Business
Reliance Global Group Reports 15% Increase in Revenue for the First Quarter of 2021 and Provides Corporate Update
LAKEWOOD, N.J., May 14, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), which combines AI and cloud-based
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"LAKEWOOD, N.J., May 14, 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 provided a business update and reported financial results for the first quarter ended March 31, 2021. Ezra Beyman, CEO of Reliance Global Group, commented, “We continue to execute on our organic growth strategy as evidenced by a 15% increase in revenue for the first quarter of 2021 over the same period last year. I am also pleased to report that we continue to increase the cash flow from our insurance operations. We ended the quarter with over $10 million of cash and restricted cash, which provides us a solid balance sheet to execute on our near and long-term growth objectives. At the same time, we are accelerating our M&A strategy by targeting additional growing, cash flow positive agencies we can acquire at attractive multiples, as illustrated by our recently announced acquisition of J.P. Kush and Associates, Inc., a premier healthcare insurance agency with over one hundred independent agents across 10 states. Importantly, this acquisition is consistent with our strategy of targeting companies that we believe will expand our national footprint, add additional carrier relationships, provide opportunities for meaningful operating synergies and are expected to be accretive to earnings. We are currently evaluating additional acquisition opportunities that we believe may be highly synergistic and in line with our core strategy.” “We are also making progress towards rolling out our new 5minuteinsure.com platform, which we continue to believe will be transformative for our Company. After a successful initial Beta program, 5Minuteinsure.com gathered valuable information on the online insurance consumer’s ideal experience. Through extensive research, we have determined the key factors required to most efficiently convert a prospect into a client, using the online interactive platform. Consumers are demanding online tools to compare live quotes for home and auto insurance between multiple carriers, which at the same time, enable the consumer to instantly purchase the coverage they desire, on a single platform. This is a major differentiating factor from lead generator comparison sites that compare no...