IPOs

Woodlands Financial Services listing is likely in Q2, but overall environment is subdued.

The company has applied to list on the NYSE under the symbol TFG.

Putting together two “show me” stories risks investor skepticism.

Sources said that the likeliest path for the business now is to prepare itself for an IPO, which would probably be unfeasible before 2025.

Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.

The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.

Insurance Insider US dissects the largest and hottest deals of the year across broking, reinsurance and other segments of the industry.

The company also confirmed earlier reports from this publication that Goldman Sachs would be a leading bookrunner, along with Citigroup, Jefferies and Apollo Global Securities for its ~$4bn H1 2024 IPO in New York.

Sources said that the New York-based underwriter lined up JP Morgan and Morgan Stanley as lead bookrunners for the process.

The CEO emphasized that while trading conditions are favorable for the specialty segment, the company would make the decision to go public based on its own merit rather than market timing.

The announcement comes almost two months after this publication revealed that the carrier had lined up Goldman Sachs, Citibank and Jefferies to run its $4bn H1 IPO in New York.

As this publication previously reported, the IPO pricing came in under book value but has still narrowed the gap on predecessor Fidelis, listing at 0.9x book value vs Fidelis’ 0.8x.