IWIX.NET THROWS IN THE TOWEL

The Internet-based specialty insurance transaction facility, iwix.net, announced it is no longer accepting new members or risks. The company stated that its current 43 carrier/managing general agent partners and 3,100 broker/agent members would be able to conclude any transactions in process until April 30, 2001, at which time it will cease operations completely. “Regrettably we’ve decided to close our business down, having been unsuccessful in raising additional funding to continue the business,” Max Carter, CEO of iwix.net, told Insurance Journal. The company was founded in 1999. Officially launched a year ago, iwix.net targeted two markets: independent agents and brokers seeking to expand their specialty business, and specialty insurance carriers.