Insurance broker TWFG soars in cracking Nasdaq debut after above-target IPO pricing

RenaissanceRe Holdings

18/07/2024 17:19

** Shares of insurance broker TWFG  TWFG.O  jump as much as
30.9% in their Nasdaq Global Select Market debut, last up 29.6%
at $22.04
    ** TWFG opens at $22 vs $17 IPO price, giving it a valuation
of $1.20 bln
    ** Co raised $187 mln by selling 11 mln shares above its
marketed range of $14 to $16
    ** Founded in 2001 by former insurance agent Gordy Bunch,
TWFG is a retail and wholesale distributor of personal and
commercial property and casualty insurance in the US
    ** TWFG counts Bermudian reinsurer RenaissanceRe  RNR.N  and
private investment firm Griffin Highline Capital among its
backers
    ** IPO proceeds will be used to repay debt and for potential
acquisitions or investments in other businesses
    ** J.P. Morgan Securities, Morgan Stanley, BMO Capital
Markets and Piper Sandler were the lead underwriters for the IPO

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))