurance agency/brokerage industry.
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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, 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, 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. (RELI) withdraws underwritten public offering, CEO Ezra Beyman commits to fund cash needs if necessary.
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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, 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, 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, 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 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, 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 Series A Warrants (RELIW)?
The current stock price of Reliance Global Group Series A Warrants (RELIW) is $0.0505 as of December 24, 2024.
What is the primary strategy of Reliance Global Group Inc?
Reliance Global Group Inc's primary strategy involves identifying specific risks to reward arbitrage opportunities and developing them on a national platform to increase revenues and returns.
How does Reliance Global Group Inc generate revenue?
The company generates revenue in the form of commissions.
What technologies does Reliance Global Group Inc utilize?
Reliance Global Group Inc leverages artificial intelligence (AI) and cloud-based technologies to transform and improve efficiencies in the insurance agency/brokerage industry.
What is the focus of Reliance Global Group Inc's acquisition strategy?
Reliance Global Group Inc's acquisition strategy is primarily focused on wholesale and retail insurance agencies.
What sectors does Reliance Global Group Inc have interests in?
Reliance Global Group Inc has diversified interests in the insurance market, as well as other related sectors.
How does Reliance Global Group Inc compete with large-scale national insurance agencies?
Reliance Global Group Inc's business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies with business development tools to compete effectively.
What is 5minuteinsure.com?
5minuteinsure.com is Reliance Global Group Inc's business-to-consumer platform that offers competitive online insurance quotes within minutes.
Where can more information about Reliance Global Group Inc be found?
More information about the company can be found at https://www.relianceglobalgroup.com.
What is the contact information for Crescendo Communications, LLC?
Crescendo Communications, LLC can be contacted at Tel: +1 (212) 671-1020 and Email: RELI@crescendo-ir.com.
What is the mission of Reliance Global Group Inc?
Reliance Global Group Inc aims to build RELI Exchange into the largest agency partner network in the U.S. and drive significant shareholder value.
Reliance Global Group, Inc. Series A Warrants