Reliance Global Group has sold its Ottawa, Ohio-based subsidiary, Fortman Insurance Services, for $5 million in cash. The move helps Reliance focus on its core business and boosts its financial strength. The buyer’s identity has not been made public.
Fortman Insurance, which Reliance bought in 2019, improved its operations and financial health during its time under Reliance’s ownership. The company was sold for more than what Reliance initially paid, showing positive growth. Ezra Berman, CEO of Reliance, said the sale adds valuable capital and gives the company more flexibility to pursue other opportunities.
Meanwhile, Reliance is working to complete the acquisition of St. Louis-based Spetner Associates, Inc. This deal is expected to fit well with Reliance’s business plans and help the company grow its operations in the long term.