TWFG announced on Monday that its annual net profit increased by nearly 27% and disclosed documents for an initial public offering (IPO) in the United States.
After nearly two years of sluggishness, the U.S. IPO market in 2024 has shown a recovery, driven by increasing expectations of a soft landing for the economy, prompting more companies to go public.
TWFG's IPO follows the successful listing of insurance company Bowhead Specialty Holdings last month.
TWFG reported that its annual net profit increased to $26.1 million as of December 31, 2023, up from $20.6 million the previous year.
The insurance company's operations are primarily concentrated in Texas, California, and Louisiana. According to the total underwriting premiums in 2023, premiums in these regions surpassed $1 billion in the fall of 2022.
By the end of 2023, the company's total underwriting premiums reached $1.25 billion, up from $1.05 billion in 2022.
According to the documents, TWFG entered the markets of Ohio, Illinois, and North Carolina in 2023.
The transaction terms were not disclosed in the documents.
TWFG will be listed on the Nasdaq Global Market under the ticker symbol "TWFG."
JPMorgan, Morgan Stanley, BMO Capital Markets, and Piper Sandler are the lead underwriters for this IPO.
