NEW YORK--(BUSINESS WIRE)--Blackstone (NYSE:BX) today announced that Michael McRaith, former Director of the U.S. Department of the Treasury’s Federal Insurance Office (FIO), will join the firm as a Managing Director for Blackstone Insurance Solutions (BIS). BIS is a newly formed business delivering Blackstone’s investment management expertise and innovative products to insurers, helping those firms meet long-term policyholder obligations and drive shareholder value. BIS partners with insurers to create customized and diversified portfolios across asset classes, and also offers full management of insurers’ investment portfolios.
Today’s appointment follows Blackstone’s hiring in January of Chris Blunt, former President of New York Life’s Investments Group, as a Senior Managing Director and Chief Executive Officer of BIS. McRaith will serve on the BIS senior management team, reporting to Mr. Blunt. BIS expects to make several additional key hires in the coming weeks and months as BIS continues to grow.
Chris Blunt, CEO of Blackstone Insurance Solutions, said: “Michael McRaith is widely respected in the insurance world and his leadership experience at the state, federal, and international levels make him a great addition to our team. We look forward to working with Mike as we continue to ensure Blackstone Insurance Solutions is dedicated to the highest standards of policyholder protection and responsible investment management.”
Michael McRaith said: “I am excited to join Blackstone as it builds BIS to help insurers meet the essential promises those firms have made to personal and commercial consumers. Blackstone has long been recognized as a global investment leader, and BIS offers insurers around the world access to tailored investment products aligned with the best interests of policyholders.”
From 2011-2017, Mr. McRaith served in the Obama Administration’s Treasury Department as the United States’ first-ever FIO Director, the first U.S. federal office focused on national and global insurance matters. McRaith advised the Treasury Secretary on domestic and international insurance issues, led the effort that built FIO into a national and globally recognized insurance authority, and successfully collaborated with the U.S. and global insurance communities. Among other achievements, McRaith led the U.S. effort that resulted in the EU - U.S. Covered Agreement, which governs the supervisory treatment of transatlantic insurers and reinsurers. Prior to his appointment as FIO Director in 2011, McRaith served more than six years as Director of the Illinois Department of Insurance, and was an officer of the National Association of Insurance Commissioners. Before joining the Illinois Department of Insurance, he spent 15 years as a trial and litigation attorney in private practice. He received his BA from Indiana University and his JD from Loyola University of Chicago’s School of Law.
Blackstone’s leading platforms across a wide array of asset classes – including credit, private equity, real estate, hedge funds, and infrastructure – enable BIS to create bespoke investment products that help insurers manage long-term liabilities and meet policyholder commitments. Affiliates of Blackstone manage capital for many insurance companies including Fidelity & Guaranty Life, where Blackstone Insurance Solutions oversees all $22 billion of its assets under management. In addition, Blackstone established Harrington Reinsurance, a property & casualty reinsurance company, in July 2016 and currently manages all general account assets.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $430 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.