Converge Insurance has secured underwriting capacity from Obsidian Insurance Group. This enables it to offer cyber insurance for companies with up to $1 billion in revenue. A panel of reinsurers backs the partnership and aims to support wholesale brokers with comprehensive cyber coverage.
Expanded Cyber Insurance Capacity
Converge cyber insurance offerings include:
- ConvergeElements™ – Provides cyber coverage through select agents and brokers, leveraging proprietary technology for risk assessment.
- ConvergeConnect™ – Partners with technology providers to offer cyber insurance using insured-specific security and underwriting data.
- API Products – Allows brokers to access cyber coverage and manage claims via Converge’s API-driven platform.
Leadership Statements on the Partnership
In a company press release, Converge CEO Tom Kang said of the partnership, “Our partnership with Obsidian is a testament to the strength of our underwriter-led capabilities and our commitment to addressing the ever-increasing challenges of cyber risk.” He added, “The additional capacity will allow us to further innovate our offerings, grow sustainably and methodically, and, most importantly, support our broker partners and their policyholders with enhanced coverage options.”
Obsidian CEO Bill Jewett highlighted the importance of supporting the evolving cyber insurance market. “We are excited to collaborate with Converge and a panel of top reinsurers to help meet the rising demand for cyber insurance,” he said.
