RSG Forms LatAm-Focused MGU, Capital Bay Underwriting; Ex-AIG Execs Lead Unit

Ryan Specialty Group (RSG) announced the formation of its first Latin American-focused managing general underwriter (MGU), hiring two former executives from American International Group to lead the unit.

Pascal Alvarez has joined RSG as president and CEO of the specialty financial lines MGU, Capital Bay Underwriting, which initially will be located in Miami, Fla.

Alvarez is responsible for all aspects of the business, which will grow initially in Latin America and the Caribbean with a focus on D&O, professional indemnity and crime. David Gonzalez has also joined Capital Bay Underwriting as chief underwriting officer.

Alvarez spent over 24 years in a variety of senior roles at American International Group in Latin America and the Caribbean and Continental Europe, with a focus on financial lines, according to his LinkedIn profile.

Most recently he served as Gangkhar Group’s co-founder and its commercial lines officer for Latin America and the Caribbean. Gangkhar is nonprofit organization focused on promoting the development of insurance industry in emerging markets.

Gonzalez spent over 12 years in a variety of senior roles financial lines at AIG in Latin America & the Caribbean. Most recently he was regional manager, financial institutions, management liability and crime, based in Miami. Prior to that, he held roles of increasing responsibility in financial lines based in Ecuador, Puerto Rico and Colombia.

“Capital Bay Underwriting focuses on world class specialty re/insurance products and services to customers in emerging markets with an initial concentration on financial lines in Latin America and the Caribbean,” said Alvarez. “I look forward to spearheading our growth in this region and to become a top player in emerging markets and a leading contributor to the advancement of specialty markets in these territories.”

RSG said Pascal Alvarez can be reached at:, 305-902-7675, while David Gonzalez can be reached at:, 786-853-2497

Source: Ryan Specialty Group