NEW YORK — Converge Insurance, a company specializing in advanced cyber risk management and underwriting, has lanced $15 million in Series A funding from Forgepoint Capital. Forgepoint Managing Directors Don Dixon and Andrew McClure have joined the company’s Board of Directors as part of the financing.
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.
Tom Kang has been appointed as CEO of Converge Insurance as part of the financing round. “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.”
“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.
