QBE Ventures has invested $US5 million ($8 million) in cyber insurtech Converge Insurance, which is based in New York and operates across the US.

The funding will enhance underwriting capabilities as the business expands to take on customers with up to $US1 billion ($1.6 billion) in annual revenue.

“Converge has demonstrated a unique ability to blend underwriting expertise with a world-class data model and nimble platform,” QBE global head of cyber Serene Davis said.

“We see this investment as an opportunity to deepen our collaboration and help drive sustainable growth in the cyber insurance space.”

In 2023, QBE North America launched a cyber insurance program with Converge as administrator.  

It said at the time Converge’s proprietary technology allows it to collate data from applications, external system scans, underwriting and claims workspaces, insured/broker portals, analytics workspaces and other data sources to underwrite cyber risks “more swiftly and effectively”.  

Converge CEO Tom Kang says QBE has been an “invaluable partner”.

“This latest investment is a testament to its belief in our approach and the strength of our underwriting model,” he said. “It reinforces our financial position, fuels our growth, and allows us to continue investing in technology and claims process to better serve our brokers and insureds.”

Mr Kang was formerly Allianz Global Corporate & Specialty head of cyber, tech and media, and WTW global cyber product leader.