Converge Secures Underwriting Capacity from Obsidian for Companies up to $1b in Revenue
Converge Secures Underwriting Capacity from Obsidian for Companies up to $1b in Revenue
New York, NY – February 5, 2025 – Converge Insurance, pioneers in advanced cyber risk management and underwriting, today announced a significant milestone by securing underwriting capacity from Obsidian Insurance Group, which is focused on facilitating and supporting growth in specialty insurance programs. This partnership, that is supported and backed by a panel of top tier reinsurers, reinforces Converge’s position as a first-choice partner to wholesale brokers and their insureds who are seeking robust protection against evolving cyber risks.
“Our partnership with Obsidian is a testament to the strength of our underwriter-led capabilities and our commitment to addressing the ever-increasing challenges of cyber risk,” said Tom Kang, CEO of Converge. “The additional capacity will allow us to further innovate our offerings, grow sustainably and methodically, and, most importantly, support our broker partners and their policyholders with enhanced coverage options.”
The agreement with Obsidian enables Converge to expand its capacity to address the growing demand for cyber insurance, ensuring wholesale brokers have access to comprehensive coverage solutions for businesses navigating the complexities of today’s cyber threat landscape.
The additional capacity will extend to Converge’s core offerings, including its flagship ConvergeElementsTM policy form, ConvergeConnectTM partnered insurance programs, and API products:
• ConvergeElementsTM offers primary and excess cyber coverage through select agents and brokers. 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 specialized data sources to underwrite cyber risks more swiftly and effectively.
• ConvergeConnectTM offers primary cyber coverage through prequalified technology provider partnerships. 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.
• API products offer brokers the opportunity to directly access cyber coverage through Converge’s API. In addition to traditional first- and third-party coverages, the Converge API helps in assessing an insured’s cyber risk as well as providing direct access to managing cyber insurance claims through the firm’s in-house team of experienced claims experts.
“We are excited to collaborate with Converge and a panel of top reinsurers to help meet the rising demand for cyber insurance,” said Bill Jewett, CEO of Obsidian. “This partnership aligns with our commitment to supporting innovative and superior underwriting organizations that are paving the way in cyber insurance with responsible strategies that put the insured first.”
The additional capacity supports Converge’s continued focus on equipping brokers with the tools and resources necessary to serve their insured effectively, including access to a seamless digital platform, risk assessment capabilities, and a commitment to superior claims service. As cyber threats continue to grow in frequency and sophistication, Converge remains dedicated to providing proactive solutions that meet the evolving needs of businesses across the United States.
About Converge
Converge fuses cyber insurance, security and technology to provide businesses with clear, confident cyber protection. Deploying a proprietary data ecosystem underpinned by expert underwriting, it provides risk solutions that deliver high-value strategies with improved outcomes. Converge's philosophy is that insurance needs the right elements and personalized approach to mitigate risk. By partnering with its policyholders, Converge precisely formulates their business needs so they can confidently become cyber secure. Converge is headquartered in New York and operates across the U.S. Learn more at convergeins.com
About Obsidian Insurance Holdings, Inc.
Obsidian Insurance Holdings, Inc. is an insurance holding company with admitted and non-admitted insurance carrier subsidiaries that issue policies underwritten by managing general agents, managing general underwriters, and program managers. Obsidian sources, underwrites, and manages a diverse portfolio of property, casualty, and specialty insurance programs, and reinsures the majority of the business to select reinsurers. Obsidian was formed in 2020 in partnership with leading insurance industry executives and Genstar Capital. For more information, visit www.obsidianspecialty.com.
Media Contact
Ben Rosner
Head of Marketing
brosner@convergeins.com
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