TWFG, a P&C insurance broker with a focus on personal and small business, raised $187 million by offering 11 million shares at $17, above the range of $14 to $16.
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 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 acted as joint bookrunners on the deal.
