WideLines LLC, an XML-based market portal to the commercial insurance industry, announced May 31 it has ceased accepting new submissions.
In a letter from WideLines CEO Adam J. Pelzman, the company explained to its producers they are no longer able to access their “My WideLines” database. The letter encouraged those producers to directly contact the respective underwriters with regard to any outstanding submissions.
The company also assured the producers that it “will maintain in strict confidence all information about producers and submissions and will not divulge or sell information to any third parties.”
WideLines further stated that the decision to cease operations came as the result of a strategic assessment recently conducted by the company.
“As a result of this review we have determined that WideLines’ model as an independent commercial lines marketplace would have difficulty generating the requisite near-term economics to warrant continue capital investment,” the letter stated.
Located in New York, N.Y., WideLines was launched in May 2000.
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