Converge Insurance, a leading managing general agent (MGA) specialising in cyber risk management and underwriting, announced its successful raising of $15m in Series A funding.
The investment comes from Forgepoint Capital, a prominent venture capital firm dedicated to cybersecurity, as the company looks to redefine the industry’s approach to cyber protection.
The funding round includes $15m from Forgepoint Capital, with Managing Directors Don Dixon and Andrew McClure joining Converge Insurance’s Board of Directors as part of the investment deal.
Converge Insurance operates as a modern MGA, blending cyber insurance, security, and technology to address the critical need for cyber protection among small to medium-sized businesses (SMBs). With the alarming rate of cyberattacks affecting SMBs, Converge employs a proprietary data ecosystem powered by expert underwriting, offering precise cyber risk solutions. These innovative solutions aim to deliver enhanced outcomes for its customers, with a primary focus on SMBs.
With the new funding, Converge Insurance plans to accelerate the expansion of its platform functionality, broaden its go-to-market strategies, and increase insurance capacity for modern MGA. The funds will also be utilised to expand outreach and grow its bench of in-house experts, all aiming to accelerate the availability of the Converge platform on a global scale.
In addition to the funding, Tom Kang has been appointed as the new CEO of Converge Insurance, part of the financing round. Moreover, last week, global insurer QBE North America launched a cyber insurance program with Converge, marking the beginning of many partnerships as the company scales.
Forgepoint Managing Director Don Dixon said, “Converge is the latest company in our investment strategy to reinvent cyber insurance and risk management. We couldn’t be prouder of the seasoned team assembled at Converge and the progress they have achieved in such a short amount of time with their unique cyber underwriting model.”
Managing Director Andrew McClure further commented, “What they have been building is truly world-class and will change the game for an industry in dire need of modernisation. I am excited to work with Tom Kang to lead the company forward together with this team and for the platform to make its global debut.”
The company’s previous partnerships were also highlighted, with Converge acting as the program administrator for leading global insurer QBE North America’s cyber insurance program, demonstrating a trajectory of strategic collaboration in the InsurTech space.
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