Converge Insurance, pioneers in advanced cyber risk management and underwriting have raised $15 million in Series A funding from Forgepoint Capital.
At the same time, Forgepoint Managing Directors Don Dixon and Andrew McClure have joined the company’s Board of Directors as part of the financing.
As part of the financing round, which closed last week, Tom Kang has been appointed as CEO of Converge Insurance.
He commented: “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.”
Meanwhile, only last week, QBE North America launched its cyber insurance programs with Converge acting as program administrator, marking the first of many partnership as the company scales.
“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.”
In addition, 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 also the third company incubated at Forgepoint to focus on the cyber insurance market.
Kang, a licensed attorney who was promoted to CEO from his prior role as Chief Insurance Officer at Converge, is renowned expert within 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 joining Converge, Kang was Head of Cyber, Tech and Media at Allianz Global, Global Cyber Product Leader at WTW, Enterprise Lead for Cyber Liability at The Hartford, and Assistant Vice President, Director of Claims and Services at ACE Group.
“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,” said McClure.
“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.”
Also joining Kang on the Converge team are several other seasoned leaders who bring extensive experience spanning across cyber insurance, underwriting and software development.
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.
