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.”
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