TWFG Insurance reveals nearly 27% jump in net profit in US IPO filing
6:26 pm Monday, June 24th, 2024
(Reuters) – TWFG disclosed a nearly 27% jump in annual net profit on Monday, as the insurer revealed the paperwork for its initial public offering in the United States.
The U.S. IPO market has seen an uptick in 2024, after a nearly two-year dry spell, as expectations of a soft landing for the economy encourage companies to list their shares.
TWFG’s IPO comes after a strong debut day performance by insurer Bowhead Specialty Holdings last month.
TWFG said its net profit for the year ended Dec. 31, 2023, rose to $26.1 million, compared with $20.6 million a year earlier.
The insurer’s business is concentrated in Texas, California and Louisiana as per total written premiums in 2023, which crossed the $1 billion threshold in the fall of 2022.
The property and casualty insurer ended 2023 with $1.25 billion in total written premiums, up from $1.05 billion in 2022.
TWFG entered the Ohio, Illinois, and North Carolina markets in 2023, as per the filing.
The terms of the deal were not disclosed in the filing.
The insurer will list its shares on Nasdaq Global Market, under the symbol “TWFG”.
J.P. Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler are the lead underwriters for the IPO.
(This story has been corrected to fix a typo in paragraph 9)
(Reporting by Pritam Biswas in Bengaluru; Editing by Alan Barona)
