Reliance Global Group Inc
NASDAQ:RELI
Reliance Global Group Inc
Reliance Global Group, Inc. is a diversified company, which engages in the business of insurance market and other relates sectors. The company is headquartered in Lakewood, New Jersey. The company went IPO on 2014-11-25. The firm is focused on acquisition strategy, initially and primarily focused upon wholesale and retail insurance agencies. The firm's insurance operation focuses on the acquisition and management of insurance agencies throughout the United States. Its primary focus is to undervalue wholesale and retail insurance agencies with operations in growing or underserved segments, including healthcare and Medicare, as well as personal and commercial insurance lines. The firm has also developed 5MinuteInsure.com (5MI), an online platform. 5MI is a business-to-consumer Website, which enables consumers to compare and purchase car and home insurance in a time-efficient and effective manner. The platform is primarily live in approximately 44 states and offers coverage with up to 16 carriers.
Reliance Global Group, Inc. is a diversified company, which engages in the business of insurance market and other relates sectors. The company is headquartered in Lakewood, New Jersey. The company went IPO on 2014-11-25. The firm is focused on acquisition strategy, initially and primarily focused upon wholesale and retail insurance agencies. The firm's insurance operation focuses on the acquisition and management of insurance agencies throughout the United States. Its primary focus is to undervalue wholesale and retail insurance agencies with operations in growing or underserved segments, including healthcare and Medicare, as well as personal and commercial insurance lines. The firm has also developed 5MinuteInsure.com (5MI), an online platform. 5MI is a business-to-consumer Website, which enables consumers to compare and purchase car and home insurance in a time-efficient and effective manner. The platform is primarily live in approximately 44 states and offers coverage with up to 16 carriers.
Fortman Sale: Reliance completed the $5 million sale of Fortman Insurance Services, realizing a $3 million gain and streamlining its operations.
Strengthened Balance Sheet: Unrestricted cash rose 590% to $2.6 million, working capital increased 284% to $1.6 million, and equity grew 125% to $6.8 million compared to the prior year-end.
Debt Reduction: Proceeds from the sale were used to reduce long-term debt by about 50%, increasing financial flexibility.
Commission Income Impact: Commission income fell to $2.5 million from $3.4 million last year, mainly due to the Fortman divestiture.
Dividend Initiation: The company declared its first special cash dividend of $0.03 per share, with management open to future dividends.
Digital Asset Treasury (DAT): Reliance highlighted ongoing investments in digital assets like Bitcoin, Ethereum, Cardano, XRP, and Solana as part of its long-term strategy.
Net Loss: Net loss widened to $1.2 million from $0.8 million, primarily due to noncash equity compensation.
