CHICAGO Iwix.net, the Internet specialty insurance marketplace, announced Monday that it will close, effective April 30, because of its inability to secure additional funding.
The plan, approved by its board of directors March 26, has been communicated in detail to its carrier and managing general agent partners and agent members.
Though iwix.net is not accepting new members or new risks, current members and partners can continue to use it until April 30 to conclude transactions in process.
The online marketplace offered 200 products from 43 carriers. It sold property/casualty insurance products such as employment practices liability, product liability, and commercial liability coverage. It sold no products through banks.