Acquisition grows the Firm’s footprint throughout 47 states and expands providing inside the Medicare complement insurance coverage market
LAKEWOOD, N.J., Jan. 11, 2022 (GLOBE NEWSWIRE) — through NewMediaWire — Reliance World Group, Inc. (Nasdaq: RELI; RELIW), which mixes AI and cloud-based applied sciences with the customized expertise of a standard insurance coverage company, at this time 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 World Group, commented, “The acquisition of Medigap is a significant milestone for the Firm because it instantly will increase our revenues by roughly 70%, considerably expands our geographic footprint and broadens our capabilities inside the Medicare complement market. Medigap is without doubt one of 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 firms. Importantly, we consider this acquisition might be extremely accretive and we anticipate important working synergies to additional improve profitability. This acquisition builds upon our profitable observe report of buying rising, money move optimistic businesses at engaging multiples. I might 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 World Group.
Extra particulars on the acquisition might be obtainable within the Firm’s Present Report on Type 8-Ok, to be filed with the Securities and Change Fee.
About Reliance World Group, Inc.
Reliance World Group, Inc. (NASDAQ: RELI, RELIW) is combining superior applied sciences, with the customized expertise of a standard insurance coverage company mannequin. Reliance World Group’s progress technique consists of each an natural growth, together with 5MinuteInsure.com, in addition to buying nicely managed, undervalued and money move optimistic insurance coverage businesses. Extra details about the Firm is on the market at https://www.relianceglobalgroup.com/.
This press launch comprises forward-looking statements inside the which means of the “protected harbor” provisions of the Personal Securities Litigation Reform Act of 1995. Statements aside from statements of historic info included on this press launch might represent forward-looking statements and will not be ensures of future efficiency, situation or outcomes and contain quite a lot of dangers and uncertainties. Precise outcomes might differ materially from these within the forward-looking statements on account of quite a lot of elements, together with these described on occasion in our filings with the Securities and Change Fee and elsewhere. The Firm undertakes no responsibility 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 supplied to the Firm by the goal, and it has not been independently verified by the Firm.
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