Reliance Global Group has sold another Michigan benefits agency, the latest in a series of divestitures as the insurtech company exits traditional benefits distribution. The Lakewood, New Jersey-based firm sold Altruis Benefit Consulting, a Michigan health insurance agency and benefits consultancy, for $8 million in cash plus an earnout of up to $1 million over three years. The deal closed September 23, 2026. The final price represents a reduction from the $11 million cash figure announced in the non-binding letter of intent Reliance signed in August.
The Altruis sale follows two earlier transactions: the September 11 sale of Southwestern Montana Insurance Center for $2.625 million, and the December 2025 sale of Employee Benefits Solutions and US Benefits Alliance, two Michigan benefits subsidiaries whose terms were not disclosed.
The buyer in the Altruis transaction is unnamed. Of the $8 million cash price, approximately $7.5 million has been received, with the balance held in customary indemnity and working capital holdbacks. A $3.1 million seller note was paid in full on September 30.
Reliance has described the sales as part of a portfolio monetization strategy. Proceeds are being directed toward its AI platform and its RELI Exchange network for independent agencies. The company launched RELI Exchange 2.0 in March 2026 and, according to its own reporting, recorded a 72% year-over-year increase in health insurance policies written through the platform during the 2025 open enrollment period.
The divestiture pattern tracks a favorable seller's market. Employee benefits agencies with revenues of $1 million or more are trading at 9 to 12 times EBITDA in 2026, the highest multiple in the insurance agency category, according to CT Acquisitions.
Those valuations have drawn sustained interest from national brokers and private equity-backed consolidators. Overall North American agency deal volume fell 15% year-on-year in the first half of 2026 to its lowest first-half total in seven years, according to OPTIS Partners, yet as recent benefits M&A activity shows, benefits-focused transactions have continued at pace.
Reliance has not disclosed which remaining agency assets, if any, it intends to sell next.
