Cyber MGA secures $15M in funding from venture capital firm
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New York-based cyber managing general agent Converge Inc. on Tuesday said it has secured $15 million in Series A funding from venture capital firm ForgePoint Capital Management LLC.
Forgepoint managing directors Don Dixon and Andrew McClure have joined Converge’s board of directors and Tom Kang has been appointed CEO of Converge Insurance as part of the financing round, a Converge statement said.
Mr. Kang, promoted to CEO from his prior role as chief insurance officer, said in the statement the funding will allow Converge to expand the availability of its cyber coverage platform.
On July 27, QBE North America announced the launch of a cyber insurance program, with Converge acting as program administrator. That program is broken into two distribution structures: ConvergeElements, which offers primary and excess cyber coverage for companies with up to $100 million in revenue; and ConvergeConnect, which offers primary cyber coverage for companies with up to $750 million in revenue.
