Reliance Global Group Announces Intent to Sell Fortman Insurance for $5 Million to Facilitate Spetner Acquisition

Reuters

06-20

Reliance Global Group Announces Intent to Sell Fortman Insurance for $5 Million to Facilitate Spetner Acquisition

Reliance Global Group Inc. has announced the signing of a non-binding Letter of Intent to sell its wholly owned subsidiary, Fortman Insurance Agency, for $5 million in cash. The transaction is expected to unlock capital for Reliance's planned acquisition of Spetner Associates, a growing insurance platform. CEO Ezra Beyman highlighted that the sale, which represents a premium over the original acquisition cost of Fortman, aligns with the company's strategy to enhance shareholder value and pursue growth opportunities. The proceeds from the sale will bolster Reliance's cash reserves to support the Spetner acquisition. The transaction is subject to customary due diligence and negotiation of definitive documentation.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Reliance Global Group Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001641172-25-015711), on June 20, 2025, and is solely responsible for the information contained therein.

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