Business
Reliance Global Group Acquires Premier Health Insurance Agency J.P. Kush and Associates, Inc.
LAKEWOOD, N.J., May 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), an “insurtech” company focused on
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"LAKEWOOD, N.J., May 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), an “insurtech” company focused on combining advanced technologies with the personalized experience of a traditional insurance agency, today announced it has acquired J.P. Kush and Associates, Inc., a premier healthcare insurance agency with operations in 10 states, headquartered in Troy, Michigan. J.P. Kush’s founder, Joshua Kushnereit, will become part of the Reliance Global family as Chief Operating Officer of the new Kush Benefits Solutions, LLC, which is now a wholly owned subsidiary of Reliance Global Group, Inc. Founded in 2008, J.P. Kush adds over 100 independent agents to Reliance’s agency network across the United States, including California, Florida, Ohio, Michigan, Mississippi, New Mexico, South Carolina, Texas, Utah and Wisconsin. J.P. Kush has established relationships with a number of the country’s leading insurance carriers. In 2019 and 2020, J.P. Kush was ranked as the most active agency writing policies with Molina Healthcare, Inc. in the State of Michigan. Mr. Kushnereit has been in the insurance industry over 15 years and has been consistently ranked among the top insurance producers, in addition to building a national network of agents. Mr. Kushnereit is experienced in the complexities of the Affordable Care Act and how it affects insurance products. Ezra Beyman, CEO of Reliance Global Group, commented, “We are delighted to announce the acquisition of J.P. Kush, which brings an extensive network of over one hundred independent agents across 10 states and expands our expertise in the health insurance marketplace. Importantly, this acquisition is consistent with our strategy of acquiring growing, cash flow positive agencies at attractive multiples, where the founders are incentivized to support the long-term growth of the Company. We are pleased to welcome Joshua and his team to expand our national presence. Moreover, J.P. Kush generated revenue of more than $1.1 million over the trailing twelve months with mid-double digit operating margins. Based on a purchase price of $1,950,000, we believe this transaction has the potential to be highly accretive. The purchase has been funded through a combination of cash, restricted stock and an earnout. In addition, we believe we can help to not only gr...