Sands Point Risk, a specialty MGA platform launched just two years ago by a team of former DUAL executives, has crossed $250 million in combined gross written premium following the acquisition of Launch Environmental Underwriters - the largest deal in the platform's short history and a signal of how quickly PE-backed MGAs are moving to consolidate specialty lines.
Launch Environmental focuses on complex environmental liability risks across the energy, infrastructure, construction, chemical, M&A, and industrial sectors, and will serve as the foundation of Sands Point's new environmental practice. Alongside the acquisition, Sands Point is launching new programs in political violence and terrorism, aviation, and D&O liability - a simultaneous expansion of its product portfolio that underlines the platform's ambitions extend well beyond a single specialty.
The deal follows Sands Point's acquisition of BRM Specialty Markets, a Philadelphia-based medical stop-loss managing general underwriter, in July 2025. Sands Point was founded by CEO Dennis Kearns, who previously built the transaction risk program at DUAL. Its backer, Avesi Partners, has set its sights on building a $1 billion premium platform within approximately three years, targeting two to three acquisitions annually with deal valuations typically ranging from $5 million to $50 million.
The deal is part of a pronounced trend of private equity capital flowing into specialty MGA platforms across the US insurance market. M&A activity among MGAs has been increasing in both number and size, with carriers and private equity accelerating their participation - particularly as US firms have extended their reach internationally.
Recent examples illustrate the pace. In February, Vistria Group acquired Dallas-based MGA Lumen Holdings, establishing it as a platform investment within its financial services strategy. Ryan Specialty completed its acquisition of Stewart Risk Underwriting in late 2025, following its earlier acquisition of 360° Underwriting in May of the same year.
The environmental liability segment, in particular, is attracting significant capital. The global environmental liability insurance market is projected to grow from $7.47 billion in 2024 to $14.08 billion by 2032, at a compound annual growth rate of approximately 8.2%. North America accounts for around 45% of all new environmental liability insurance policies, with manufacturing and energy clients representing the dominant sources of demand - precisely the sectors where Launch Environmental has built its book.
For acquirers, the logic is consistent: scale drives technology investment, and technology advantage opens new markets. In a segment growing at nearly twice the pace of the broader specialty market, the race to build platforms capable of underwriting that growth is well underway.
Monroe Capital acted as sole lead arranger and administrative agent on the senior credit facility supporting the transaction. Financial terms were undisclosed.
