Reliance Global signs non-binding LOI to sell Fortman Insurance for $5M in cash

Reliance Global (RELI) Group has signed a non-binding Letter of Intent to sell Fortman Insurance Agency for $5M in cash. The contemplated sale price represents a meaningful premium over the original acquisition cost, underscoring the Company’s ability to acquire, improve, and opportunistically monetize assets to drive shareholder value. Since acquiring Fortman, Reliance has implemented operational enhancements, upgraded internal systems, and established a strong leadership team. As a result, Fortman has evolved into a well-capitalized, efficiently run agency with a growing customer base and enhanced market presence. Proceeds from the sale are expected to support Reliance’s planned acquisition of Spetner Associates. As highlighted in previous announcements, Spetner has experienced robust growth in recent years and is expected to generate strong cash flow at both the subsidiary and parent company levels. The Company believes Spetner will integrate seamlessly into Reliance’s operations under the OneFirm strategy. The LOI is non-binding and subject to customary due diligence and negotiation of definitive documentation. The Company will provide additional updates as the transaction progresses.