Converge Insurance – the pioneers in advanced cyber risk management and underwriting – recently announced $15 million in Series A funding from Forgepoint Capital. Forgepoint Managing Directors Don Dixon and Andrew McClure have joined Converge Insurance’s Board of Directors as part of the funding round.
In 2021, 61% of small to medium-sized businesses (SMBs) were the target of a cyberattack. And 60% of SMBs go out of business within six 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 Insurance 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 Insurance provides precise cyber risk solutions that deliver improved outcomes for its customers, starting with SMBs.
Leading global insurer QBE North America recently 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. Before 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.
Forgepoint 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. And Converge is the third company incubated at Forgepoint to focus on the cyber insurance market.
Joining Kang on the Converge team are several other seasoned leaders who have extensive experience spanning cyber insurance, underwriting and software development to continue to accelerate the organization’s growth plans. And the company has also added multi-time CEO and experienced company builder Tom Kelly to the Board of Directors. Global Holdings CEO Steve Petrevski is also on the company’s Board of Directors. Converge co-founder and former Forgepoint Entrepreneur-In-Residence Anthony Dagostino will remain an advisor to the company during the transition.
KEY QUOTES:
“Our mission is to empower policyholders with radically transparent cyber insurance so they can manage technology risks more intelligently,” said Kang. “We’re thrilled to partner with the team at Forgepoint Capital, who uniquely understand the needs and opportunities of this burgeoning market. This funding will enable us to expand our outreach and grow our bench of in-house experts while accelerating the availability of the Converge platform worldwide.”
— Tom Kang has been appointed as CEO of Converge Insurance as part of the funding round
“Converge is the latest company in our investment strategy to reinvent cyber insurance and risk management. 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.”
— Don Dixon
“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. 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 Tom Kang to lead the company forward together with this team and for the platform to make its global debut.”
— Andrew McClure
