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Converge Insurance Lands $15 million A-Round from Forgepoint Capital

Posted on August 25, 2023August 25, 2023 By Mark Sauter

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.

Cyber Insurance Investments and M&A Tags:cyber insurance venture capital, VCs

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In this clip from our latest podcast episode, Dan Candee, CEO of Cork Protection, dives into a critical topic that hits close to home: Cybersecurity for Main Street businesses.

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SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

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00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
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Cyberattack on Small Business: How AI Supercharges Cyber Threats | William Altman @CyberCube"
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