(Reuters) – TWFG reported a nearly 27% jump in annual net profit on Monday as the insurer unveiled documents for its U.S. initial public offering.
The U.S. IPO market has rebounded in 2024 after a nearly two-year dry spell as expectations of a soft economic landing prompt companies to list shares.
TWFG’s IPO comes on the heels of a strong debut day from insurer Bowhead Specialty Holdings last month.
TWFG said its net income for the year ended Dec. 31, 2023 rose to $26.1 million, up from $20.6 million a year earlier.
The insurer’s business is concentrated in Texas, California and Louisiana based on total premiums written in 2023, which crossed the $1 billion threshold in fall 2022.
The property and casualty insurer ended 2023 with total premiums written of $1.25 billion, up from $1.05 billion in 2022.
TWFG will enter the Ohio, Illinois and North Carolina markets in 2023, according to filings.
Terms of the deal were not disclosed in the document.
The insurer will list its shares on the Nasdaq Global Market under the symbol “TWFG.”
JP Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler are the lead underwriters for the IPO.
(This story has been corrected to correct typo in paragraph 9)