New York-based iCapital, an alternative investment firm, plans to acquire Hexure, an AI-powered insurance provider, in a move that expands the firm’s annuity and insurance options for financial advisors. 

As part of the acquisition, iCapital’s will gain access to Hexure’s e-application, illustration, and post-sale workflow technology to create an end-to-end annuity and insurance technology platform, the firm said. 

“The insurance, alternatives, and wealth ecosystems are increasingly interconnected, creating demand for technology that simplifies how products are delivered and managed,” Ganesh Rao, managing director and head of financial services and technology at THL Partners, the majority investor in Hexure, said. 

Through the acquisition, Hexure’s FireLight digital sales platform and ForeSight illustration technology will be integrated into iCapital’s broader platform. 

The financial terms of the transaction were not disclosed. 

In 2022, iCapital formally entered the annuities space with its acquisition of SIMON Markets, a spinoff of Goldman Sachs, to further extend Capital’s investment menu and increase the firm’s technical capabilities, as well as education and support tools for wealth managers. 

Recently, Brookfield’s Private Wealth platform teamed up with iCapital to launch an interactive portfolio-construction tool called “Alts Allocator,” which is designed to help financial advisors and their clients visualize the impact of alternative investments within diversified portfolios.