Reliance Global Group sells Fortman Insurance for $5 million in cash.

Reliance Global Group has completed the sale of Fortman Insurance Services for $5 million in cash. The transaction marks the successful execution of a strategic initiative to monetize a non-core asset and strengthen the company's financial position. Fortman's operational efficiency, financial stability, and market competitiveness have improved since its acquisition by Reliance in 2019. The sale value is above the initial purchase price.

Lakewood, NJ, July 08, 2025 — Reliance Global Group, Inc. (Nasdaq: RELI) has successfully completed the sale of Fortman Insurance Services for $5 million in cash. This strategic transaction marks the company's commitment to enhancing its financial position by monetizing a non-core asset [1].

Fortman Insurance Services, a wholly-owned subsidiary of Reliance, was acquired in 2019 and has since seen improvements in operational efficiency, financial stability, and market competitiveness. The sale price of $5 million exceeds the initial purchase price, indicating a successful investment and strategic execution [1][2][3].

The proceeds from the sale will bolster Reliance's balance sheet, providing enhanced financial flexibility. This capital infusion will support the company's ongoing strategic initiatives, including the expected acquisition of Spetner Associates, Inc. [1][2][3].

Ezra Beyman, CEO of Reliance, commented, "Closing the Fortman transaction marks a key milestone in our strategic roadmap and reflects the disciplined approach we take to identifying, enhancing, and monetizing value within our portfolio. From the outset, Fortman was a compelling acquisition, and through targeted operational improvements, we positioned the business for long-term success. Selling the asset at a premium demonstrates the strength of our execution and adds meaningful capital to our balance sheet, increasing our flexibility to advance strategic priorities. This transaction reinforces our commitment to executing initiatives that strengthen our platform, support sustainable growth, and accelerate our transformation into a streamlined, tech-enabled insurance organization. I remain confident in our ability to deliver lasting value to our shareholders."

Reliance Global Group, Inc. is an InsurTech pioneer leveraging artificial intelligence (AI) and cloud-based technologies to transform and improve efficiencies in the insurance agency/brokerage industry. The company's business-to-business platform, RELI Exchange, and business-to-consumer platform, 5minuteinsure.com, are designed to provide competitive online insurance quotes and streamline operations [1].

Forward-looking statements in this press release include expectations regarding the successful deployment of the $5 million in proceeds from the Fortman sale to support strategic and financial objectives, the completion of the acquisition of Spetner Associates, Inc., and the anticipated benefits of the Spetner acquisition to the company's business model, operational scale, and long-term value creation strategy [1].

References:
[1] https://relianceglobalgroup.com/2025/07/08/reliance-global-group-closes-sale-of-fortman-insurance-for-5-million-in-cash/
[2] https://www.insurancejournal.com/news/midwest/2025/07/08/830808.htm
[3] https://www.stocktitan.net/news/RELIW/reliance-global-group-closes-sale-of-fortman-insurance-for-5-million-ac2f8efqfgfr.html