QBE North America has introduced a new cyber insurance offering with managing general agent (MGA) Converge serving as the program administrator.
This new program is divided into two distribution structures, each with a specific revenue focus and cyber security data access formation.
The first segment is called ConvergeElements and will provide primary and excess cyber coverage through select agents and brokers for companies with revenue up to $100 million.
Leveraging Converge’s proprietary technology, it can efficiently collate and analyze data from applications, external system scans, underwriting and claims workspaces, and specialized data repositories to enable swift and effective underwriting of cyber risks.
The second component, ConvergeConnect, focuses on primary cyber coverage for companies with up to $750 million in annual revenue.
This part of the program is made possible through strategic partnerships with prequalified technology providers, which grant Converge access to insured-specific behind-the-firewall security and underwriting data to deliver comprehensive customer solutions
“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 at 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.”
“We're thrilled to partner with QBE North America given their experience and reputation in the cyber insurance market,” added Converge CEO Tom Kang. “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 US.”
The cyber coverage offered through the Converge program will be provided on a non-admitted basis through QBE North America’s insurance companies, according to a press release.
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