Managing general agent Revau Advanced Underwriting continues its North American expansion through a new acquisition in the United States. This time, the new market where it is building capabilities involves risks associated with oil and gas exploration and production. The company intends to leverage this new expertise to serve the same industry in Canada.
In an interview with Insurance Portal, Revau’s senior management explained the rationale behind the transaction announced on February 10, 2026. The acquired firm, Triad Oilfield Underwriters, is based in Houston, Texas, and specializes in underwriting oil and gas risks.
Founded in 2017, the managing general agent (MGA) expanded in 2022 with the acquisition of Bayshore Underwriters, which underwrites marine transportation risks. Russell Gladwell, president of Bayshore and managing partner of Triad, and Karl Wendler, managing partner of Triad, remain in their roles, along with their entire underwriting team, confirms Jean-François Raymond, President and Chief Executive Officer of Revau. Vice President Marie-Philippe Lambert also took part in the discussion.
“This is a line of business we have wanted to enter for a long time. At the same time, we also hired a seasoned underwriter in Alberta to develop the entire energy market,” says Raymond. The underwriter brings 35 years of experience and was recruited from an insurer.
Jean-François Raymond offers reassurance: Triad does not underwrite risks related to the transportation of products derived from extraction. The wholesaler focuses exclusively on exploration and production activities in oil and gas fields, upstream of any storage or fossil fuel transportation operations.
The type of extraction carried out in Texas or Oklahoma is very different from that used in oil sands operations. How will this expertise in that segment of risk help develop markets in Canada? “Those involved in oil production are largely the same players, and they adapt,” he notes.
“The expertise we sought in Canada is suited to oil sands operations. Interestingly, our U.S. team has already worked with operators active in Alberta. There is related knowledge within this insurance niche, because the market is relatively small,” continues Raymond, who has managed the company from Texas since early summer 2025.
On the marine side, the risks underwritten relate to the transport of goods by vessel as well as hull insurance, which covers damage ships. Revau was already active in this market following the acquisition of Eagle Underwriting in fall 2021. That wholesaler was already underwriting marine cargo risks for operations in several northeastern U.S. states. “The addition of Bayshore complements our offering,” notes the CEO of Revau.
New developments in May
Revau entered the U.S. market in May 2025 by acquiring two other wholesalers operating in single niches, one in construction and the other in trucking. Both firms are based in the Dallas region, but they underwrite risks nationwide.
Triad’s former shareholders put the firm up for sale, and contact with Revau was made through a banking institution. “There was a bidding process, and we won,” he says.
“MGAs of that size in the United States focus on a single product. They assemble capacity from several insurers, with a reinsurance tower, and develop their niche without doing anything else,” Raymond explains.
“At a certain point, to grow, you have to invest in technology and a number of other areas, and you need support to move to the next level. Triad was looking for partners, and we were a good fit,” he adds. Implementation of the Guidewire underwriting platform is scheduled for May 2026.
Revau will continue to diversify its activities in the same way, both in Canada and the United States, by acquiring highly specialized wholesalers and helping them grow organically, according to Raymond. In the coming months, all underwriters employed across the various entities operated by Revau will be consolidated under the same brand.
This marks the 10th acquisition completed by Revau since Novacap Financial Services became its partner in 2020.
The Insurance Journal will publish a feature on the MGA market in its April 2026 edition.
