Reliance to acquire insurance agency for $4.138M

Lakewood-based Reliance Global Group Inc. announced that its subsidiary, Reliance Global Holdings LLC, has acquired an unaffiliated insurance agency, Fortman Insurance Agency LLC, for $4.138 million.

The acquisition will be transferred to Reliance Global Group once an audit has been completed, it said.

Fortman, which is headquartered in Ohio, specializes in personal and commercial lines of insurance.

Reliance LLC, which is controlled by Ezra Beyman, Reliance Global Group’s chairman and CEO, funded the deal.

”We are delighted with RELI’s continuing to make acquisitions in the insurance agency space, as well as our vision to grow our independent agencies, and we intend to continue to make acquisitions in the real estate sector as well,” Beyman said.