Reliance Group Acquires Barra & Associates



Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) (“Reliance”), an insurtech company using a combination of technological insights and conventional insurance company models, announced today the $7.5 million acquisition of Barra & Associates, a personal and commercial insurance provider. Barra & Associates’ founder and CEO, Grant Barra, will continue to oversee the company’s subsidiary.


Barra & Associates’ insurance covers property, casualty, life, health and indexed markets. It generated an estimated $700k of EBITDA in 2021, reflecting its strong balance sheet and cash flow. The company offers an advanced technological infrastructure, including its 5MinuteInsure.com platform, and looks forward to utilizing its InsurTech offerings to agents and agency partners in order to drive revenue.


Reliance’s acquisition of Barra & Associates fulfills both the company's growth strategies and nationwide expansion plans. “This type of transaction, which we have been targeting for some time, adds over 60 agents and agency partners, which we can scale both rapidly and cost-effectively,” says Reliance CEO Ezra Beyman. “Moreover, Barra brings an advanced technology infrastructure that is aligned with our acquisition strategy.”


Reliance also recently acquired Medigap in January 2022, reflecting the company’s ability to attract companies that will add revenue and propel its expansion. Mr. Barra of Barra & Associates adds that “Reliance brings tremendous resources, industry talent and access to capital that we believe will enable us to further accelerate growth.”


Disclaimer:

You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Content on the Site is provided for information purposes only, and none of the information contained on the Site constitutes an offer, solicitation or recommendation to buy or sell a security.



8 views0 comments
 
Exclusive Stock Reports

Thanks for submitting!

@thesmallcaptrdr

  • Artboard – 6_2x