Revau Acquires Triad Oilfield Underwriters: A Strategic Growth Move
Revau, a managing general agent (MGA) specializing in property and casualty insurance, has announced its acquisition of Triad Oilfield Underwriters. Based in Houston, Triad operates as a specialized MGA and wholesale insurance brokerage with a focus on upstream oil and gas and marine risks. This acquisition, Revau's tenth since partnering with private equity firm Novacap in 2020, marks the company's third U.S.-based MGA acquisition, expanding its specialty insurance capabilities across North America.
Triad, formed in 2017 and merged with Bayshore Underwriters in 2022, works with retail and wholesale brokers to provide underwriting for complex upstream and marine businesses. The company offers solutions for operators, drilling and service contractors, plus marine exposures. As a coverholder for Lloyd's of London, Triad has delegated underwriting authority and robust relationships with specialized capacity providers. The firm's wholesale brokerage platform assists retail brokers with challenging energy and marine risks, especially in areas where traditional capacity has declined.
Triad’s comprehensive insurance offerings include upstream onshore and offshore packages, energy service company liability and physical damage, as well as marine hull coverages. These focus on mid-sized and niche operators rather than larger integrated firms. Revau views this acquisition as a key element in its North American growth strategy, enhancing underwriting and placement capabilities in the oil and gas and marine insurance sectors, while preserving Triad's personalized broker service model and technical expertise.
Jean-François Raymond, Revau’s President and CEO, commented, “Triad brings expertise and solid relationships to the robust Revau platform; together, we are enhancing how we serve brokers and carrier partners while continuing to create a scalable and resilient platform for growth in the North American insurance market.” With Triad's leadership team remaining in place, the goal is to leverage their underwriting and brokerage strengths to support Revau’s long-term growth and diversification goals.
Strategic Growth and Industry Adaptation
Russell Gladwell, President of Bayshore and Managing Partner of Triad, expressed pride in what the Triad team has accomplished in the marine and energy sectors, noting the transaction's potential to accelerate growth. Karl Wendler, Managing Partner, added that aligning with Revau ensures client continuity while granting access to additional resources for strategic growth. Meanwhile, MarshBerry Capital, LLC served as Triad’s exclusive financial advisor during the transaction.
This acquisition occurs amid ongoing consolidation among MGAs and program administrators, particularly in high-risk sectors like upstream energy and marine. Such consolidation highlights the impact of carrier retrenchment and reinsurance pressures on capacity availability. With this move, Revau demonstrates confidence in specialist segments by managing capacity through focused MGAs with existing Lloyd’s and company-market affiliations.
By maintaining Triad’s team and broker operations, Revau ensures continuity in customer and partner relationships. It underscores increased expectations for data, portfolio management, and disciplined growth. This strategic move strengthens Revau’s presence in Houston and London, key energy market hubs, where excellence in underwriting service is crucial for securing and maintaining delegated authority in these critical sectors.