Summary by Moomoo AI
On June 18, 2024, Reliance Global Group, Inc. announced an update on its pending acquisition of Spetner Associates, Inc., a move that is expected to double the company's annualized revenue to approximately $28 million. The acquisition, which is the largest in the company's history, is anticipated to close in the second half of 2024. Ezra Beyman, Chairman and CEO of Reliance, expressed optimism about the growth of Spetner's BenManage voluntary benefit insurance segment, which has expanded to cover 85,000 employees, up from 45,000 at the time of the initial acquisition announcement. The acquisition aligns with Reliance's 'OneFirm' go-to-market strategy and is seen as a key inflection point for the company, aiming to build a profitable business and deliver substantial returns to shareholders. Reliance Global Group is an InsurTech pioneer, utilizing artificial intelligence and cloud-based technologies to enhance efficiencies in the insurance agency/brokerage industry through platforms like RELI Exchange and 5minuteinsure.com.