US-based Reliance Global Group has concluded the previously announced takeover of Michigan-based Altruis Benefit Consulting to expand its business footprint.

The purchase price includes $1.4m cash, provided by Reliance Global Holdings, and $4.1m debt from an unaffiliated lender, along with 11.9 million shares of restricted stock.

The companies signed a letter of intent on deal in May this year.

Altruis offers individual and group health insurance to its customers in the state of Michigan. Last year, it reported revenue of almost $2.5m.

Separately, Reliance Global also wrapped up the acquisition of Fortman Insurance Agency in Ohio, which offers personal and commercial insurance product and services.

Concurrently, it also acquired Southwestern Montana Insurance. Together, Fortman and Southwestern Montana Insurance generated $3.1m of revenue last year.

Reliance Global Holdings has transferred its ownership in Southwestern Montana Insurance and Fortman Insurance Agency to Reliance Global Group, in lieu of nearly 14.8 million shares of restricted common stock.

Reliance Global Group CEO Ezra Beyman said: “We continue to aggressively execute on our acquisition strategy in the insurance agency sector.  Since taking over control of RELI in September of 2018, we are now operating at a revenue run in excess of $7m and have made acquisitions in excess of $16m.

“In addition, we have identified numerous additional acquisitions to help further scale the business. Overall, we remain committed to identifying undervalued, and accretive transactions that leverage our national infrastructure and core expertise within the real estate and insurance markets.”