It’s another example of cyber insurance investment by VCs into emerging insurtech companies that aim to combine cybersecurity and insurance expertise. “This funding will enable us to expand our outreach and grow our bench of in-house experts while accelerating the availability of the Converge platform worldwide,” said Converge CEO Tom Kang in a release.
“Converge is a modern managing general agent (MGA) that fuses cyber insurance, security and technology to provide businesses with clear and confident cyber protection. By deploying a proprietary data ecosystem underpinned by expert underwriting, Converge provides risk solutions that deliver high-value strategies with improved outcomes.”
Forgepoint, an investor in CyberCube, noted Converge is the third cyber insurance company it’s incubated. “Converge is the latest company in our investment strategy to reinvent cyber insurance and risk management,’ said (Forgepoint Managing Director Don) Dixon. ‘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.'”
Unlike some other market entrants focused on end-to-end cyber insurance solutions, Converge appears at least partially focused on providing cyber program administration to larger, legacy insurance providers. The company noted that it recently launched such a partnership with global insurer QBE North America.
