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Insurance distributor TWFG sets terms for $165 million IPO

July 9, 2024

TWFG, which distributes property & casualty insurance with a focus on personal and small business, announced terms for its IPO on Tuesday.

Based in The Woodlands, TX, the company plans to raise $165 million by offering 11 million shares at a price range of $14 to $16. At the midpoint of the proposed range, TWFG would command a fully diluted market value of $820 million.

Also known as The Woodlands Financial Group, TWFG distributes personal and commercial property & casualty insurance in the US. Its distribution platform encompasses over 400 Branches across 17 states and the District of Columbia within its Insurance Services offering, and over 2,000 MGA Agencies across 41 states within its TWFG MGA offering. The company states that, based on revenue, it is the seventh largest personal lines agency in the US and the 26th largest agency across all lines of business.

TWFG was founded in 2001 and booked $179 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol TWFG. J.P. Morgan, Morgan Stanley, BMO Capital Markets, Piper Sandler, RBC Capital Markets, UBS Investment Bank, Keefe Bruyette Woods, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of July 15, 2024.