QBE Ventures Strengthens Partnership with Converge with USD$5M Strategic Investment

QBE Ventures Investment in Converge Signals Market Endorsement of its Cyber RiskModel and Underwriting Strategy

Investment strengthens the partnership between the two companies and accelerates Converge’s mission to deliver data-driven cyber insurance solutions for businesses

March 3, 2025 – New York, NY – Converge Insurance, pioneers in advanced cyber risk management and underwriting, today announced a USD $5 million investment from QBE Ventures, the venture development and investment arm of QBE Insurance Group. This strategic funding will be allocated towards enhancing Converge’s technology infrastructure, optimizing the claims process, and further expanding the insurtech’s cyber underwriting capabilities in line with its expanded appetite for companies up to $1bn in revenue.

This investment reaffirms QBE’s confidence in Converge’s underwriting approach and long-term vision, reinforcing the company’s financial strength as it scales to meet the evolving needs of the cyber insurance market.

“At QBE, we are committed to supporting innovative partners who are shaping the future of risk management,” said Serene Davis, QBE Global Head of Cyber. “Converge has demonstrated a unique ability to blend underwriting expertise with a world class data model and nimble platform, and we see this investment as an opportunity to deepen our collaboration and help drive sustainable growth in the cyber insurance space.”

The investment will be instrumental in further strengthening the company’s claims operations and proprietary data ecosystem, enhancing its ability to deliver high-value risk solutions.

"QBE has been an invaluable partner in our mission to combine the best underwriting talent with advanced insurance technology,” said Tom Kang, CEO of Converge. “This latest investment is a testament to their belief in our approach and the strength of our underwriting model. It reinforces our financial position, fuels our growth, and allows us to continue investing in technology and claims process to better serve our brokers and insureds.”

As cyber threats continue to rise,Converge is redefining cyber insurance with smarter underwriting, proprietary risk analytics, and a proactive approach to risk management. The expanded partnership with QBE ensures Converge remains at the forefront of next-generation cyber insurance solutions. The shared ambition is to set new standards in the cyber insurance industry, combining comprehensive coverage with innovative technology to deliver superior risk management solutions and clear, confident cyber protection for customers.

About QBE Ventures

QBE Ventures is the venture development and investment arm of QBE Insurance Group. QBE Ventures develops and invests in technology solutions that have the potential to transform QBE and the international markets in which the Group operates.

About Converge Insurance

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 a 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.

Media Contacts

Converge
Ben Rosner
Head of Marketing
brosner@convergeins.com

QBE Ventures
Sarah Bond
External Communications Manager
sarah.bond@qbe.com

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