Reliance Global Group, which combines artificial intelligence (AI) and cloud-based technologies with the personalised experience of a traditional insurance agency, has acquired Barra & Associates.
Barra & Associates is a recognised provider of both personal and commercial insurance products, including property & casualty insurance, life insurance, health insurance, and other insurance products.
Reliance acquired Barra & Associates for approximately, $7.5m, comprised of cash and debt. Following the transaction, Grant Barra, founder and CEO of Barra & Associates, will continue to oversee the Barra & Associates subsidiary, as well as other senior responsibilities within the company.
Ezra Beyman, CEO of Reliance Global Group, said, “We are very excited to announce this highly strategic acquisition of Barra & Associates, which is complementary to our existing offerings and supports our nationwide expansion plans. This type of transaction, which we have been targeting for some time, adds over 60 agents and agency partners, which we can scale both rapidly and cost-effectively.
“Moreover, Barra brings an advanced technology infrastructure that is aligned with our acquisition strategy. By combining our own tech stack, including 5MinuteInsure.com, we look forward to creating synergies for growth, including the affiliated-agent business model.”
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