US-based insurer TWFG has introduced its intention to go public, looking for to boost as much as $100m via the preliminary public providing (IPO).
The corporate has filed with the Securities and Alternate Fee and is making ready for on the Nasdaq itemizing below the ticker image ‘TWFG’.
The phrases of the IPO haven’t been disclosed within the submitting.
Main the underwriting for the IPO are J.P. Morgan, Morgan Stanley, BMO Capital Markets, and Piper Sandler.
This growth is indicative of a broader development within the US, the place the IPO market has seen elevated exercise in 2024 after practically two years of stagnation. Reuters attributes this uptick to rising optimism in regards to the economic system’s prospects.
TWFG logged a internet revenue of $26.1m for the yr ending 31 December 2023, up from $20.6m recorded within the earlier yr.
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The insurer’s enterprise has a powerful presence in Texas, California, and Louisiana, with whole written premiums surpassing the $1bn mark within the fall of 2022. By the top of 2023, TWFG’s whole written premiums had climbed to $1.25bn, up from $1.05bn in 2022.
In 2023, TWFG expanded its market attain by getting into Ohio, Illinois, and North Carolina.
Based in 2001 and headquartered in The Woodlands, Texas, TWFG distributes private and business property and casualty insurance coverage throughout the US.
The corporate has greater than 450 branches in 18 states and collaborates with greater than 1800 unbiased brokers in 40 states, as highlighted in an October 2023 press launch.
Its enlargement continued with the addition of The Jeff Kincaid Insurance coverage Company to the TWFG Insurance coverage Household final yr, which launched 5 new TWFG places of work in North Carolina, situated in Hickory, Shelby, Morganton, Forest Metropolis, and Marion.
