Specialty insurer The Fortegra Group (TFG) plans to raise $297 million this week, in what we expect to be the first in a string of insurance IPOs in 2024. Other possible IPO candidates include Aspen Insurance (AHL), on file since December, and The Woodlands Financial Group, which filed confidentially last month.
Insurance companies broadly have traded up amid strong earnings in a higher-rate environment, with the Dow Jones US Insurance Index near its all-time high. And one of the best-performing IPOs of 2023 was Skyward Specialty (SKWD), paving the way for new issues.
In the past five years...
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