Converge
- Company typePrivate
- Founded2021
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
Converge firmographics
Firmographics- Name
- Converge
- Legal name
- Converge Inc.
- Website
- https://convergeins.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Converge industry classification
Industry- Product category
- Cyber Insurance
- NAICS
- Agencies, Brokerages, and Other Insurance Related Activities (5242)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Insurance Program Administration & MGA/MGU Services (FSAEADAK)
- akta.pro secondary industries
- Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL), Embedded Insurance Distribution & Premium Financing (FSAGALAF)
Keywords
Where Converge is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Converge business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Cyber Insurance Premiums: Converge generates revenue through cyber insurance policy premiums. As a Managing General Agent (MGA), the company underwrites and places cyber insurance coverage for SMBs and middle-market companies, earning premiums and underwriting fees from capacity providers like QBE, Obsidian Insurance Group, and Lloyd's of London.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Custom cyber insurance coverage with flexible limits and coverage options |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
Converge product offering
Product offeringCore offering
Converge underwrites and distributes cyber insurance policies as a Managing General Agent (MGA) for small, mid-market, and upper middle-market U.S. businesses. Its flagship ConvergeElements policy provides primary and excess coverage for technology, media, and professional liability cyber exposures, supplemented by ConvergeConnect partnered coverage and a broker API. The company leverages an AI-powered underwriting platform with a proprietary data ecosystem to deliver quote turnaround within 24 hours and policy limits up to $10 million.
Product overview
Converge is a cyber insurtech company offering a multi-product platform for cyber insurance and risk management. The core products include ConvergeElements (the flagship cyber insurance policy providing primary and excess coverage), ConvergeConnect (partnered insurance programs through technology provider partnerships), and API products for direct broker access. These are supported by proprietary technology leveraging AI-powered risk assessment, the Converge Fusion Report for proactive cyber risk evaluation, and value-added services including vCISO support, Incident Response Planning, and the Converge Risk Remediation Roadmap. The platform ingests data from multiple sources to underwrite cyber risks swiftly and effectively.
Differentiator
Problem solved
Functional benefit
Brands
- ConvergeElements: Primary and excess cyber coverage insurance policy offering comprehensive protection for all cyber concerns including data breaches and ransomware.
- ConvergeConnect
- Converge Unity
Products and services
- ConvergeElements The flagship cyber insurance policy offering primary and excess cyber coverage for companies with gross annual revenues up to $300M (expanded to $5B through Lloyd's of London capacity). Covers technology products/services liability, media wrongful acts, and miscellaneous professional services, with the ability to include Technology Errors & Omissions or Media Liability cover.
- ConvergeConnect Primary cyber coverage offered through prequalified technology provider partnerships. Partners provide behind-the-firewall security and underwriting data to deliver customized pricing and best-in-class customer solutions leveraging insights on cybersecurity posture.
- Converge API API products offering brokers direct access to cyber coverage, cyber risk assessment, and cyber insurance claims management through Converge's in-house team of experienced claims experts. Enables automated quote and bind capabilities for technology-enabled distribution.
Quantifiable outcome
- 24-hour maximum quote turnaround time
- +3 more outcomes
Companies that use Converge
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles2 records
Converge technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability6 records
Feature7 records
Converge partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered strategic and minor.
- QualysstrategicQualys and Converge launched a joint offering that rewards organizations demonstrating strong cybersecurity compliance with potentially reduced cyber insurance premiums. The Qualys Converge Connect Insurance Report (CCIR) automates security posture verification for underwriters with real-time data on vulnerability management, patch management, and endpoint detection controls.
- KYNDstrategicKYND provides external cyber risk intelligence including vulnerability scanning tools and Signals reports to help Converge manage high submission volumes and enable near real-time risk assessment. KYND's Zero-Day Event Response service supports both Converge and its insureds when critical vulnerabilities emerge.
- DatapriseminorDataprise's Managed Cybersecurity Premier clients became eligible for ConvergeConnect coverage through a strategic partnership with Risk Cooperative facilitating the arrangement.
- SolCyberminorSolCyber and Converge launched a cyber insurance product for the mid-market, combining managed security services with cyber insurance coverage.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
Converge competitors and assessment
Company assessmentDirect peers
- At-Bay: At-Bay is a cyber insurance MGA combining proprietary security scanning with underwriting for SMB and middle-market businesses. It mirrors Converge's MGA model, broker distribution, and data-driven underwriting approach almost identically.
- Coalition: Coalition is the largest cyber-focused insurtech MGA, providing active monitoring, data analytics, and cyber insurance to SMBs and mid-market companies globally. It is the most scaled direct competitor to Converge in tech-enabled cyber underwriting.
- Cowbell Cyber: Cowbell is a cyber MGA serving small to mid-sized businesses with AI-driven underwriting and continuous risk assessment. Like Converge, it sells through brokers and emphasizes proprietary data and analytics in risk selection.
- Resilience: Resilience is a cyber risk MGA that combines insurance with security solutions for mid-market and enterprise clients. It competes directly with Converge in the integrated insurance-plus-security MGA model.
- Corvus Insurance: Corvus is a data-driven cyber insurance MGA serving mid-market brokers, now owned by Travelers. It pioneered the use of proprietary scanning data in cyber underwriting, making it highly comparable to Converge's data-ecosystem approach.
Broad incumbents
- Beazley: Beazley is a specialty insurer with a leading global cyber practice writing through brokers. As an established incumbent, it competes with Converge's MGA on larger middle-market cyber placements and offers broader non-cyber coverage portfolios.
- Chubb: Chubb is a global property & casualty insurer with a sizable enterprise cyber practice distributed through brokers. It serves as a competitor on larger limits and employs Converge's former senior underwriters.
- Travelers: Travelers is a major US P&C insurer that acquired Corvus Insurance to expand its cyber capabilities. It is a broad incumbent that is both a partner and competitor to insurtech MGAs like Converge.
- Tokio Marine HCC: Tokio Marine HCC writes specialty cyber and professional liability through broker channels, including via Cyber CFO and other branded products. It is a broader-line incumbent competing for similar middle-market cyber placements.
- AXA XL: AXA XL is a specialty insurance division of AXA offering cyber coverage via brokers to mid-market and enterprise clients. It competes with Converge's expanding capacity-led push into upper-middle-market accounts.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Converge social profiles
Digital presenceConverge compliance and trust
Trust signalCompliance1 record
Converge financial estimates
Financial estimateRevenue estimate
Valuation estimate
Converge leadership team
Management profileNumber of profiles
Profiles12 records
Converge funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Converge M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Converge
What does Converge do?
Converge underwrites and distributes cyber insurance policies as a Managing General Agent (MGA) for small, mid-market, and upper middle-market U.S. businesses. Its flagship ConvergeElements policy provides primary and excess coverage for technology, media, and professional liability cyber exposures, supplemented by ConvergeConnect partnered coverage and a broker API. The company leverages an AI-powered underwriting platform with a proprietary data ecosystem to deliver quote turnaround within 24 hours and policy limits up to $10 million.
Is Converge a public or private company?
Converge is a private company. It is classified as venture growth investor backed and is currently operating.
When was Converge founded?
Converge was founded in 2021. It employs 11 to 50 people.
Where is Converge based?
Converge is headquartered in New York, United States, in the North America region.
How does Converge make money?
One revenue line is on record: cyber Insurance Premiums.
Who are Converge's main competitors?
Direct peers on record are At-Bay, Coalition, Cowbell Cyber, Resilience and Corvus Insurance. Broad incumbents are Beazley, Chubb, Travelers, Tokio Marine HCC and AXA XL.
Does Converge have an API?
Yes. 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.
What industry is Converge in?
Converge's product category is Cyber Insurance. Its primary akta.pro industry code is FSAEADAK, Insurance Program Administration & MGA/MGU Services, with a secondary code of FSAGAGAL, Embedded Insurance & Affinity Distribution Platforms. Its NAICS code is 5242 and its SIC code is 6411.