Reliance Global Group entered into a non-binding letter of intent to sell substantially all operating assets of its Altruis Benefit Consulting subsidiary for $11 million in cash. Approximately $9.35 million is payable at closing, with $1.65 million held in escrow for indemnification and released 18 months later. The transaction targets a closing by September 24, 2026, subject to due diligence and third-party consents. Proceeds will retire approximately $4.4 million in term debt, eliminating ~$1 million in annual interest expense and generating ~$7.6 million in aggregate incremental cash. Reliance Global Group operates as an InsurTech company leveraging artificial intelligence and cloud computing to transform the insurance agency and brokerage industry.
