TWFG (The Woodlands Financial Group) is an independent insurance distribution platform operating in the U.S. personal and commercial P&C insurance market. TWFG does not underwrite insurance risk — it acts purely as a distributor, placing policies between customers and carriers, and earning commissions in return. TWFG's core customer is the independent insurance agent, not the end policyholder. TWFG recruits and supports a network of over 3,000 independent agencies, giving agents access to carrier relationships, technology, and back-office infrastructure that would otherwise be difficult for small agencies to access independently. Personal lines (~82% of written premium) dominate the mix, with commercial lines making up the remainder. TWFG operates through two segments: Insurance Services (~79% of revenue) and TWFG MGA (~20% of revenue). Insurance Services has two sub-components: Agency-in-a-Box, a franchise-like model where exclusive Branch agents operate under the TWFG brand with TWFG keeping all commission income and paying back ~80% to the Branch; and Corporate Branches, wholly-owned agencies where TWFG retains 100% of economics. TWFG MGA serves over 2,750 non-exclusive agencies that contract with TWFG to access carrier relationships they can't reach independently. TWFG earns commissions averaging ~12.8% of written premium, with contingent commissions and fee revenues rounding out the model. TWFG also runs a premium finance operation, lending to policyholders to fund their premiums. Growth is driven by agent recruitment, organic growth within the existing network, and M&A — particularly acquiring agencies and converting them to higher-margin Corporate Branches.