Reliance Global Completes Transfer of Southwestern Montana Insurance

Reliance Global Group Inc. has transferred into RELI both Southwestern Montana Insurance, as well as Fortman Insurance Agency LLC in Ohio.

As previously announced in April and May, Southwestern Montana Insurance and Fortman Insurance Agency, had been acquired by the company’s affiliate, Reliance Global Holdings LLC.

Reliance Global Holdings LLC has transferred its ownership in the two companies to RELI, in exchange for roughly 14.8 million shares of restricted common stock. Southwestern Montana Insurance and Fortman Insurance Agency reportedly collectively generated $3.1 million of revenue in 2018.

Southwestern Montana Insurance is a group health insurance company providing employee benefits insurance to groups and individuals.

Fortman Insurance Agency provides personal and commercial insurance lines.

Reliance has also completed the acquisition of Altruis Benefit Consulting. Bingham Farms, Mich.-based Altruis, which specializes in providing individual and group health insurance, reported revenue of roughly $2.5 million in 2018.