Converge Insurance Announces $15 Million Series A Funding from Forgepoint Capital
Funding will accelerate expansion of platform functionality, expand go-to-market and insurance capacity for modern MGA
In 2021, 61% of small to medium-sized businesses (SMBs) were the target of a cyberattack. Meanwhile, 60% of SMBs go out of business within 6 months after an attack occurs. Unfortunately, the vast majority of SMBs lack cyber insurance and adequate cyber protection due to cost, inaccessibility and limited IT resources. Converge is a modern managing general agent (MGA) that fuses cyber insurance, security, and technology to address this critical need. By deploying a proprietary data ecosystem underpinned by expert underwriting, Converge provides precise cyber risk solutions that deliver improved outcomes for its customers, starting with SMBs.
Last week, leading global insurer
"Converge is the latest company in our investment strategy to reinvent cyber insurance and risk management," said 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." Forgepoint has backed other leading brands in the cyber insurance market, including risk analytics leader CyberCube Analytics, incident response firm Surefire Cyber, and managed security service provider SolCyber. Converge is the third company incubated at Forgepoint to focus on the cyber insurance market.
Kang, a licensed attorney who was elevated to CEO from his prior role as Chief Insurance Officer at Converge, is an expert in the cyber insurance industry. He has held several senior leadership roles specializing in high exposure cyber product strategies and solutions, consulting, business intelligence and data for global organizations. Prior to Converge, Kang was Head of Cyber, Tech and Media at Allianz Global, Global Cyber Product Leader at Willis Towers Watson, Enterprise Lead for Cyber Liability at The
"Converge combines a proprietary data ecosystem, expert underwriting from a world-class team and a powerful platform with a results-driven approach designed to mitigate risk," said McClure. "What they have been building is truly world-class and will change the game for an industry in dire need of modernization. I am excited to work with
About Converge
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. Converge's philosophy is that insurance needs the right elements and personalized approach to mitigate risk. By partnering with its policyholders, Converge precisely formulates their business needs so they can confidently become cyber secure. Converge is headquartered in
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SOURCE Converge
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