Insurance broker TWFG made a strong debut on the Nasdaq stock exchange, with its shares surging nearly 30% to $22 apiece, above the initial public offering price of $17 each. The company, backed by reinsurer RenaissanceRe, raised $187 million by selling 11 million shares in the offering. TWFG, which operates in 41 states and the District of Columbia, works with over 300 insurance carriers and generates revenue mainly from commissions tied to premiums charged by insurers. The successful IPO signals strong investor demand for new stocks, marking a recovery in the US initial public offering market.
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