TWFG disclosed a nearly 27% increase in annual net profit on Monday alongside the unveiling of its initial public offering (IPO) documentation for the U.S. market. The insurer’s announcement marks a significant move in a revitalized U.S. IPO landscape in 2024, following a prolonged period of dormancy, buoyed by optimistic economic outlooks prompting companies to seek public listings.
The surge in TWFG’s net profit, rising to $26.1 million for the year ended December 31, 2023, from $20.6 million a year earlier, underscores robust financial health. Predominantly operating in Texas, California, and Louisiana, TWFG achieved total written premiums surpassing $1 billion in 2023, a milestone it crossed in the autumn of 2022. By the close of 2023, the property and casualty insurer’s total written premiums reached $1.25 billion, up from $1.05 billion in the preceding year.
Expanding its footprint, TWFG entered the Ohio, Illinois, and North Carolina markets during 2023, according to regulatory filings. Specific terms of the IPO were not disclosed in the initial filing, but TWFG plans to list its shares on the Nasdaq Global Market under the symbol “TWFG”. J.P. Morgan, Morgan Stanley, BMO Capital Markets, and Piper Sandler are leading the underwriting efforts for the IPO.
The move follows a successful debut by insurer Bowhead Specialty Holdings (BOW.N) last month, indicating favorable investor sentiment towards insurance offerings in the current market climate.
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