Converge Expands Cyber Liability Insurance Capacity With Lloyd’s Support

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Converge, based in New York, has increased its cyber liability insurance capacity after reaching a new agreement with Lloyd’s of London and gaining more support from Obsidian Insurance Group. Now, companies with up to $5 billion in annual revenue are eligible for coverage.

Middle Market Gains Access To Higher Cyber Insurance Limits

Converge can now offer up to $10 million in policy limits for middle-market and upper-middle-market companies. This change meets the growing need for broader cyber liability coverage as cyber risks become more complicated. Obsidian also raised its threshold from $1 billion to $5 billion, matching Lloyd’s expansion.

converge logo in article about cyber liability insurance coverage expansion to address modern cyber risk

Technology-Driven Underwriting Supports Growth

Converge relies on a data-driven underwriting model that brings together information from many sources. The platform gathers data from applications, system scans, analytics tools, and claims records. This method helps improve risk assessment and pricing accuracy. As the company grows, it continues to follow strict underwriting standards.

CEO Tom Kang said the cyber insurance expansion proves the value of Converge’s technology-based underwriting approach. He stressed the company’s ongoing commitment to careful risk selection. “This expanded capacity empowers us to serve larger, more complex organizations across the middle market while maintaining the rigorous standards that have driven our success,” said Kang.

Obsidian CEO Bill Jewett added, “We are very pleased to support the expansion of Converge in this growing and constantly evolving business segment.  They are a best-in-class underwriting organization with exceptionally strong operational and distribution capabilities.”

Expanded Product Access For Brokers And Partners

The increased capacity applies to all Converge products. ConvergeElements offers primary and excess coverage through brokers and agents. ConvergeConnect provides coverage through technology partners with access to security data. API-based products let brokers quote, bind, and manage policies directly.

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These products cover both first-party and third-party cyber liability insurance. The API also helps manage claims through Converge’s in-house team.

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Market Position Strengthens Amid Rising Cyber Risk

Converge is strengthening its broker-focused strategy by providing better tools and clearer risk information. The expansion shows market trust in data-driven cyber underwriting and the need for scalable solutions for larger companies.

Martin Hinton

Martin Hinton is the Executive Editor and Publisher of Cyber Insurance News and Information. With over three decades of journalism experience across six continents, his work encompasses investigative reporting, documentaries, and coverage of cultural, political, and business news. To learn more about his career, click on his name to visit his LinkedIn page.

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