Acquisition grows the Firm’s footprint throughout 47 states and expands providing throughout the Medicare complement insurance coverage market
LAKEWOOD, N.J., Jan. 11, 2022 (GLOBE NEWSWIRE) — through NewMediaWire — Reliance International Group, Inc. (Nasdaq: RELI; RELIW), which mixes AI and cloud-based applied sciences with the customized expertise of a standard insurance coverage company, at present introduced that it has accomplished the beforehand introduced acquisition of Medigap Well being Insurance coverage Firm (“Medigap”) in an asset buy transaction.
Medigap is an insurance coverage brokerage firm headquartered in Florida, specializing in Medicare complement insurance coverage. Medigap generated income of roughly $7 million1 for the trailing twelve months ended September 30, 2021.
Ezra Beyman, CEO of Reliance International Group, commented, “The acquisition of Medigap is a serious milestone for the Firm because it instantly will increase our revenues by roughly 70%, considerably expands our geographic footprint and broadens our capabilities throughout the Medicare complement market. Medigap is among the nation’s quickest rising suppliers of Medicare supplemental insurance coverage protection with licenses and doing enterprise in 47 states. Our purpose is to aggressively develop their operations, in addition to capitalize on cross-selling alternatives throughout our present portfolio corporations. Importantly, we consider this acquisition will likely be extremely accretive and we anticipate vital working synergies to additional improve profitability. This acquisition builds upon our profitable observe file of buying rising, money circulation optimistic companies at enticing multiples. I’d particularly prefer to thank the Reliance and Medigap groups for his or her distinctive efforts, which enabled us to shut this acquisition forward of schedule.”
Complete consideration for Medigap was $20.1 million, consisting of each money and restricted widespread inventory of Reliance International Group.
Further particulars on the acquisition will likely be obtainable within the Firm’s Present Report on Kind 8-Ok, to be filed with the Securities and Trade Fee.
About Reliance International Group, Inc.
Reliance International Group, Inc. (NASDAQ: RELI, RELIW) is combining superior applied sciences, with the customized expertise of a standard insurance coverage company mannequin. Reliance International Group’s development technique consists of each an natural enlargement, together with 5MinuteInsure.com, in addition to buying effectively managed, undervalued and money circulation optimistic insurance coverage companies. Further details about the Firm is offered at https://www.relianceglobalgroup.com/.
This press launch comprises forward-looking statements throughout the that means of the “protected harbor” provisions of the Non-public Securities Litigation Reform Act of 1995. Statements aside from statements of historic information included on this press launch might represent forward-looking statements and aren’t ensures of future efficiency, situation or outcomes and contain a variety of dangers and uncertainties. Precise outcomes might differ materially from these within the forward-looking statements on account of a variety of elements, together with these described every so often in our filings with the Securities and Trade Fee and elsewhere. The Firm undertakes no obligation to replace any forward-looking assertion made herein. All forward-looking statements communicate solely as of the date of this press launch.
1 That is an unaudited income quantity offered to the Firm by the goal, and it has not been independently verified by the Firm.
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