QBE North America Launches New Cyber Insurance Program with Converge
QBE North America today announced the launch of a cyber insurance program with new MGA, Converge, acting as program administrator. The program will be broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation.
ConvergeElements™ offers primary and excess cyber coverage through select agents and brokers for companies with up to $100 million in revenue. Converge’s proprietary technology platform allows it to ingest and collate data from applications, external system scans, underwriting and claims workspaces, insured/broker portals, analytics workspaces, and other specialized data sources to underwrite cyber risks more swiftly and effectively.
ConvergeConnect™ offers primary cyber coverage through prequalified technology provider partnerships for companies with up to $750 million in revenue. These partners provide Converge with access to insured-specific behind-the-firewall security and underwriting data to provide best-in-class customer solutions leveraging unmatched insights on cybersecurity posture.
“Converge’s unique ability to access and analyze detailed cyber risk information aligns perfectly with our control-based underwriting approach,” said Danielle Librizzi, Head of Professional Liability and Financial Lines Programs, QBE North America. “Furthermore, Converge’s operational efficiency allows us to target small business through the program, complementing business we write through our retail Cyber practice.”
Tom Kang, CEO, Converge, added, “We’re thrilled to partner with QBE North America given their experience and reputation in the cyber insurance market. Their product, underwriting and claims expertise have proven invaluable as we have set up the program, and we are excited to help them tap the growing need for cyber protection for small and mid-sized enterprises in the U.S.”
Cyber coverage through the Converge program will be provided on a non-admitted basis through QBE North America’s A.M. Best “A” rated insurance companies.
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