Reliance Global Group Reports First Quarter 2024 Results and Provides Business Update

Definitive agreement to acquire Spetner Associates marks significant milestone in Company’s evolution

Expected to more than double current revenue to approximately $28 million and contribute meaningful EBITDA

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD, N.J., May 20, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the three months ended March 31, 2024.

Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group, commented, "We achieved another solid quarter with continued organic growth. During the first quarter of 2024, we focused heavily on our new ‘OneFirm’ approach, which brings together our nine owned and operated agencies across the United States to function as one cohesive unit. As these initiatives take hold, we anticipate significantly enhanced top and bottom-line performance.”

“We are also excited about our recently announced definitive agreement to acquire Spetner Associates, which we believe will be a transformational event for our Company. We expect that the integration of Spetner will more than double our annual revenues to roughly $28 million and significantly boost our EBITDA. Spetner excels in its field, with advanced technologies that complement the innovative solutions we already provide. Spetner’s broad range of unique voluntary benefits programs and extensive market reach offer considerable synergistic potential, especially in expanding our personal insurance lines through the RELI Exchange platform.”

Moshe Fishman, Director of Insurtech and Operation of Reliance Global Group, added, "We are very pleased with how the RELI Exchange OneFirm vision is materializing, further strengthening our insurance distribution and company as a whole. The recently announced acquisition of Spetner Associates including the BenManage voluntary benefit insurance business providing insurance to over 75,000 employee lives, is the ideal acquisition target that we look for at Reliance. Some of the key points that we are very excited about are a strong management team, excellent revenue with a high EBIDTA to revenue ratio, residual commission income, and highly synergistic with our current core businesses.”