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TWFG, a high-growth insurance distribution company, announced strong Q2 2024 results. Total Written Premium increased 20.3% to $393.6 million, while Total Revenue grew 17.4% to $53.3 million. The company achieved an Organic Revenue Growth Rate of 13.8%. Net Income was $6.9 million, with Adjusted Net Income up 18.1% to $9.8 million. Adjusted EBITDA increased 25.8% to $10.8 million.
TWFG completed its Initial Public Offering in July 2024. The company converted nine branches to corporate locations and welcomed 44 experienced former captive agents. CEO Gordy Bunch noted signs of improved underwriting margins at carrier partners and increased underwriting appetite, which bodes well for new business opportunities.
TWFG Inc. (NASDAQ: TWFG) has announced it will release its second quarter 2024 financial and operating results after market close on Tuesday, August 27, 2024. The company will host a conference call to discuss these results at 9:00 AM ET on Wednesday, August 28, 2024. Interested parties can register for the call to receive dial-in details. Additionally, a live webcast of the conference call will be available on TWFG's investor relations website at investors.twfg.com. For those unable to attend live, a webcast replay will be accessible on the same website for one year following the call.
TWFG Insurance has successfully closed its initial public offering (IPO), raising $187.0 million in gross proceeds by selling 11,000,000 shares of Class A common stock at $17.00 per share. The company's shares began trading on the Nasdaq Global Select Market under the symbol 'TWFG' on July 18, 2024. TWFG received net proceeds of approximately $168.3 million after deducting underwriting discounts and commissions.
The company plans to use the proceeds to repay outstanding debt, fund potential strategic acquisitions, and for general corporate purposes. J.P. Morgan, Morgan Stanley, BMO Capital Markets, and Piper Sandler acted as joint lead book-running managers for the offering.
TWFG, Inc. has priced its initial public offering of 11,000,000 shares of Class A common stock at $17.00 per share, aiming to raise $187.0 million in gross proceeds. The company has granted underwriters a 30-day option to purchase up to 1,650,000 additional shares. Trading is expected to begin on July 18, 2024 on the Nasdaq Global Select Market under the symbol 'TWFG'.
TWFG anticipates net proceeds of $168.3 million after deducting underwriting discounts and expenses. The funds will be used to acquire units of TWFG Holding Company, , pay offering-related fees, repay outstanding debt, and for potential strategic acquisitions and general corporate purposes.
J.P. Morgan, Morgan Stanley, BMO Capital Markets, and Piper Sandler are acting as joint lead book-running managers for the offering.
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