Reliance Global announces the acquisition of Barra & Associates, a recognized provider of P&C, life and health insurance

Barra operates a growing network with over 60 agents and partner agencies

Acquisition expected to be highly synergistic and accretive

LAKEWOOD, NJ, April 27, 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, announced today acquisition Barra & Associates, a recognized provider of personal and commercial insurance products, including property and casualty insurance, life insurance, health insurance and other insurance products. The Company has acquired Barra & Associates during about, $7.5 million, consisting of cash and debt. Following the operation, Grant Barrafounder and CEO of Barra & Associateswill continue to oversee Barra & Associates subsidiary, as well as other high-level responsibilities within the Company.

Ezra BeymanCEO of Reliance Global Groupsaid: “We are very pleased to announce this highly strategic acquisition of Barra & Associates, which complements our existing offerings and supports our nationwide expansion plans. This type of transaction, which we have been targeting for some time, adds more than 60 agents and partner agencies, which we can scale both quickly and inexpensively. Additionally, Barra brings a state-of-the-art technology infrastructure aligned with our acquisition strategy. By combining our own technology stack, including 5MinuteInsure.com, we look forward to creating synergies for growth, including the affiliate agent business model. Barra & Associates already has a solid track record of growth and profitability. In 2021 alone, we estimate Barra & Associates generated on $700,000 of EBITDA. The fact that we were able to complete this acquisition in cash and debt, without dilution of equity, reinforces the strength of our balance sheet and the cash flows of the companies in our combined portfolio. Additionally, we believe this transaction further illustrates our ability to acquire synergistic and accretive businesses at attractive multiples. Combined with our recent acquisition of Medigap in January 2022we are executing our strategy, resulting in strong revenue growth and improved profitability. »

Grant BarraCEO of Barra & Associatesfurther noted, “I couldn’t be more excited to join Reliance Global Group in this period of rapid national expansion. Leveraging the 5MinuteInsure.com platform, we look forward to introducing new InsurTech offerings to our agents and partner agencies that we believe will make revenue generation much easier. Reliance brings tremendous resources, industry talent and access to capital that we believe will enable us to further accelerate growth.

Additional details of the transaction will be available in the company’s Form 8-K, which is expected to be filed with the United States Securities and Exchange Commission.

On Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) combines advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both organic expansion, including through 5MinuteInsure.com, as well as the acquisition of well-run, undervalued, cash-flow positive insurance agencies. Additional information about the Company is available at https://www.dependenceglobalgroup.com/.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact included in this press release may constitute forward-looking statements. and do not constitute warranties. future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to a number of factors, including those described from time to time in our filings with the Security and Exchange Commission and elsewhere. The Company undertakes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.

Contact:

Crescendo Communications, LLC
Tel: +1 (212) 671-1020
E-mail: [email protected]

Reliance Global announces the acquisition of Barra & Associates, a recognized provider of P&C, life and health insurance
Reliance Global announces the acquisition of Barra & Associates, a recognized provider of P&C, life and health insurance

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Source: Reliance Global Group, Inc.

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