Summary:Converge Insurance: Difference between revisions

|1 = {{#if:{{{bullet|}}}|* }}U.S. cyber [[Definition:Insurtech |insurtech]] [[Definition:Managing general agent (MGA) |MGA]], QBE-backed capacity, $20M funded, broker-distributed, up to $1B revenue appetite

|2 = {{#if:{{{bullet|}}}|* }}Converge Insurance is a New York-based cyber-focused [[Definition:Insurtech |insurtech]] [[Definition:Managing general agent (MGA) |MGA]] and [[Definition:Program administrator |program administrator]] backed by $20 million in funding from [[Definition:Forgepoint Capital |Forgepoint Capital]] and [[Definition:QBE Insurance Group |QBE Ventures]], distributing through [[Definition:Wholesale broker |wholesale brokers]] and technology partnerships with [[Definition:Underwriting |underwriting]] appetite for companies up to $1 billion in revenue.

|3 = {{#if:{{{bullet|}}}|* }}🏢 '''Converge Insurance''' is a U.S. cyber-focused [[Definition:Managing general agent (MGA) |managing general agent]] and [[Definition:Program administrator |program administrator]] founded in 2021 and headquartered in New York City. The company has raised $20 million in disclosed funding, including a $15 million [[Definition:Series A |Series A]] from [[Definition:Forgepoint Capital |Forgepoint Capital]] and a $5 million strategic investment from QBE Ventures. Converge distributes through [[Definition:Wholesale broker |wholesale brokers]], [[Definition:Insurance agent |select agents]], and technology provider partnerships, [[Definition:Underwriting |underwriting]] [[Definition:Cyber insurance |cyber insurance]] for companies with up to $1 billion in annual revenue on capacity provided by [[Definition:QBE Insurance Group |QBE North America]] and [[Definition:Obsidian Insurance Group |Obsidian Insurance Group]].

|4 = {{#if:{{{bullet|}}}|* }}🏢 '''Converge Insurance''' is a U.S. cyber-focused [[Definition:Managing general agent (MGA) |managing general agent]] and [[Definition:Program administrator |program administrator]] founded in 2021 and headquartered in New York City. Operating under the legal name Converge Inc. d/b/a Converge Insurance Service Solutions, the company holds [[Definition:Surplus lines |surplus lines]] agency licenses across multiple states and serves companies nationwide with up to $1 billion in annual revenue.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}💰 '''Funding and capacity.''' Converge has raised $20 million across two disclosed rounds: a $15 million [[Definition:Series A |Series A]] led by [[Definition:Forgepoint Capital |Forgepoint Capital]] in August 2023 and a $5 million strategic investment from QBE Ventures in March 2025. The company writes on capacity from [[Definition:QBE Insurance Group |QBE North America]] as its primary provider and [[Definition:Obsidian Insurance Group |Obsidian Insurance Group]] backed by a [[Definition:Reinsurer |reinsurer]] panel, distributing through [[Definition:Wholesale broker |wholesale brokers]], [[Definition:Insurance agent |select agents]], technology provider partnerships, and [[Definition:Application programming interface (API) |API]] products.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📦 '''Products and technology.''' The flagship ConvergeElements policy offers primary and [[Definition:Excess insurance |excess]] [[Definition:Cyber insurance |cyber coverage]], while ConvergeConnect provides [[Definition:Primary insurance |primary coverage]] through technology partner channels with behind-the-firewall data access. Converge operates a proprietary AI-powered [[Definition:Underwriting |underwriting]] and [[Definition:Claims |claims]] platform and bundles cybersecurity services including [[Definition:Virtual CISO |vCISO]] support, [[Definition:NIST Cybersecurity Framework |NIST]]-aligned [[Definition:Incident response |incident response]] planning, and [[Definition:Risk remediation |risk remediation]] roadmaps alongside its insurance offerings.

|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Converge Insurance''' is a U.S. cyber-focused [[Definition:Managing general agent (MGA) |managing general agent]] and [[Definition:Program administrator |program administrator]] founded in 2021 and headquartered in New York City. Operating under the legal name Converge Inc. d/b/a Converge Insurance Service Solutions, the company holds [[Definition:Surplus lines |surplus lines]] agency and [[Definition:Producer license |producer licenses]] across multiple states and serves companies nationwide with up to $1 billion in annual revenue.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}👤 '''Leadership.''' Founder Anthony Dagostino served as initial CEO before departing in September 2023 to join [[Definition:AXA XL |AXA XL]], with Tom Kang assuming the chief executive role. The executive team includes CTO Howie Altman, appointed January 2026 from Bridgewater Associates and Semsee, and CFO David Kimmel, appointed May 2025 with JPMorgan and Deutsche Bank experience. Functional heads drawn from [[Definition:Chubb |Chubb]], [[Definition:AXIS Capital |AXIS Capital]], [[Definition:Swiss Re |Swiss Re]], [[Definition:Munich Re |Munich Re]], [[Definition:Marsh |Marsh]], and other major carriers reinforce an [[Definition:Underwriting |underwriting]]-first organizational identity.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}💰 '''Funding.''' Converge has raised $20 million in disclosed capital across two rounds: a $15 million [[Definition:Series A |Series A]] led by cybersecurity-focused [[Definition:Venture capital |venture firm]] [[Definition:Forgepoint Capital |Forgepoint Capital]] in August 2023, and a $5 million strategic investment from QBE Ventures in March 2025. Forgepoint managing directors Don Dixon and Andrew McClure joined the board following the Series A. Specialist press reported potential plans for a Series B in 2025, though no confirmed close appeared in public sources.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📦 '''Products.''' The flagship ConvergeElements policy provides primary and [[Definition:Excess insurance |excess]] cyber coverage for companies with up to $100 million in revenue at launch, while ConvergeConnect delivers [[Definition:Primary insurance |primary coverage]] through prequalified technology provider partnerships with behind-the-firewall data access for companies up to $750 million. Subsequent capacity expansions extended the appetite across all product lines to $1 billion in revenue, and the company also offers [[Definition:Application programming interface (API) |API]] products for direct broker access.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🛡️ '''Cyber services.''' Beyond insurance, Converge bundles cybersecurity services including [[Definition:Virtual CISO |virtual CISO]] support with unlimited access to cyber practitioners, free [[Definition:Incident response |incident response]] plans aligned with [[Definition:NIST Cybersecurity Framework |NIST]] guidance, and tailored [[Definition:Risk remediation |risk remediation]] roadmaps incorporating [[Definition:Risk score |risk scores]], network perimeter monitoring, [[Definition:Dark web monitoring |dark web credential monitoring]], and preferred vendor access. The company website also signals expansion into [[Definition:Technology errors and omissions insurance |Technology E&O]], [[Definition:Media liability insurance |Media Liability]], and [[Definition:Professional liability insurance |Professional Liability]].{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🏦 '''Capacity providers.''' [[Definition:QBE Insurance Group |QBE North America]] serves as the primary capacity provider, having launched the [[Definition:Cyber insurance |cyber insurance]] program with Converge as MGA and program administrator. Additional capacity from [[Definition:Obsidian Insurance Group |Obsidian Insurance Group]], backed by a panel of [[Definition:Reinsurer |reinsurers]], enabled the expansion to the $1 billion revenue segment. Converge's broker materials describe QBE as A++ rated, though QBE's own ratings page lists an [[Definition:A.M. Best |A.M. Best]] rating of A for U.S. entities.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🏪 '''Distribution.''' Converge distributes through [[Definition:Wholesale broker |wholesale brokers]], [[Definition:Insurance agent |select agents]], and technology provider partnerships across all 50 U.S. states, maintaining offices in New York City and San Francisco. The company describes API products allowing brokers direct access to cyber coverage and [[Definition:Claims |claims]]-management capabilities, and the ConvergeConnect construct creates higher switching costs through embedded data-sharing integrations with technology partners.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📊 '''Technology and analytics.''' Converge operates a proprietary AI-powered platform ingesting applications, external system scans, and partner-provided telemetry to accelerate underwriting. [[Definition:CyberCube |CyberCube]]'s Portfolio Manager, Single Point of Failure Intelligence module, and Attritional Loss Model are integrated into the underwriting ecosystem. The company achieved [[Definition:SOC 2 |SOC 2]] Type I compliance by December 31, 2025.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}⚠️ '''Risk factors.''' Key risks include [[Definition:Capacity |capacity dependency]] on QBE and Obsidian with undisclosed renewal terms, multi-state regulatory compliance obligations, systemic [[Definition:Aggregation risk |cyber aggregation]] exposure, and execution risk on the [[Definition:Embedded insurance |embedded services]] model. The CTO appointment emphasized scaling the platform to support profitability, implying it remains an active priority rather than an achieved state, and founder-linked leadership transitions highlight [[Definition:Key person risk |key-person concentration]] typical of early-stage MGAs.