Reliance Global Group on Tuesday said it completed the previously announced acquisition of Medigap Health Insurance Co. in an asset purchase transaction.
Medigap is an insurance brokerage company headquartered in Florida, specializing in Medicare supplement insurance.
“The acquisition of Medigap is a major milestone for the company, as it immediately increases our revenues by approximately 70%, significantly expands our geographic footprint and broadens our capabilities within the Medicare supplement market,” Ezra Beyman, CEO of Reliance Global, said in a prepared statement.
“Medigap is one of the nation’s fastest-growing providers of Medicare supplemental insurance coverage, with licenses and doing business in 47 states.”
The real estate and insurance brokerage holding company is looking to aggressively expand its operations, as well as capitalize on cross-selling opportunities across its existing portfolio companies.
Medigap generated revenue of approximately $7 million for the trailing 12 months ended Sept. 30.
Total consideration for Medigap was $20.1 million, consisting of both cash and restricted common stock of Reliance Global Group.
