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Ryan hires former AIG execs to launch Latin American unit

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Ryan Specialty Group L.L.C. said Monday that it has hired two former American International Group Inc. executives to run a newly formed managing general underwriter targeting Latin American risks.

Pascal Alvarez will be president and CEO of Capital Bay Underwriting, a specialty financial lines MGU based in Miami. David Gonzalez will be chief underwriting officer of the unit.

Capital Bay will focus on directors and officers liability insurance, professional indemnity and crime insurance, a Ryan Specialty statement said.

“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,” said Patrick G. Ryan, chairman and CEO of Ryan Specialty, in the statement.