Converge Insurance, a NYC-based provider of advanced cyber risk management and underwriting solutions, raised $15m in Series A funding.
Forgepoint Capital made the investment. Forgepoint Managing Directors Don Dixon and Andrew McClure joined Converge Insurance’s Board of Directors as part of the financing.
The company intends to use the funds to accelerate expansion of platform functionality, and expand go-to-market and insurance capacity.
Led by newly appointed CEO Tom Kang, Converge is a modern managing general agent (MGA) that combines cyber insurance, security, and technology to provide SMBs adequate cyber protection. By deploying a proprietary data ecosystem underpinned by expert underwriting, the company
Last week, global insurer QBE North America announced the launch of a cyber insurance program with Converge acting as program administrator, the first of many partnerships as the company scales.
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 Hartford, and Assistant Vice President, Director of Claims and Services at ACE Group.
FinSMEs
01/08/2023