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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Converge announced a $15 million Series A investment from Forgepoint Capital on August 1, 2023, saying the round had closed the previous week. The financing was intended to help Converge expand its cyber-insurance platform, reach more businesses and increase insurance capacity. Those were plans announced at the time—not reported post-investment results.
What does Converge Insurance do?
Converge describes itself as a managing general agent (MGA) that brings together cyber insurance, security and technology. Its initial target market was small and medium-sized businesses (SMBs). The company said its approach used a proprietary data ecosystem and expert underwriting to connect security capabilities with insurance.
An MGA administers insurance programs on behalf of an insurer; it is distinct from the insurer that provides the coverage. Converge’s August 2023 announcement named QBE North America as having recently launched a cyber-insurance program with Converge as program administrator. That historical reference does not establish the program’s current terms, eligibility or availability. Converge’s announcement about the QBE program.
How did Converge plan to use the $15 million?
Converge said it would direct the Series A proceeds toward three priorities:
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- Platform functionality: expand the capabilities of its technology platform.
- Go-to-market activity: increase efforts to reach prospective customers.
- Insurance capacity: expand the capacity available to support its insurance offering.
The announcement described intended uses of the capital, not completed expansions or measured business results. It did not report revenue, customer growth, policy performance or the eventual effects of the financing. Converge’s financing announcement.
Who invested, and what changed in leadership?
Forgepoint Capital was the Series A investor. As part of the financing, Forgepoint managing directors Don Dixon and Andrew McClure joined Converge’s board, and Tom Kang was appointed CEO. Kang described the company’s stated goal this way: “Our mission is to empower policyholders with radically transparent cyber insurance so they can manage technology risks more intelligently,” the release quoted Kang as saying. The quote expresses the company’s mission; it does not establish how transparent its policies were or what outcomes customers experienced.
Forgepoint later listed Converge in its 2023 retrospective as a $15 million Series A investment intended to help SMBs manage cyber risk through underwriting and prevention-led insurance. Its portfolio page currently lists Converge as active and Tom Kang as CEO. Those are statements from the investor, not independent confirmation of operating performance or current insurance availability. Forgepoint’s 2023 retrospective; Forgepoint’s portfolio listing.
What the investment signals—and what it does not establish
The deal connected a cybersecurity-focused investor with an insurance intermediary seeking to pair coverage with data and security capabilities. It is evidence of Forgepoint’s investment in this part of the cyber-risk market, but the announcement alone cannot show whether Converge’s model improved security, reduced losses or delivered better insurance outcomes.
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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →The announcement did not disclose Converge’s valuation, Forgepoint’s ownership share, detailed underwriting methods, policy prices, loss performance or the financing’s eventual impact. Those details should not be inferred from the investment amount or the company’s description of its strategy. SecurityWeek’s coverage of the financing also reported the event.
What the announcement’s SMB statistics do—and do not—say
Converge’s 2023 release cited a figure that 61% of SMBs were targets of cyberattacks in 2021, and another that 60% of SMBs go out of business within six months after an attack. The release passage does not identify the original publisher or methodology for either figure; the second figure’s underlying research source is unstated. They are therefore best understood as statistics cited by Converge, not as independently verified industry findings. The figures as presented in Converge’s release.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What businesses should check before buying cyber insurance
The funding announcement does not provide enough information to evaluate or rank Converge’s policies. A business comparing cyber-insurance options should review the actual policy and confirm:
- Coverage scope: which incident types, response costs and business losses are covered.
- Limits and exclusions: the maximum payable amounts, sublimits, deductibles and excluded events.
- Security requirements: what controls the insurer requires before coverage begins and during the policy period.
- Insurer and administrator roles: which company underwrites and provides the policy, and which administers the program or handles servicing.
- Eligibility: whether the business’s size, location and risk profile meet the policy’s requirements.
Ask for current policy documents and terms rather than relying on a 2023 funding announcement or an older program reference.
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