Specialty insurance program manager MISSION has announced that Miami-based general underwriter (MGU) Capital Bay Underwriting will join MISSION Latin America as the first program on the platform.
MGU, formerly part of Ryan Specialty, provides financial line temporary reinsurance solutions to private and public businesses in the Caribbean and Latin America, having underwritten a variety of risks in 27 countries since 2018.
Capital Bay will continue to be led by Pascal Alvarez and David Gonzalez, who will assume the role of CEO as part of a planned leadership transition.
Alvarez will serve as executive chairman and remain closely involved in supporting the company’s day-to-day operations and strategic development.
Both leaders bring decades of financial expertise and have led the Latin American insurance market for more than two decades. Their alliance with MISSION aims to build on Capital Bay’s established regional success.
“Pascal is a well-respected leader and we look forward to working with him to continue expanding the platform,” said Jim Dwane, CEO of MISSION US.
“We are honored to welcome David and the Capital Bay team to the organization,” said Alejandro Pedroza, President of MISSION Latin America. “Jim and I have worked with them for many years and we are excited to do so again as part of MISSION Latin America.”
The team will remain in Miami and continue to provide reinsurance solutions to a wide range of financial institutions and commercial entities.
“We look forward to joining the MISSION organization and I believe their support and technology-focused approach will provide a seamless continuation of Capital Bay’s current growth trajectory,” said Pascal Alvarez.
“MISSION is the right partner for our next phase of growth,” said David Gonzalez. “With this strong alignment of vision and ambition, we are excited to continue to expand our platform globally and build on the foundation we have created together.”
Capital Bay will begin operations as a MISSION program, effective immediately.
