Converge gets additional cyber insurance capacity from Lloyd’s

Converge, a company specialising in cyber risk management and underwriting, has secured additional underwriting capacity from Lloyd’s, the world’s oldest insurance and reinsurance marketplace, for companies with annual revenues up to $5 billion.

Simultaneously, existing capacity partner, Obsidian Insurance Group, has increased its capacity threshold from $1 billion to $5 billion in revenue.

These expansions enable Converge to deploy up to $10 million in policy limits for middle and upper middle market companies.

The expanded capacity from both Lloyd’s and Obsidian reflects strong market confidence in Converge’s strategy of combining rigorous underwriting discipline with advanced technology to achieve better risk selection and pricing precision.

Tom Kang, Chief Executive Officer (CEO), Converge, commented, “Securing the $5 billion revenue threshold represents a defining moment for Converge and validates our technology-enhanced underwriting model.

“This expanded capacity empowers us to serve larger, more complex organisations across the middle market while maintaining the rigorous standards that have driven our success. We’re scaling responsibly, with the same disciplined 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 the expansion of Converge in this growing and constantly evolving business segment.

“They are a best-in-class underwriting organisation with exceptionally strong operational and distribution capabilities. The expanded capacity will be available across Converge’s full suite of products, allowing brokers to access comprehensive cyber solutions.”