Reliance Global Group, a Lakewood-based owner of insurance and real estate businesses, has agreed to buy a national insurance agency with more than 145 affiliates across 40 states, it announced this week.
The acquisition of the undisclosed company is expected to close before year-end, pending customary approvals and conditions.
“We are excited to announce this planned acquisition, which we believe will be a true game-changer for our business,” CEO Ezra Beyman said in a prepared statement. “Specifically, the target agency reports over 145 affiliated offices in approximately 40 states nationwide. In addition, they have established relationships with over 120 well-known local and national carriers.”
Beyman said Reliance believes the insurance market will see strategic consolidation of undervalued agencies, and hopes to get more notice from Wall Street as it grows.