July 17 (Reuters) – TWFG, an insurance broker backed by U.S. reinsurer RenaissanceRe, has announced the pricing of its initial public offering (IPO) above the anticipated range, aiming to raise approximately $187 million.
TWFG set the price for its 11 million shares at $17 each, surpassing the marketed range of $14 to $16 per share. This move comes as the U.S. IPO market experiences its most robust period since 2021, with investors increasingly receptive to new listings.
Headquartered in Texas, TWFG collaborates with over 300 insurance carriers and operates in 41 states and the District of Columbia. Despite its extensive reach, the company’s primary markets are Texas, California, and Louisiana.
The surge in premiums over recent years has proven advantageous for brokers like TWFG, which earn a commission as a percentage of insurance premiums.
The IPO is being managed by a consortium of nine Wall Street banks, with J.P. Morgan Securities, Morgan Stanley, BMO Capital Markets, and Piper Sandler leading the underwriting process.
TWFG is set to debut on the Nasdaq Global Select Market under the ticker symbol “TWFG” on Thursday.
