Capital Bay Underwriting has joined MISSION Latin America as the platform's first programme partner. The arrangement gives the Alpharetta, Georgia-based programme administrator its first placement on a LatAm platform it launched in March 2026.
Capital Bay is a Miami-based managing general underwriter providing financial lines facultative reinsurance across Latin America and the Caribbean. Founded in 2018 as part of Ryan Specialty Group's underwriting management division, it is a Lloyd's Coverholder with underwriting across 27 countries. Its focus spans directors' and officers' liability, professional indemnity, and crime.
MISSION launched its Latin America platform in March 2026 with Alejandro Pedroza as president. The company reported gross written premium of over US$700 million in 2025 and launched five new programmes in the US market that year.
The move to MISSION coincides with a leadership transition at Capital Bay. David Gonzalez, who joined the firm as chief underwriting officer at its founding, becomes chief executive officer. Pascal Alvarez, the firm's founder, moves to executive chairman and will remain involved in operations and strategy.
Jim Dwane, CEO of MISSION US, said the firm looks forward to expanding the platform with Alvarez in his new role. Pedroza said he and Dwane had worked with the Capital Bay team over many years before the partnership.
Capital Bay's appointment as first programme partner comes as the MGA model gains traction in both the region and the broader market. US managing general agents ceded US$21.2 billion to reinsurers in 2025, up 18% from 2024. Total estimated MGA market premium exceeded USD125 billion, around 12.5% of US property and casualty premium, according to Gallagher Re's 2026 MGA Market Report.
In Latin America, the July 2026 renewal attracted expanded interest from Bermuda, London, and the MGA market. April McLaughlin, head of Howden Miami, said the region is drawing "a broader and more competitive reinsurance market" than in recent years, as capacity providers reassess the region's risk-adjusted opportunity.
Financial lines in the region has faced its own rate pressure. Rafael Caminha, managing director of Finpro and Casualty at Latin Re, said in late 2024 that D&O conditions in Latin America pointed to 20% to 25% downward pressure on rates in 2025. He attributed the trend to a capital influx that had outpaced new business volumes since 2021.
Latin America accounts for 3% of global insurance volume, though total written premiums grew at 11% annually between 2019 and 2024, according to McKinsey research.
