Mission Underwriters, a US-based program administrator, has moved into Latin America with a new reinsurance platform – and a former AIG executive at the helm – as global insurers and capacity providers jostle for position in one of the world's most underserved markets.
The company has appointed Alejandro Pedroza (pictured above), who previously served as CEO of AIG Ecuador and held several senior regional roles at AIG, including regional counsel for Latin America, COO of AIG Brazil, and Andean Zone leader, as president of the newly created Latin America division.
Operating out of Miami, the platform will target niche facultative reinsurance opportunities across property, financial lines, and specialty segments. Mission Underwriters said it would partner with experienced underwriters to develop specialized programs focused on Latin American risks, pairing risk analysis with rated reinsurance capacity.
The expansion comes at a time of growing international interest in Latin America's reinsurance landscape. At FIDES 2025, Howden Re executives pointed to a rise in capacity flowing into the region, noting a growing number of MGAs from outside the Americas – including firms based in the Middle East and Asia – looking to diversify through Latin American risk exposure.
Insurance penetration across Latin America remains below 5% of GDP, while MAPFRE Economics data presented at COP30 placed the region's climate-related protection gap at 81%.
Jim Dwane, CEO of Mission US, said the platform extends the company's approach to a new geography. "We are excited to bring MISSION's experience in building start-up, de novo insurance programs to the Latin America market," Dwane said.
Dwane described Pedroza as a former colleague and said the pair would focus on "bringing quality underwriting and risk analysis to the market paired with top-rated capacity, building on MISSION's success in the U.S."
Pedroza brings more than 20 years of reinsurance experience in the region. Before joining Mission Underwriters, he most recently led a reinsurance brokerage with operations across Latin America.
Pedroza said Mission Underwriters is "in a strong position to provide significant value to the LATAM insurance market." He added: "I am thrilled to join the team and expand MISSION's goal of empowering world-class underwriting talent to build businesses."
The Latin America platform follows a period of growth for the company. In 2025, Mission Underwriters reported more than $700 million in gross written premium and launched five new programs in the US market.
