Johnson & Johnson-backed MGU Motion Specialty secures Lloyd's coverholder status

By Scott Vincent

May 19 - (The Insurer) - Former Hiscox underwriters Dan Alpay and Alex Kickham formally announced the launch of U.S. managing general underwriter Motion Specialty on Monday, supported by U.S. broker Johnson & Johnson.

In a statement, Motion said it has received Lloyd's coverholder status and will write business on behalf of Inigo's Lloyd's Syndicate 1301, the company said.

The MGU said it would initially focus on high-value homes and standalone flood insurance, targeting the wholesale-to-wholesale distribution channel, with an appetite for business across the U.S.

Motion Specialty said it will use proprietary rating algorithms and advanced data analytics to underwrite in what it described as "underserviced markets."

Prior to co-founding the business last year, Alpay spent 14 years in underwriting roles at Hiscox after an earlier stint with Canopius.

Kickham was with Hiscox for 12 years having joined as a graduate trainee underwriter in 2011, according to his LinkedIn profile.

He said achieving Lloyd's coverholder status would give the business "instant credibility."

Johnson & Johnson chief operating officer Harry Johnson said the MGU would provide a more tailored, responsive approach than the current offerings in its target markets through its data-driven underwriting.

“The demand for high-value homeowners insurance and flood solutions is growing, but the options in the market haven’t really evolved to match. There’s frustration with slow processes, restrictive underwriting, and limited alternatives to government-backed flood programs," he said.

Last week, Motion Specialty announced the hires of Drew Meglan and Mason Lyes as associate underwriters through its LinkedIn profile.

Meglan has joined from Pure Insurance, with Lyles joining from Marquee Insurance Group.