US-based insurer TWFG has announced its intention to go public, seeking to raise up to $100m through the initial public offering (IPO).

The company has filed with the Securities and Exchange Commission and is preparing for on the Nasdaq listing under the ticker symbol ‘TWFG’.

The terms of the IPO have not been disclosed in the filing.

Leading the underwriting for the IPO are J.P. Morgan, Morgan Stanley, BMO Capital Markets, and Piper Sandler.

This development is indicative of a broader trend in the US, where the IPO market has seen increased activity in 2024 after nearly two years of stagnation. Reuters attributes this uptick to growing optimism about the economy’s prospects.

TWFG logged a net profit of $26.1m for the year ending 31 December 2023, up from $20.6m recorded in the previous year.

The insurer’s business has a strong presence in Texas, California, and Louisiana, with total written premiums surpassing the $1bn mark in the fall of 2022. By the end of 2023, TWFG’s total written premiums had climbed to $1.25bn, up from $1.05bn in 2022.

In 2023, TWFG expanded its market reach by entering Ohio, Illinois, and North Carolina.

Founded in 2001 and headquartered in The Woodlands, Texas, TWFG distributes personal and commercial property and casualty insurance across the US.

The company has more than 450 branches in 18 states and collaborates with more than 1800 independent agents in 40 states, as highlighted in an October 2023 press release.

Its expansion continued with the addition of The Jeff Kincaid Insurance Agency to the TWFG Insurance Family last year, which introduced five new TWFG offices in North Carolina, located in Hickory, Shelby, Morganton, Forest City, and Marion.