QBE North America has announced the launch of a new cyber insurance program with Converge, a new managing general agent (MGA) that will act as program administrator.
The program will be broken down into two separate distribution structures, ConvergeElements and ConvergeConnect. Each structure will have a distinct revenue focus and cyber security data access formation.
Danielle Librizzi, Head of Professional Liability and Financial Lines Programs, QBE North America, said: “Converge’s unique ability to access and analyse detailed cyber risk information aligns perfectly with our control-based underwriting approach.
“Furthermore, Converge’s operational efficiency allows us to target small business through the program, complementing business we write through our retail Cyber practice.”
ConvergeElements offers primary and excess cyber coverage through select agents and brokers for companies with up to $100 million in revenue.
Converge’s proprietary technology platform allows it to ingest and collate data from applications, external system scans, underwriting and claims workspaces, insured/broker portals, analytics workspaces, and other specialised data sources to underwrite cyber risks more swiftly and effectively.
ConvergeConnect offers primary cyber coverage through prequalified technology provider partnerships for companies with up to $750 million in revenue.
These partners provide Converge with access to insured-specific behind-the-firewall security and underwriting data to provide best-in-class customer solutions leveraging unmatched insights on cybersecurity posture.
Tom Kang, CEO, Converge, commented: “We’re thrilled to partner with QBE North America given their experience and reputation in the cyber insurance market.
“Their product, underwriting and claims expertise have proven invaluable as we have set up the program, and we are excited to help them tap the growing need for cyber protection for small and mid-sized enterprises in the U.S.”
Cyber coverage through the Converge program will be provided on a non-admitted basis through QBE North America’s A.M. Best “A” rated insurance companies.