Reliance Global Group, Inc.

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Reliance Global Group Third Quarter 2022 Business Update Conference Call. At this time, all participants are on a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. I would now like to turn the call over to David Waldman, Investor Relations. Please go ahead.

Thank you. Good afternoon, and thank you for joining the Reliance Global Group's Third Quarter 2022 Conference Call. On the call with us today is Ezra Baiman, Chairman and Chief Executive Officer of Reliance Global Group, and William Leibovich, Chief Financial Officer of Reliance. Earlier this morning, the company announced its operating results for the quarter ended September 30th, 2022. The press release is posted on the company's website, www.relianceglobalgroup.com. In addition, the company filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission on November 14th, 2022, which can also be accessed on the company's website as well as the SEC's website at www.sec.gov. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1021. Before Mr. Baiman reviews the company's operating results for the third quarter of 2022, we'd like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial positions, strategy, and plans, and our expectations for future operations are forward-looking statements. The words anticipate, estimate, expect, project, plan, seek, intend, believe, may, might, will, should, could, likely, continue, design, and the negative of such terms, in other words, in terms of similar expressions are intended to identify forward-looking statements. These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to several risks, uncertainties, and assumptions as described in the company's Form 10-K, filed with the U.S. Securities and Exchange Commission on March 31, 2022. Because of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this conference call may not occur. and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as those made in this conference call. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. With that, I'll now turn the call over to Ezra Baiman. Please go ahead, Ezra.

Thank you, David. Good afternoon, and thanks to everyone for joining us today. I'm very pleased to report in the third quarter of 2022, we achieved a 61% year-over-year increase in revenue compared to the 2021 third quarter. This marks another quarter of strong year-over-year revenue growth, driven in part by our successful acquisition, including Bama and Associates, which has been relaunched as RelyExchange. Since its launch, RelyExchange has our business-to-business insurtech platform and agency partner network, has rapidly become one of the premier agency partner networks in the country. We believe that there is no other offering in the insurance industry that can match the speed or versatility of the platform, and that we have built is a best-in-class, highly scalable platform capable of driving significant shareholder value into the foreseeable future. The beauty of the Reliance Exchange is that it provides agency partners with a simple solution that immediately makes their business more efficient. ReliExchange simplifies an agent's back office burden and reduces their costs by streamlining their operations and eliminating paperwork, thus providing the agent with more time to focus on their clients. The platform allows agents to generate and compare quotes faster than ever before, helping to ensure that they are identifying the best policies and value for their customers. ReliExchange is also an appealing option for entrepreneurs who previously worked at captive carrier agents or within large and often bureaucratic agencies. Using the RELI Exchange platform, these agents can now realize the full benefits of owning their own business. In periods of economic uncertainty, property and casualty insurance have withstood this test of time, even in inflationary environments. We continue to explore opportunities to add new streams of revenue for our agency partners, which we believe will make the RELI Exchange an even more compelling value proposition and in doing so, further accelerate the growth of the platform. One such opportunity was a referral partnership that we entered into during the third quarter with NRS Funding, a provider of merchant cash advance services to independent retailers nationwide. Through this partnership, agents on VLI Exchange are now able to offer their existing and prospective clients merchant cash advance services, providing the agents with a new revenue stream and increasing the profitability of their existing businesses. We believe this type of referral partnership is a win-win for both our agents and, most importantly, our customers. In addition, we have several more similar type opportunities in the pipeline, which we believe we'll be able to roll out to RelyExchange agency partners shortly. We continue to receive excellent feedback from our RelyExchange partners that are already experiencing the positive effects the platform is having on their business. The platform has scaled up more quickly than we had anticipated as independent agents continue to join the network, which now has more than 120 agency partners, an increase from the 65 agency partners that were on the platform just a few short months ago. As we have previously stated, our goal is to build ReliExchange into the largest agency network partner in the U.S., and we believe that the rapid growth of the network to date demonstrates that we are heading in the right direction. In addition, We believe that the scalability of the business model, combined with the low cost of entry for agency partners, will drive significant shareholder value in the future. On one final note, in September, the Board of Directors authorized a share repurchase program under which the company may repurchase up to 3 million shares of its outstanding common stock, which we expect will help drive value for shareholders by reducing the outstanding shares. We believe the company is in a stronger position than at any time in our history We do not believe this is reflected in the share price given the current market conditions. While we're not at liberty to comment on the specific amounts or timing of the future share repurchases, we do plan to use this program opportunistically. It's also important to note that I have personally purchased over $400,000 of stock in the open market, which is in addition to the millions which I previously invested in the company. For those of you that share our frustration with the stock price, Hopefully, this instills further confidence that we are willing to put our money where our mouth is. We cannot be more encouraged by the outlook for the business and look forward to providing further details on Reliance Exchange and other significant initiatives underway. I would now like to turn the call over to William Lebovic, Chief Financial Officer of Reliance Global Group, who will review the financial results of the three-month period ending September 30, 2022. William?