Converge Insurance
Corporate and regulatory profile
🏢 Founded in 2021. Converge Insurance is a cyber-focused insurtech managing general agent (MGA) and program administrator headquartered in the United States.[1] The legal entity is Converge Inc., doing business as Converge Insurance Service Solutions.[2][3][4] The company maintains offices at 26 Broadway, Suite 328, New York, NY 10004 and 149 New Montgomery St, Suite 513, San Francisco, CA 94105; website terms also reference 165 Broadway, 23rd Floor, New York, NY 10006.[5][6] Website terms specify New York governing law and New York courts for dispute resolution.[6]
📋 MGA operating model. Converge operates as an MGA/program administrator rather than a licensed insurance carrier, with risk written on capacity provided by partner carriers rather than on the company's own balance sheet.[1][7] The company serves across all 50 U.S. states and holds surplus lines agency/producer licenses in multiple jurisdictions, consistent with an excess-and-surplus (E&S) distribution posture.[8][9] Public carrier and Lloyd's coverholder registrations are not identified; disclosed capacity relationships are with QBE and Obsidian.[1]
🗂️ State licensing signals. Several U.S. state regulatory registers list Converge Insurance Service Solutions as a surplus lines broker/agency. The Massachusetts Division of Insurance lists the entity under license number 20031631, originally approved on 22 November 2021 and renewed through 22 November 2026.[10] The Texas Department of Insurance dataset shows a surplus lines agency license expiring 27 June 2027, with officer/director Tae Kang listed.[11] The Louisiana Department of Insurance surplus lines producer CSV also includes the entity at a New York address consistent with company disclosures.[12] No entries were identified in European regulatory registers (FCA, BaFin, or ACPR); company materials emphasize exclusively U.S. operations.[13]
📊 Scale indicators. The company discloses over $1 billion in cumulative limits placed into market and a team of 12 underwriters.[14][9] Revenue eligibility signals range from up to $300 million gross annual revenues for the "Open Market" website program, up to $750 million under the ConvergeConnect launch structure, and up to $1 billion following later capacity expansions.[15]
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Leadership and governance
👤 Founder. Anthony Dagostino founded Converge and served as its initial CEO. A Business Wire release from October 2022 quotes him as CEO and Founder, and the Series A announcement describes him as co-founder and former entrepreneur-in-residence at Forgepoint Capital.[16][7] Dagostino's pre-Converge career included cyber insurance leadership roles at Lockton and Willis Towers Watson.[17] He departed Converge in 2023–2024 to become Global Chief Cyber Underwriting Officer at AXA XL, transitioning to an advisory role at Converge, with executive leadership passing to Tom Kang.[2][18] Public LinkedIn information indicates a Muhlenberg College education.[19]
🧑💼 Current C-suite. Tom Kang serves as Chief Executive Officer, having previously held roles at Allianz, WTW, and The Hartford.[14][7] Howie Altman was appointed Chief Technology Officer in January 2026, joining from backgrounds at Bridgewater Associates and Semsee, with an explicit mandate to scale the proprietary platform toward profitability.[14][20] David Kimmel was named Chief Financial Officer in May 2025, bringing prior financial services leadership from JPMorgan and Deutsche Bank alongside entrepreneurial experience in insurance advisory and cyber analytics.[21]
🔑 Functional leaders. Below the C-suite, the company lists several senior functional heads on its leadership page:[14]
- Ryan Mimmo, Head of Underwriting (previously at Chubb, Zurich, and Ambridge)
- Pam Townley, Head of Insurance Product (previously at AXIS Capital and AIG)
- John Spiehs, Head of Claims (previously at AXIS and Swiss Re)
- Michelle Lopilato, Head of Partnerships (previously at Hub International, Marsh, and Aon)
- Aaron Ting, Head of Actuarial (previously at Munich Re and Sompo International)
- Ryan Lecha, Head of Engineering (previously at Guidewire Software and Cisco)
🏛️ Board of directors. The Series A press release disclosed that Forgepoint Capital managing directors Don Dixon and Andrew McClure joined the board, alongside members Tom Kelly and Steve Petrevski.[7] No current AXA affiliation was identified among listed executives or board members beyond the founder's departure to AXA XL.[14]
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Funding, ownership, and financial signals
| Round | Date | Amount raised | Lead investor(s) | Cumulative funding |
|---|---|---|---|---|
| Series A | 1 August 2023 | $15,000,000 | Forgepoint Capital | $15,000,000 |
| Strategic investment | 3 March 2025 | $5,000,000 | QBE Ventures | $20,000,000 |
💵 $20 million raised in total. Converge has disclosed $20 million in total capital raised across two transactions. The Series A was positioned to accelerate platform functionality, go-to-market expansion, and insurance capacity growth, while also coinciding with the CEO transition to Kang.[7] The QBE Ventures strategic investment was tied to enhancing technology infrastructure, optimizing claims, expanding underwriting capabilities, and broadening appetite to companies with up to $1 billion in revenue.[22]
🔮 Potential Series B. Reuters-linked specialist press reported CEO commentary about potentially closing a Series B in 2025, though no confirmed close was identified in reviewed materials.[23] Forgepoint Capital, a cybersecurity-focused venture capital firm, led the Series A, while QBE Ventures framed its investment rationale around API-first, data-led cyber insurance and scalable underwriting discipline — indicating strategic alignment with carrier capacity ecosystems and cyber analytics.[7]
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Products, underwriting, and cyber services
📝 Core policy form. Converge positions ConvergeElements as its flagship cyber insurance policy, described as comprehensive and customizable, covering events including data breaches and ransomware.[15] At the QBE program launch, the product architecture comprised two tracks: ConvergeElements provides primary and excess cyber coverage via select agents and brokers for companies with up to $100 million in revenue, while ConvergeConnect offers primary cyber coverage through prequalified technology provider partnerships for companies with up to $750 million in revenue, leveraging "behind-the-firewall" underwriting data access from those partners.[1] Converge later secured additional capacity from Obsidian Insurance Group, backed by a reinsurer panel, extending coverage across ConvergeElements, ConvergeConnect, and API products for companies with up to $1 billion in revenue.[13]
🖥️ Technology-enabled underwriting. The company describes a proprietary technology platform that ingests applications, external system scans, underwriting and claims workspaces, portals, and analytics data to accelerate underwriting decisions.[1] The "Open Market" program listed on the company website targets businesses with up to $300 million in gross annual revenues and can include Technology E&O or Media Liability coverage, placed on either a primary or excess basis.[15]
| Coverage element | Status | Notes |
|---|---|---|
| Business interruption / system failure (incl. contingent BI) | — | — |
| Data restoration and recovery costs | — | — |
| Ransomware / cyber extortion | — | Referenced at a high level only |
| Bricking / hardware damage | — | — |
| Reputational harm / PR crisis costs | — | — |
| Social engineering / funds transfer fraud | — | — |
| Coverage element | Status | Notes |
|---|---|---|
| Network security liability | — | — |
| Privacy liability (incl. regulatory defense/fines) | — | — |
| Media liability | — | Includable in certain programs; scope and bundling details unavailable |
| PCI-DSS fines and assessments | — | — |
| Technology errors & omissions | — | Includable; coverage terms unavailable |
🔧 Cyber risk services. Beyond insurance placement, Converge markets a suite of cybersecurity service components to improve policyholder cyber posture. These include direct, unlimited access to virtual CISO (vCISO) practitioners; a free incident response plan aligned with NIST guidance and integrated with the claims process; and a tailored risk remediation roadmap featuring risk scores, remediation recommendations, network perimeter vulnerability monitoring, dark web credential monitoring, and access to preferred cybersecurity vendor partners.[9] The company publicly discloses claim-reporting channels, including a dedicated first notice of loss (FNOL) email and an emergency assistance phone number, though specific forensic, legal, or notification vendor panel details are not identified in public materials.[24]
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Distribution, geography, and operating footprint
🌐 Broker-led distribution. Broker partnerships form the central axis of Converge's market approach. The company brings cyber coverage to broker-partners across the United States, and its Obsidian capacity announcement specifically frames its value proposition to wholesale brokers.[14][13] The QBE program launch layered additional channels: select agents and brokers for ConvergeElements, and technology provider partnerships for ConvergeConnect.[1]
🔗 API-enabled access. Converge describes API products that give brokers direct access to cyber coverage and claims-management touchpoints, supporting an API-enabled distribution and servicing strategy consistent with the broader insurtech positioning.[13] This platform integration approach, combined with ConvergeConnect's technology-provider partnerships, is designed to raise switching costs where embedded data-sharing and workflow integration are implemented.[1]
🇺🇸 U.S.-only footprint. No non-U.S. market entries are disclosed in reviewed materials. The company presents U.S.-wide service across 50 states, and its office addresses, licensing records, and regulatory filings are exclusively U.S.-based. The surplus lines agency/producer licensing approach across multiple state jurisdictions is consistent with E&S cyber placements.[9][10]
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Capacity, reinsurance, and strategic partnerships
🏦 Primary capacity provider. QBE North America is the principal disclosed capacity partner. QBE launched a cyber insurance program with Converge acting as MGA/program administrator, and Converge separately identifies QBE as its capacity provider.[1] Converge's broker page describes QBE as rated "A++" by A.M. Best; however, QBE's own ratings-information page lists the A.M. Best rating for its U.S. entities as "A" (as of 5 May 2023), creating a rating-description discrepancy that constitutes a diligence item.[9][25]
📈 Supplemental capacity. Obsidian Insurance Group provides additional underwriting capacity, supported by a panel of reinsurers. This capacity extends across ConvergeElements, ConvergeConnect, and API products, enabling expansion to companies with up to $1 billion in revenue. The specific reinsurance structure (quota share, excess of loss, or corridor arrangements) is not publicly detailed.[13]
🤝 Analytics and security partnerships. CyberCube's Portfolio Manager platform, Single Point of Failure Intelligence module, and Attritional Loss Model are integrated into Converge's proprietary technology ecosystem to enhance underwriting analytics and portfolio management.[16] Separately, SolCyber announced a partnership with Converge to address cyber insurance for the mid-market, supporting the existence of a security-provider distribution and service ecosystem, though detailed commercial terms are not publicly available.[8]
🔄 AXA relationship. The only identified AXA connection is a talent-flow link: AXA XL publicly hired founder Anthony Dagostino from Converge as Global Chief Cyber Underwriting Officer for Commercial Lines.[18] No capacity, reinsurance, or equity investment from AXA entities (including AXA Venture Partners or Kamet) was identified in reviewed materials.[1][7]
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Competitive positioning, risks, and outlook
⚔️ Market positioning. Within the cyber insurtech MGA ecosystem, Converge positions itself as a data-led MGA with underwriting-first talent and embedded cyber services, using a hybrid distribution approach spanning wholesale broker channels, technology-provider partnerships, and API access.[3] The competitive peer set includes At-Bay, Baobab Insurance, BOXX Insurance, Coalition, Cogitanda, Corvus Insurance, Cowbell, Elpha Secure, Emergence Insurance, Evolve MGA, Eye Security, Invision Cyber, Measured Analytics and Insurance, Onda, Pera, Resilience, SafeInside Insurance, Stoïk, Sync Underwriting, and Dattak, among others.[1]
🧱 Competitive moat signals. Converge and its partners emphasize ingesting external scans and insured/partner-provided security telemetry — including "behind-the-firewall" data via ConvergeConnect — to improve risk selection, constituting a data advantage.[1] The company describes an AI-powered platform with ongoing automation expansion across the insurance lifecycle, including underwriting workflow and claims servicing.[9] Leadership recruitment from established carriers, brokers, and reinsurers aligns with the underwriting-first identity, while the reliance on external capacity from QBE and Obsidian represents both a market endorsement and a dependency risk tied to renewal terms.[14][1]
⚠️ Risk factors. Key risks include capacity dependency on QBE and Obsidian, with multi-party capacity structures and renewal terms as critical watch items.[1] Maintaining surplus lines and producer licenses across multiple state jurisdictions creates ongoing regulatory compliance obligations.[10] The efficacy of aggregation and systemic cyber risk management — supported by CyberCube integrations — cannot be validated from public disclosures alone.[16] Execution risk surrounds the services-plus-insurance model, where vCISO support, NIST-aligned incident response plans, and risk remediation roadmaps must scale without compromising quality.[9] The CTO appointment release explicitly emphasized scaling the platform "to support profitability," implying profitability is an active strategic priority rather than an achieved state.[20] The founder-to-professional-CEO transition (Dagostino to Kang) demonstrates organizational maturity potential but also highlights key-person concentration typical of early-stage MGAs.[2]
🧭 Strategic outlook. Converge's communicated strategic pillars center on an underwriting-first, adversary-focused approach built on a proprietary data ecosystem; API-first distribution and data-led underwriting capabilities; and expansion of capacity and appetite to the $1 billion revenue segment paired with claims-process optimization investment.[16][3][22] The company website indicates planned expansion beyond pure cyber into adjacent professional lines, with "Technology" and "Media" modules and a "Professional Liability" product listed as "Coming Soon."[15]
| Date | Milestone |
|---|---|
| 2021 | Company founded[14] |
| 16 August 2022 | SolCyber partnership announced for mid-market cyber insurance[8] |
| 31 October 2022 | CyberCube partnership announced for portfolio analytics integration[16] |
| 27 July 2023 | QBE North America cyber program launched with Converge as MGA/program administrator (two-track distribution model)[1] |
| 1 August 2023 | $15M Series A from Forgepoint Capital; board additions; founder advisory transition[7] |
| 14 September 2023 | AXA XL announces hire of Dagostino as Global Chief Cyber Underwriting Officer[18] |
| 15 February 2024 | Specialist press reports Dagostino exit and CEO transition to Tom Kang[2] |
| 5 February 2025 | Obsidian underwriting capacity secured; expansion to companies up to $1B in revenue[13] |
| 3 March 2025 | QBE Ventures $5M strategic investment tied to expanded appetite and technology investment[22] |
| 20 May 2025 | David Kimmel appointed CFO[21] |
| 31 December 2025 | SOC 2 Type I compliance achieved[26] |
| 20 January 2026 | Howie Altman appointed CTO with profitability-oriented scaling emphasis[20] |
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References
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