Ryan Specialty launches financial lines MGU for Latin America

Ryan Specialty Group L.L.C. on Monday said it has launched Latin America-focused managing general underwriter Capital Bay Underwriting Group L.L.C., which focuses on financial lines insurance and reinsurance lines for financial institutions and commercial entities.

The main products being offered by the Miami-based managing general underwriter are: directors and officers liability; employment practices liability; bankers blanket bond and electronic and computer crime; financial institutions professional indemnity; investment managers insurance; private equity/venture capital; commercial crime and commercial professional liability, the Chicago-based wholesale broker said in a statement.

A total of $10 million in limits are being offered, according to a Ryan Specialty Group spokeswoman.

Ryan Specialty group announced in July that it had hired two former American International Group Inc. executives to run the newly formed managing general underwriter: Pascal Alvarez, Capital Bay’s president and CEO, and David Gonzalez, the unit’s chief underwriting officer.