Reliance Global Group, Inc. (Nasdaq: EZRA) has completed the sale of substantially all of the assets of its subsidiary, Altruis Benefit Consulting, a Michigan-based health insurance agency. The transaction closed on September 23, 2026.
Under the terms of the agreement, Reliance received a cash purchase price of $8 million. Of this amount, the company received approximately $7.5 million in cash at closing, which included the full payment of a $3.1 million secured promissory note delivered by the buyer. The remaining balance of $461,729 is being held by the buyer as customary indemnity and working capital holdbacks.
In addition to the cash payment, Reliance may earn an earnout of up to $1 million over the three years following the closing. This earnout is contingent upon the annual revenue growth of the acquired business.
Reliance described the sale as part of its ongoing portfolio monetization strategy, which involves the selective sale of non-core agency assets. This transaction follows the sale of the Southwestern Montana Insurance Center, which closed on September 11, 2026.
The company stated that the sale provides $8 million in cash without the issuance of any shares of Reliance common stock. The proceeds are intended to strengthen the company's balance sheet and improve its financial flexibility to invest in its proprietary AI platform, RELI Exchange, and other strategic growth initiatives.
