RSG hires ex-AIG to head new LatAm MGU

US-based Ryan Specialty Group (RSG) has formed its first specialty financial lines managing general underwriter (MGU) focused on Latin America, and has hired Pascal Alvarez and David Gonzalez to lead the operation.

Alvarez joins RSG as president and CEO of the newly-formed MGU Capital Bay Underwriting, which is based in Miami, Florida. He will be responsible for all aspects of the business which will initially focus on Latin America and the Caribbean to grow in D&O, professional indemnity and crime.

Prior to joining RSG, Alvarez served in a variety of senior roles for 24 years at AIG in Latin America & the Caribbean and in Continental Europe. Most recently he was the head of commercial insurance for Latin America and the Caribbean. Previously he was financial lines head and CUO for the region. In Europe, Alvarez worked for financial lines in various roles, ultimately as head of financial institutions for Continental Europe.

Gonzalez has joined Capital Bay Underwriting as chief underwriting officer (CUO).

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

"Pascal is a proven leader with keen senior executive leadership skills and a strong underwriting record," Patrick Ryan, founder, chairman and CEO of RSG, commented. "We’re excited to have Pascal join our family. With his many years of experience in the financial lines arena, including Financial Institutions, we are confident in Pascal deepening our expansion into Latin America and the Caribbean."

Alvarez said: "I am thrilled to join the RSG team where talent, underwriting expertise and excellent service are key differentiators. 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.

"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. Further, I am delighted to be joined by David, a world class financial lines executive and leading underwriter."

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