Converge raises $15 million

Converge Insurance closed a $15 million Series A funding round from Forgepoint Capital.

Founded in 2021, Converge is a modern managing general agent (MGA) that combines cyber insurance and risk mitigation – it provides cyber risk solutions to SMBs.

Tom Kang has been appointed as CEO of Converge Insurance as part of the financing round, which closed last week.

“Our mission is to empower policyholders with radically transparent cyber insurance so they can manage technology risks more intelligently. 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.

Last week, QBE North America announced the launch of a cyber insurance program with Converge acting as program administrator.

Bottom Line: As of 2014, there were 30 cyber Managing General Agents (MGAs) founded. In 2022, At-Bay, for example, generated close to $100 million in written premium for HSB.