TWFG announced a nearly 27% increase in annual net profit, reaching $26.1 million for the year ending December 31, 2023, up from $20.6 million the previous year. The insurer has filed for an initial public offering (IPO) in the United States, with plans to list its shares on the Nasdaq Global Market under the symbol “TWFG.”
This IPO comes on the heels of a strong market debut by Bowhead Specialty Holdings last month, signaling renewed activity in the U.S. IPO market. Optimistic economic forecasts have encouraged more companies to go public after a nearly two-year lull.
TWFG’s business is primarily based in Texas, California, and Louisiana, with total written premiums surpassing $1 billion in late 2022 and reaching $1.25 billion by the end of 2023. The company expanded into Ohio, Illinois, and North Carolina last year.
J.P. Morgan, Morgan Stanley, BMO Capital Markets, and Piper Sandler are the lead underwriters for the IPO. The terms of the deal have not been disclosed in the filing.
This resurgence in IPO activity reflects growing confidence in the market and the broader economy.