Business
Reliance Global Group Reports 33% Increase in Revenue for 2021
Successfully integrates Medigap and actively pursuing additional acquisitions LAKEWOOD, NJ, March 31, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"Successfully integrates Medigap and actively pursuing additional acquisitions LAKEWOOD, NJ, March 31, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, provided a business update today and reported financial results for the year ended December 31, 2021. Ezra Beyman, CEO of Reliance Global Group, commented, “2021 was another monumental year for the Company as we achieved solid revenue growth, enhanced our senior management team, launched 5MinuteInsure.com and uplisted to the Nasdaq. Moreover, we have maintained a solid balance sheet with over $4.6 million of cash and restricted cash at the end of the year, and our insurance agencies are collectively generating positive cash flows from operations. As a result, we believe we have built a highly scalable platform poised for continued growth as we forge ahead through 2022. In addition to our focus on organic growth, we have demonstrated a successful acquisition track record, where we’ve acquired profitable cash flow positive businesses with exciting growth strategies at attractive multiples. The following highlights our most current acquisition activity: In May 2021, the Company acquired 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. In January 2022, the Company completed the acquisition of Medigap Health Insurance Company, which will expand our capabilities within the Medicare supplement market, which we believe would be a perfect complement and highly synergistic with our existing portfolio companies. In addition to bolstering our revenue going forward by more than 70%, we believe this transaction has the potential to be highly accretive. The Company has a robust pipeline of exciting prospective agencies under consideration for acquisition during 2022 and looks forward to further enhancing our top and bottom line results, as well as expanding the Company’s overall national footprint. The global insurance brokerage market was valued at $317.9 billion in 2020 and is projected to reach $515.3 billion by 2028 (Research Dive), however, it’s still consid...