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.
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
NAIC Victim of Cyber Incident Via PeopleSoft System 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
US Cyber Insurance Market Sees Flat Premium, More Third-Party Claims Hit Loss Ratio 
