Insurance coverage dealer TWFG, backed by reinsurer RenaissanceRe, stated on Tuesday it’s aiming to boost as a lot as $176 million in its preliminary public providing in america.
TWFG is providing 11 million shares at a value vary of $14 to $16 every. The share providing comes at a time the U.S. IPO market is at its strongest since 2021 as buyers proceed to heat as much as new listings.
Based in 2001 by former insurance coverage agent Gordy Bunch, TWFG is a retail and wholesale distributor of non-public and business property and casualty insurance coverage in america.
Texas-based TWFG, which works with greater than 300 insurance coverage carriers, has a presence in 41 states and the District of Columbia. Its enterprise, nonetheless, is especially concentrated in Texas, California and Louisiana.
Rising premiums in recent times have benefited brokers, who usually pocket a share of insurance coverage premiums as fee.
Auto insurer Progressive and insurance coverage bellwether Vacationers account for a sizeable portion of TWFG’s income.
TWFG, higher generally known as the Woodlands Monetary Group, additionally counts Bunch Household Holdings and personal funding agency Griffin Highline Capital amongst its shareholders.
After the providing, entities managed by TWFG Chief Govt Gordy Bunch will maintain 94.4% of the mixed voting energy within the insurance coverage dealer.
The IPO proceeds will likely be primarily utilized by TWFG to repay debt and for acquisitions or investments in different companies.
The corporate will listing on the Nasdaq International Choose Market below the image “TWFG.”
The providing is being underwritten by a syndicate of 9 Wall Avenue banks led by J.P. Morgan Securities, Morgan Stanley, BMO Capital Markets and Piper Sandler.
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