July 17 (Reuters) - Insurance broker TWFG,

backed by U.S. reinsurer RenaissanceRe ( RNR/PF ), said on

Wednesday it priced its initial public offering (IPO) above its

indicated range, seeking to raise up to $187 million.

TWFG priced its 11 million shares at $17 apiece, and had

marketed them at a range of $14 to $16.

The share offering comes at a time when the U.S. IPO market

is at its strongest since 2021 as investors continue to warm up

to new listings.

Texas-based TWFG, which works with more than 300 insurance

carriers, has a presence in 41 states and the District of

Columbia. Its business, however, is mainly concentrated in

Texas, California and Louisiana.

Rising premiums in recent years have benefited brokers, who

generally pocket a percentage of insurance premiums as

commission.

The offering is being underwritten by a syndicate of nine

Wall Street banks led by J.P. Morgan Securities, Morgan Stanley,

BMO Capital Markets and Piper Sandler ( PIPR ).

The company will list on the Nasdaq Global Select Market

under the symbol "TWFG" on Thursday.