QBE North America has launched a new cyber insurance program with Converge, a new MGA that will act as program administrator.
The operation will be split into two main distribution structures known as ConvergeElements and ConvergeConnect, with each having their own distinct revenue focus and cyber security data access formation.
Between them, this will allow QBE North America to support companies with up to $750 million in revenue.
Danielle Librizzi, Head of Professional Liability and Financial Lines Programs, QBE North America, said: “Converge’s unique ability to access and analyse detailed cyber risk information aligns perfectly with our control-based underwriting approach.
“Furthermore, Converge’s operational efficiency allows us to target small business through the program, complementing business we write through our retail Cyber practice.”
Delving into the differences between the two programs, ConvergeElements offers primary and excess cyber coverage through select agents and brokers for companies with up to $100 million in revenue, while ConvergeConnect offers primary cyber coverage through prequalified technology provider partnerships for companies with up to $750 million in revenue.
Tom Kang, CEO, Converge, commented: “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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