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Here are 1-3 brief analogies for Reliance Global (EZRA):

• Think of it as Rollins (ROL) for insurance agencies, acquiring and managing independent agencies in a fragmented market.

• A publicly traded aggregator of independent insurance agencies, akin to how Waste Management (WM) acquires and manages local waste collection companies.

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• Healthcare and Medicare Insurance: Provides insurance products covering health needs and Medicare programs.
• Personal and Commercial Insurance: Offers insurance policies for individuals and businesses to protect against various risks.
• Trucking Insurance: Delivers specialized insurance coverage tailored for the trucking industry.
• Employee Benefits Insurance: Supplies insurance products designed to provide benefits to employees.

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Reliance Global Group, Inc. (EZRA) Major Customers

Reliance Global Group, Inc. (EZRA), through its network of wholesale and retail insurance agencies, primarily serves a diverse base of individuals and businesses seeking various insurance products.

The company's customer categories include:

• Individuals: This category encompasses individuals seeking personal lines of insurance, including healthcare, Medicare, and other personal coverage needs.
• Businesses: This category includes various businesses, ranging from small to large enterprises, that require commercial insurance products. This segment covers general commercial insurance, trucking insurance for logistics and transportation companies, and employee benefits insurance packages for their workforces.

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Ezra Beyman, Chief Executive Officer and Executive Chairman

Ezra Beyman has served as the Chairman and Chief Executive Officer of Reliance Global Group since 2018. Prior to his role at Reliance Global Group, he founded a mortgage company in 1985, which grew to become the third-largest residential mortgage broker in the United States by the early 2000s. Concurrently, he built and managed a substantial real estate portfolio, owning properties across 17 different states. He began acquiring private insurance agencies around 2005, before the company's public listing. Mr. Beyman has also personally invested $5 million into the company.

Joel Markovits, Chief Financial Officer

Joel Markovits is the Chief Financial Officer of Reliance Global Group. He received accelerated restricted stock awards in September 2025, a measure aimed at enhancing executive retention.

Yaakov Beyman, Executive Vice President of Insurance Division

Yaakov Beyman serves as the Executive Vice President of the Insurance Division at Reliance Global Group. He is the son of Ezra Beyman, the Chairman and CEO. In September 2025, he received accelerated restricted stock awards.

Grant Barra, Senior Vice President of Operations

Grant Barra holds the position of Senior Vice President of Operations at Reliance Global Group.

Jonathan Fortman, Vice President of Acquisitions

Jonathan Fortman is the Vice President of Acquisitions for Reliance Global Group.

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1. Financial Health and Going Concern Risks: Reliance Global Group demonstrates poor financial strength, with a Z-Score indicating distress and a Beneish M-Score suggesting it is unlikely to be a manipulator. The company reported negative revenue growth of -61.4% over the past three years and continues to face profitability challenges, with an operating margin of -66.32% and a net margin of -53.39%. An Altman Z-Score of -4.89 places the company in the distress zone, indicating a potential risk of bankruptcy within two years. Furthermore, the company has less than one year of cash runway, highlighting significant liquidity concerns. The ability to access capital on acceptable terms remains a critical risk.

2. Risks Associated with Acquisition-Driven Growth Strategy: The company's strategy involves an aggressive acquisition approach, initially focused on insurance agencies and more recently expanding into technology-driven businesses through its EZRA International Group and Scale51 operating model. This strategy carries substantial risks, particularly with recent investments like the planned acquisition of a controlling stake in Enquantum Ltd., a post-quantum cybersecurity company. Specific risks include potential delays or failure to consummate transactions, challenges in funding future tranche payments, the possibility of not achieving a controlling equity or board position, and the inherent uncertainties in the development, performance, commercialization, and market adoption of early-stage technology. Integration and execution challenges, along with the risk that anticipated synergies or operational benefits may not be realized, are also significant.

3. Market, Regulatory, and Industry-Specific Risks: As a participant in the insurance industry, Reliance Global Group is exposed to risks from regulatory changes and intense market competition. The company's stock has experienced high volatility. Furthermore, with its expansion into technology and digital assets, the company faces additional market price volatility risks for its digital asset holdings, as well as cybersecurity, regulatory, and data-protection risks, especially pertinent to its new cybersecurity ventures. Compliance with Nasdaq listing requirements also remains a factor.

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The clear emerging threat to Reliance Global, operating through traditional wholesale and retail insurance agencies, is the rapid growth and increasing adoption of **Insurtech platforms and direct-to-consumer (DTC) insurance models**. These digital-first companies leverage technology, artificial intelligence, and data analytics to offer insurance products directly to consumers online, often with streamlined processes, competitive pricing, and enhanced convenience, thereby bypassing the need for traditional insurance agents and agencies. This trend mirrors the disruptive forces seen in other industries where digital solutions have disintermediated traditional brick-and-mortar or agent-based services.

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Reliance Global Group, Inc. (symbol: EZRA) operates within several significant insurance markets in the United States. The addressable markets for its main products and services in the U.S. are substantial:

• Healthcare and Medicare Insurance: The U.S. health and medical insurance market was valued at approximately USD 1.65 trillion in 2026 and is projected to grow to USD 2.15 trillion by 2031, demonstrating a compound annual growth rate (CAGR) of 5.37%. Another estimate placed the U.S. health insurance market at USD 1.23 trillion in 2024, with an expectation to reach USD 1.77 trillion by 2030, growing at a CAGR of 6.98%. Specifically, the U.S. individual health insurance market was valued at USD 1.6 trillion in 2022 and is anticipated to reach USD 2.54 trillion by 2030, with a CAGR of 6.08%. The Medicare Advantage market in the U.S. is a rapidly expanding segment, with an estimated size of USD 445.97 billion in 2025, projected to grow to USD 1060.03 billion by 2034 at a CAGR of 10.1%. The U.S. Medicare Supplement health insurance market was valued at USD 30.55 billion in 2025 and is projected to reach approximately USD 50.33 billion by 2035, exhibiting a CAGR of 5.10%.
• Personal Insurance: The global personal lines insurance market was valued at USD 1189 billion in 2025 and is expected to reach USD 2176.42 billion by 2033, growing at a CAGR of 7.85%. North America, which includes the U.S., accounted for 38.80% of this global market share in 2025.
• Commercial Insurance: The U.S. commercial insurance market reached USD 294.6 billion in 2024 and is expected to reach USD 489.1 billion by 2033, with a CAGR of 5.20%. Another report estimates the U.S. Commercial Insurance Market at USD 271.93 billion in 2025, projected to grow to USD 416.83 billion by 2035 at a CAGR of 5.47%. North America held the largest revenue share of over 42% in the global commercial insurance market in 2025.
• Trucking Insurance: The global commercial truck insurance market, which includes the U.S. as a significant component, is forecasted to grow from USD 166.99 billion in 2026 to USD 341.03 billion by 2035, at a CAGR of 8.26%. The U.S. commercial truck insurance market covers over 13.5 million registered commercial trucks.
• Employee Benefits Insurance: The U.S. insurance brokerage for employee benefits market was valued at USD 34.74 billion in 2022 and is projected to reach USD 70.11 billion by 2032, with a CAGR of 7.5%. Furthermore, the U.S. employee benefit broker market size was estimated at USD 10.97 billion in 2024 and is predicted to be worth around USD 18.93 billion by 2034, with a CAGR of 5.61%. Healthcare insurance was the leading segment in the global employee benefit broker market, holding 31.5% of the revenue in 2023.

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Reliance Global Group, Inc. (NASDAQ: EZRA) is strategically shifting its focus to drive future revenue growth through a combination of technology investments and the continued evolution of its core insurance operations. Over the next 2-3 years, the company is expected to see growth driven by several key initiatives:

1. Expansion into Technology-Driven Sectors via Scale51 Initiative and EZRA International Group: Reliance Global Group launched its Scale51 initiative and EZRA International Group in 2025 to acquire and scale high-growth technology companies in cybersecurity, artificial intelligence (AI), fintech, and digital health. As part of this strategy, the company has already invested in Enquantum Ltd., a post-quantum cybersecurity firm, with plans to acquire a majority stake, and has a non-binding term sheet to acquire a majority stake in Scentech Medical, an AI-based diagnostics company. These technology investments are projected to contribute to revenue growth in 2025 and 2026.
2. Organic Growth and Expansion of RELI Exchange: The company's insurance and InsurTech operations, particularly the RELI Exchange platform, remain a stable foundation generating commission income. RELI Exchange, a technology-enabled distribution network, has shown significant growth, including a 36% year-over-year increase in property and casualty (P&C) written premium and a 72% increase in health policies for 2025 enrollment. The platform also expanded its partner network by 285% since 2022.
3. Strategic Acquisitions within the Insurance Sector: While the company is expanding its technology portfolio, its foundational strategy still involves the acquisition and management of wholesale and retail insurance agencies. The implementation of a "OneFirm" approach, integrating agency operations into a unified, tech-driven platform, suggests that targeted acquisitions within the insurance space will continue to contribute to revenue. For instance, the acquisition of Spetner Associates, nearing completion in late 2024, was anticipated to almost double annual revenue to approximately $28 million.
4. Leveraging AI and Data Mining in InsurTech: Reliance Global Group positions itself as an InsurTech pioneer, utilizing artificial intelligence and cloud-based technologies to enhance the efficiency of the insurance agency/brokerage industry. Its proprietary RELI Exchange platform is built on an "AI and data mining backbone." Continuous advancements and broader adoption of its AI-powered platform, Reliaxchange, are expected to drive growth by optimizing operations and expanding market reach.
5. Expansion into Cryptocurrency and Blockchain-Enabled Insurance-Linked Assets: In September 2025, Reliance Global Group announced a strategic move into the digital asset and blockchain sector. This initiative includes building a diversified portfolio of leading cryptocurrencies and exploring the tokenization of insurance-linked assets. This novel approach aims to create a new investment class and unlock long-term growth opportunities by leveraging the company's fintech and AI expertise.

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Share Repurchases

• In September 2022, Reliance Global Group, Inc. authorized a share repurchase program to buy back up to 3.0 million shares of its outstanding common stock.

Share Issuance

• In January 2026, Reliance Global Group completed a public offering that generated approximately $2.0 million in gross proceeds from the issuance of common stock and warrants, intended for working capital, strategic investments, and general purposes.
• As of December 31, 2025, the company issued 1,098,004 shares for net proceeds of $859,607 under an Equity Line of Credit (ELOC) facility with White Lion Capital.
• During 2025, Reliance Global Group generated approximately $2.2 million in net proceeds from sales under an At-The-Market (ATM) program.
• For its April 2026 Annual Meeting, the company is seeking shareholder approval for a 14,000,000-share increase to its 2025 Equity Incentive Plan and to permit issuances beyond the Nasdaq 19.99% Exchange Cap under an amended equity line with White Lion Capital, increasing the commitment to $50,000,000.

Outbound Investments

• In February 2026, Reliance Global Group completed an initial investment in Enquantum Ltd., a post-quantum cybersecurity firm, for an aggregate purchase price of $2.125 million to acquire a 51% controlling interest over time. The initial 8% stake was acquired by converting a $166,000 secured bridge note and providing additional cash.
• The company launched EZRA International Group and its "Scale51" operating model in January 2026 to pursue majority ownership positions in high-growth technology businesses, including cybersecurity, artificial intelligence, fintech, and digital health sectors.
• In January 2026, Reliance Global Group entered a non-binding term sheet to acquire a majority stake in Scentech Medical, an Israeli diagnostics company focusing on AI-based breath analysis technology.

Capital Expenditures

• Reliance Global Group's average capital expenditure (CapEx AVG 3YRS) for the trailing twelve months ended December 31, 2025, was $29.62K.
• Over the past five years (approximately 2021-2025), the average CapEx AVG 3YRS was $44.59K, with a peak of $54.74K as of September 30, 2024.