TWFG Insurance announces pricing of its initial public offering

TWFG Insurance announced the pricing of its initial public offering of 11,000,000 shares of its Class A common stock at a price to the public of $17 per share, before underwriting discounts and commissions, for gross proceeds of $187 million. Additionally, TWFG has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market on July 18, 2024 under the symbol “TWFG.” The offering is expected to close on July 19, 2024, subject to the satisfaction of customary closing conditions.

Upon completion of the initial public offering, TWFG will be the sole managing member of TWFG Holding Company, LLC and will exclusively operate and control all of its business and affairs.

TWFG will receive net proceeds of approximately $168.3 million after deducting underwriting discounts and commissions and estimated expenses and intends to use the net proceeds received from the initial public offering to acquire newly-issued LLC units of TWFG Holding Company, LLC equal to the number of shares of Class A common stock issued in the initial public offering from TWFG Holding Company, LLC, at a purchase price per LLC Unit equal to the initial public offering price per share of Class A common stock after underwriting discounts and commissions. TWFG intends to cause TWFG Holding Company, LLC to use the proceeds it receives from the sale of LLC Units to TWFG, Inc. to pay fees and expenses in connection with the initial public offering and the reorganization transactions, to repay in full outstanding debt under its revolving credit agreement and for potential strategic acquisitions of, or investments in, other businesses or technologies that TWFG believes will complement its current business and expansion strategies and for general corporate purposes.