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Reliance Global Group Executes LOIs to Acquire 2 Medicare Insurance Agencies
Wednesday 15 May 2019

15 May 2019 - New Jersey, US-based Reliance Global Group, Inc. (OTC: RELI) has executed two Letters of Intent (LOI) to acquire 100% of each of two affiliated Medicare insurance agencies in the US, the company said.
Terms of the transaction were not disclosed.
One of the agencies is a US marketing organisation specialising in the Medicare insurance market. This agency operates in over 36 states, servicing over 1,300 downline insurance agents.
This acquisition, when completed, is expected to provide top-level contracts and proprietary software that will provide unique solutions for quick and efficient sales and support for Medicare agents nationwide.
The second agency operates as a niche Medicare insurance agency with a substantial market share in the Western US.
RELI has launched a national campaign for the expansion of our health insurance divisions. This is a major development in RELI's process, as it will be the catalyst for becoming a national leader in the Medicare insurance sales market.
The agencies to be acquired had revenues of approximately USD 7.0m in 2018 as well as substantial growth year over year.
These agencies specialise in placing health speciality products which will complement the agencies we currently own.
As RELI is in the process of completing its audited financial statements, in order to become a SEC- reporting issuer, this proposed acquisition will be acquired by Reliance Global Holdings, LLC, and will be transferred into RELI upon the successful completion of the audit. The investment of funds will be supplied by Reliance Global Holdings, LLC.
Reliance Global Group, Inc. (OTC: RELI) is controlled by Reliance Global Holdings, LLC, a New York-based limited liability company, which owns and operates numerous companies with core interests invested in real estate and insurance brokerage.
Date Published: 15/05/2019
Target: Two affiliated Medicare insurance agencies in the US
Country: USA
Sector: Insurance
Type: Corporate acquisition
Status: Agreed
Buyer: Reliance Global Group
Terms of the deal were not disclosed