By Michael Loney

Feb 5 - (The Insurer) - Converge Insurance has secured underwriting capacity from Obsidian Insurance Group that enables the cyber MGA to expand its offerings to companies with up to $1bn of revenue.

The new partnership is supported and backed by a panel of “top tier reinsurers”, Converge said.

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 insurtech added.

“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 additional capacity will extend to Converge’s core offerings, including its flagship ConvergeElements policy form, ConvergeConnect partnered insurance programs, and API products.

QBE in August 2023 announced that it was acting as program manager to the MGA’s ConvergeElements primary and excess cyber coverage for companies with up to $100mn in revenue and ConvergeConnect primary cyber coverage for companies with up to $750mn in revenue.

‍ConvergeElements is offered through select agents and brokers and ConvergeConnect is offered through prequalified technology provider partnerships.

Obsidian was formed in 2020 in partnership with industry executives and Genstar Capital.

“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.”

New York-based insurtech Converge in August 2023 secured $15mn in Series A funding from Forgepoint Capital. The same month the MGA confirmed The Insurer’s reporting that Kang had been appointed CEO following the departure of Anthony Dagostino.