Converge, a company specializing in cyber risk management and underwriting, has acquired additional underwriting capacity for companies with annual revenues of up to $5 billion from Lloyd’s, the world’s oldest insurance and reinsurance market.
Meanwhile, existing capacity partner Obsidian Insurance Group has raised its capacity threshold from $1 billion to $5 billion in revenue.
These extensions enable Converge to deploy policy limits of up to $10 million for upper-middle market companies.
The capacity expansions at Lloyd’s and Obsidian reflect strong confidence in Converge’s strategy, which combines rigorous underwriting discipline with advanced technology to enable better risk selection and pricing accuracy.
Converge Chief Executive Officer (CEO) Tom Kang commented: “Reaching the $5 billion revenue threshold is a defining moment for Converge and validates our technology-enhanced underwriting model.
“The expanded capacity allows us to serve larger, more complex organizations in the middle market while maintaining the rigorous standards that drive our success. We are scaling responsibly, applying the same rigorous approach to risk selection that has earned us the confidence of the market.”
Bill Jewett, CEO of Obsidian, added: “We are very pleased to support Converge’s expansion in this growing business area.
“They are a best-in-class underwriting organization with extremely strong operational and distribution capabilities. The expanded capabilities will apply to Converge’s full suite of products, giving brokers access to a comprehensive network solution.”
