iwix.net, the Internet specialty insurance marketplace, will close effective April 30 due to its inability to secure additional funding.
The exit plan has been communicated in detail to its carrier/MGA partners and its broker/agent members. Although iwix.net is not accepting new members or new risks, current members and carrier/MGA partners can continue to use iwix.net until April 30 so they may conclude transactions in process.
“Although we have a proven exchange platform and have facilitated a number of transactions, iwix.net has not reached cash breakeven and cannot continue without additional funding,” iwix.net CEO Max Carter said. “Our immediate priority is to work with our 43 carrier/MGA partners and our 3,100 broker/agent members to minimize the impact of our exit.”
Topics Insurance Wholesale
Was this article valuable?
Here are more articles you may enjoy.
Four Patients Affected, One Paralyzed, After Drug Mix-Up at Nashville Hospital 
At-Bay to Be Acquired by Munich Re for $575 Million 
State Farm Must Give Up Trade Secrets in Claims Lawsuits, but Under Court Review 
One Battle After Another: What TPLF Victory in One State Means for Others 
