(Reuters) — TWFG disclosed a nearly 27% jump in annual net profit Monday, according to the filing for its initial public offering.
The property/casualty insurer said its net profit for 2023 rose to $26.1 million, compared with $20.6 million for the prior year. Its IPO comes after a strong debut day performance by Bowhead Specialty Holdings last month.
TWFG, whose business is concentrated in Texas, California and Louisiana, ended 2023 with $1.25 billion in total written premiums, up from $1.05 billion in 2022. It entered the Ohio, Illinois and North Carolina markets in 2023, according to the filing.
The terms of the IPO were not disclosed in the filing. It will list its shares on the 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.
