Reliance Global Group Inc. (RELI) through its subsidiary Reliance Global Holdings LLC has completed the previously announced acquisition of Ohio-based Fortman Insurance Agency LLC, for a total purchase price of $4.138 million, consisting of cash and the issuance of restricted stock.
As RELI is in the process of completing its audited financial statements in order to become a SEC- reporting issuer, the acquisition was purchased by Reliance Global Holdings and will be transferred into RELI upon the successful completion of the audit.
Fortman serves customers throughout Ohio, providing personal and commercial lines of insurance. For the fiscal year ended Dec. 31, 2018, Fortman had written premiums of approximately $21 million and revenues of $1.6 million (unaudited).
Reliance LLC, which is controlled by Ezra Beyman, RELI’s chairman and CEO, funded the transaction through a combination of cash, stock and debt financing.
This is the fifth acquisition since Reliance LLC acquired control of RELI in September 2018 and is in line with management’s growth strategy of completing acquisitions in a timely manner.
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