olivLaw · US equity research
Reliance Global Group, Inc. EZRA
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Reliance Global Group (EZRA) is an InsurTech holding company that owns insurance brokerage agencies and digital platforms such as RELI Exchange and 5MinuteInsure.com. In 2026 it is reorienting toward technology investments and proprietary artificial intelligence, while commission income has fallen after non-core divestitures, to about 2.1 million USD in the second quarter of 2026.
At the close of 04 Nov 2026, Reliance Global Group, Inc. (EZRA) stock was 2.40 USD (+0.00% on the day), with market capitalisation 2.4 m USD, dividend yield 16.13%, beta 1.03, 52-week range 1.79–36.44 USD. Latest reported quarter (Q2 2026): revenue of 2.1 m USD (−31.6% YoY), net income of -2.0 m USD, diluted EPS -3.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.1
- neutral
- Bollinger (20, 2)
- 1.97 – 2.49
- in the upper half of the band · %B 0.83 · band width 22.9%
- SMA 50 / 200
- 2.48 / 5.32
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.4% | −1.1% | +1.5 pp | — |
| 3 months | +0.8% | −0.5% | +1.3 pp | — |
| 6 months | −65.9% | +4.4% | −70.3 pp | — |
| Year to date | −88.3% | +12.3% | −100.6 pp | — |
| 1 year | −93.1% | +13.5% | −106.7 pp | +0.8% |
| 3 years | −99.8% | +76.4% | −176.2 pp | +4.3% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.4 m | 3.3 m | 4.2 m | 3.1 m | 2.5 m | 2.6 m | 3.8 m | 2.1 m |
| Operating income | -512.0 k | -1.0 m | -1.4 m | -2.4 m | -3.9 m | -1.3 m | -1.2 m | -1.8 m |
| Depreciation & amortisation | 421.8 k | 360.4 k | 360.6 k | 346.2 k | 313.7 k | 311.4 k | 304.4 k | 253.0 k |
| Income tax | 0 | — | 0 | 0 | 0 | — | 0 | 0 |
| Net income | -837.3 k | -1.4 m | -1.7 m | -2.7 m | -1.2 m | -1.4 m | -1.5 m | -2.0 m |
| Diluted EPS | -0.67 | -0.76 ≈ | -0.66 | -33.90 | -0.20 | -0.14 ≈ | -0.09 | -3.26 |
| Operating cash flow | -758.3 k ≈ | -867.2 k | 197.8 k | -852.5 k ≈ | -814.4 k ≈ | -1.6 m | -571.2 k | -1.7 m ≈ |
| Capex | 3.6 k ≈ | 5.2 k | 5.3 k | 4.2 k ≈ | 6.4 k ≈ | 0 | — | — |
| Dividends paid | — | — | — | — | — | — | 130.9 k | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 4.5 m | 7.3 m | 9.7 m | 11.8 m | 13.7 m | 14.1 m | 12.4 m |
| Revenue YoY | unavailable | +64.0% | +33.1% | +21.1% | +16.7% | +2.3% | −11.6% |
| Net income | -3.5 m | -3.7 m | -21.1 m | 6.5 m | -12.0 m | -9.1 m | -7.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −285.7% | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -31.34 | -0.42 | -87.70 | -9.01 | -1.28 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -78.5% | -50.4% | -217.3% | 55.0% | -87.5% | -64.5% | -56.2% |
| Free cash flow | -936.3 k | unavailable | -2.3 m | -3.3 m | -870.8 k | -2.5 m | -3.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- 4.1 m USD
- Net debt
- unavailable USD
- Equity
- 6.4 m USD
- Total assets
- 13.5 m USD
- Debt / equity
- 0.64x
- Current ratio
- 1.78x
- ROE
- -148.3%
- ROA
- -45.3%
- FCF margin
- -25.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.3 m | 9.7 m | 11.8 m | 13.7 m | 14.1 m | 12.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Operating income | -3.6 m | -2.9 m | -6.6 m | -13.9 m | -7.7 m | -9.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Depreciation & amortisation | 1.3 m | 1.6 m | 2.6 m | 2.6 m | 1.8 m | 1.3 m | SEC (XBRL)· 10 Mar 2026verified |
| EBITDA | -2.3 m ≈ | -1.3 m ≈ | -4.0 m ≈ | -11.3 m ≈ | -5.9 m ≈ | -7.7 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Interest expense | — | — | — | — | — | 1.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Pre-tax income | — | — | — | — | -9.1 m | -7.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Net income | -3.7 m | -21.1 m | 6.5 m | -12.0 m | -9.1 m | -7.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | — | -31.34 | -0.42 | -87.70 | -9.01 | -1.28 | SEC (XBRL)· 10 Mar 2026verified |
| Weighted average diluted shares | — | 673.1 k | 1.1 m | 165.9 k | 1.0 m | 5.5 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 530.0 k | — | — | — | — | — | SEC (XBRL)· 24 Mar 2021verified |
| Receivables | 2.9 m | 1.0 m | 994.3 k | — | — | — | SEC (XBRL)· 10 Aug 2023verified |
| Current assets | 1.4 m | 8.0 m | 3.3 m | 4.4 m | 4.0 m | 4.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Property, plant & equipment, net | 79.2 k | 130.4 k | 162.8 k | 140.0 k | 133.9 k | 77.2 k | SEC (XBRL)· 10 Mar 2026verified |
| Goodwill | 8.8 m | 10.1 m | 14.3 m | 6.7 m | 6.7 m | 4.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 6.0 m | 7.1 m | 13.4 m | 11.0 m | 5.4 m | 3.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Total assets | 18.0 m | 27.7 m | 38.4 m | 23.0 m | 17.3 m | 13.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Accounts payable | 980.9 k | 547.1 k | 747.5 k | 635.3 k | 937.0 k | 496.6 k | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | 963.5 k | 913.9 k | 154.0 k | 56.2 k | 58.8 k | 58.9 k | SEC (XBRL)· 10 Mar 2026verified |
| Long-term debt | 7.9 m | 7.1 m | 12.3 m | 11.0 m | 9.5 m | 4.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Current liabilities | 6.9 m | 45.0 m | 7.8 m | 3.2 m | 3.6 m | 2.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Total liabilities | 18.1 m | 53.7 m | 29.5 m | 15.9 m | 14.3 m | 7.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Equity | -63.0 k † | -26.1 m † | 8.9 m † | 7.1 m † | 3.0 m | 6.4 m | SEC (XBRL)· 30 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -468.5 k | -2.3 m | -3.2 m | -848.0 k | -2.5 m | -3.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Capex | — | 71.1 k | 61.5 k | 22.9 k | 24.3 k | 15.9 k | SEC (XBRL)· 10 Mar 2026verified |
| Free cash flow | — | -2.3 m ≈ | -3.3 m ≈ | -870.8 k ≈ | -2.5 m ≈ | -3.1 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Investing cash flow | -1.9 m | -2.3 m | -24.6 m | 710.2 k | -83.2 k | 5.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Financing cash flow | 2.5 m | 8.6 m | 25.1 m | 966.9 k | 1.7 m | -1.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Dividends paid | — | — | — | — | — | 388.4 k | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -81.2% | 0 (vs peers) | 21% |
| Net margin · Quality | -54.3% | 10 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.9% | 16 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -8.0x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.6x | 70 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -194.5% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 16.1% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partial16/100 · 1/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Reliance Global Group, Inc. (EZRA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 12.4 m USD in 2025; YoY growth -11.6%; net margin -54.3%; ROE -123.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 16.1%
What contradicts it
- ROIC: -81.2%
- Net margin: -54.3%
- Revenue CAGR 3Y: 1.9%
- Interest coverage: -8.0x
- FCF yield: -194.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −93% / −100% |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
| CRD-ACrawford & Co | — | — | 14.0% | 2.0% | −2.2% | +7% / +7% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
1- and 3-year price returns: for EZRA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Reliance Global Group (EZRA) is an InsurTech holding company that owns insurance brokerage agencies and digital platforms such as RELI Exchange and 5MinuteInsure.com. In 2026 it is reorienting toward technology investments and proprietary artificial intelligence, while commission income has fallen after non-core divestitures, to about 2.1 million USD in the second quarter of 2026 3.
SWOT
Strengths
- The company has recurring commission revenue and centralised infrastructure across several agencies 1. Its proprietary RELI Exchange and 5MinuteInsure.com platforms give it an operational integration advantage 1.
- Debt reduction after the 2025 sales improved the balance sheet structure 1. The company cut operating expenses in the second half of 2026, supporting cost discipline 3.
- Experience in brokerage gives a credible base for building digital tools for agents 1.
Weaknesses
- Commission revenue fell after non-core divestitures, and organic growth has been limited 13. The net loss remained significant in the reported periods 13.
- Liquidity is thin, and working capital stayed modest in mid-2026 3. Reliance on external funding and share issuance could dilute existing shareholders 12.
- There are conflicts of interest in life sciences investments, since some management members hold interests in the minority partner 2.
Opportunities
- If the proprietary artificial intelligence proves useful, it could be commercialised for clients in regulated industries 3.
- Fragmented agency consolidation could offer acquisitions at attractive prices if funding is available 1.
- Development of RELI Exchange 2.0 could widen the base of agents using the platform 3.
Threats
- Dependence on market conditions for insurance rates and policy volume can affect commissions 1.
- Nasdaq listing risk exists because of the low share price and the listing maintenance requirements 12.
- Investments in Israeli companies are exposed to geopolitical instability and security risks in the region 1.
Risks
- Liquidity and fundinghigh
The company could struggle to obtain funding on acceptable terms, which could force restructuring of investments 12.
- Nasdaq listinghigh
The share price has been below the minimum listing threshold, and non-compliance could lead to listing problems 12.
- Execution of the Scale51 strategymedium
Technology investments may be at an early stage, and development milestones may not be reached on time 1.
- Conflicts of interestmedium
Some investments involve parties affiliated with management and the board, which raises questions about the independence of decisions 2.
- Geopolitical risk for Israeli investmentslow
Regional conflict could disrupt target companies and their access to capital 1.
Investment thesis
What would need to be true (bull case)
- If the proprietary AI platform proves effective in insurance operations, it could lower costs and generate commercialisation revenue 3.
- Debt reduction and lower spending could improve operating results if revenue from the retained agencies grows organically 13.
- The RELI Exchange and 5MinuteInsure.com platforms could attract more agents and digital clients, widening the recurring revenue base 1.
What would break the thesis
- Commission revenue has declined and the net loss stayed negative, which could make it hard to fund new investments without additional financing 13.
- Reliance on share issuance and capital lines could dilute existing shareholders and weigh on the share price 12.
- The investment strategy changed during 2026, which could signal uncertainty about the long-term direction 2.
What to watch
- Evolution of commission income after the 2025 divestituresQ3 2026
- Status of compliance with the Nasdaq minimum bid priceQ4 2026
- Tranche payments and final stake in Enquantum2027
- Launch of RELI Exchange 2.0 and agent adoptionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company operates as a holding company that acquires and manages wholesale and retail insurance agencies and proprietary InsurTech platforms 1. By the end of 2025 it owned six insurance-related businesses, and commissions are its main revenue source 1. From 2026 it also pursues the Scale51 model, under which it could take majority control of technology companies 1.
The RELI Exchange platform is a B2B tool giving agents multi-carrier quoting, administrative support and licensing and compliance resources 1. The 5MinuteInsure.com platform lets consumers compare and buy certain policies directly and is live in 44 states 1. The two platforms are integrated into a shared technology ecosystem 1.
In 2025 the company sold several brokerage divisions and reduced debt, and in January 2026 it launched EZRA International Group for majority technology investments 1. By the second half of 2026 strategic investment activity had been reduced, and the focus shifted to a proprietary artificial intelligence platform for insurance operations 23.
Segments
Insurance brokerage
Agencies earn commissions on policies placed with carriers and on renewals, without bearing underwriting risk 1. Commission income fell in 2025, mainly because the Fortman, EBS and USBA businesses were sold 1.
InsurTech and technology platforms
RELI Exchange and 5MinuteInsure.com are the digital platforms supporting insurance quoting and sales 1. In 2026 the company launched a proprietary AI browser automation agent and is deploying it in its own operations 3.
Strategic investments
The company invested in Enquantum, a post-quantum encryption company, with a plan to reach majority control in stages 12. Its life sciences investments through LifeSci Global Group involve conflicts of interest, since some management members hold interests in the minority partner 2.
Market context
The US insurance agency market is fragmented, with many small and mid-sized agencies, which has encouraged consolidation by larger acquirers 1. Agency revenues depend on carrier pricing, policy retention and economic activity 1. Digital tools are gaining ground in the agency channel, but many clients still value personal advice 1.
Distribution is regulated at the state level, and changes to disclosure or commission structures could affect operations 1. If pricing in the market firms up, commission revenue could grow without a matching rise in policy count 1.
Trends
- Digitalisation of distributiontailwind
Clients increasingly research online, and automated platforms can speed quoting and renewals 1. The company is positioning itself in this segment through RELI Exchange and 5MinuteInsure.com 1.
- Agency consolidationmixed
Owner succession and regulatory complexity push smaller agencies toward combinations, creating acquisition opportunities for holding companies 1. Competition for targets remains intense, and valuations can be shaped by interest rates 1.
- Insurance pricing cyclemixed
Commissions depend on premium volume, so a market with falling prices can limit revenue growth 1. Periods of rate hardening can support revenue without a rise in policy count 1.
- Cost of capital and access to fundingheadwind
The company has used equity lines and public offerings to fund its plans, and if funding on acceptable terms is unavailable it could be forced to restructure acquisitions 12. Capital pressure remains an important factor for the business 1.
Competitive position
Insurance brokerage is competitive and includes large national firms, regional agencies, private equity-backed consolidators, captive agency networks and emerging digital platforms 1. Competition is based on carrier access, pricing, service quality and technology capability 1.
In acquisitions the company competes with entities that have greater financial and technical resources, which may limit its ability to pursue certain targets 1. Digital distribution platforms add pressure on the traditional agency model 1.
- Large national brokerage firms
Companies with greater resources, referred to generically in the industry discussion of the annual report 1.
- Private equity-backed consolidators
Acquirers funded by investment funds that compete for the same target agencies 1.
- Captive agency networks
Networks tied to a single carrier, offering a narrower product range 1.
- Emerging digital distribution platforms
New online entrants competing directly with the company's quoting platforms 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Ezra Jin Is Free, But There Are More Pastors in China Behind BarsThe Diplomat (Asia geopolitics) · 03 Sept 2026 · EN
The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 23 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report23 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report13 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)30 Sept 2026Acquisition or disposition of assets · Financial statements and exhibits
- Current report30 Sept 2026Material agreement · Termination of a material agreement · Acquisition or disposition of assets · Financial statements and exhibits
- Current report16 Sept 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Sept 2026Material agreement · Financial statements and exhibits
- Current report09 Sept 2026Material agreement · Financial statements and exhibits
- Current report03 Sept 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report27 Aug 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Reliance Global Group, Inc. · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Reliance Global Group, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Reliance Global Group, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.