U.S investment giant Blackstone has announced the appointment of Gilles Dellaert as Head of its insurance division, Blackstone Insurance Solutions (BIS), effective April 1, 2020.
Dellaert was formerly Co-President and Chief Investment Officer at retirement and life insurance company Global Atlantic.
In these roles, he was responsible for investment and reinsurance activity across the company’s life and annuity businesses.
He previously worked in Goldman Sachs’ Securities Division Credit Trading and reinsurance businesses, and prior to this spent two years with JP Morgan in Brussels, London and New York
“Gilles is a highly talented executive with deep experience in the insurance and investment management industries – making him an ideal choice for this position,” said Jon Gray, Blackstone President & Chief Operating Officer (COO).
“We look forward to the unique set of skills he’ll bring to the table for our clients and insurance business, which is an important growth initiative for Blackstone.”
Tony James, Blackstone Executive Vice Chairman, also commented: “We are excited to welcome Gilles to Blackstone as we continue to grow our insurance business and serve more clients around the world.”
“The low-interest-rate environment is creating challenges for the insurance industry,” James added. “The customized, high-performing products and services Blackstone offers can be an important part of the solution.”
BIS was formed in 2018 to bring Blackstone’s asset management expertise to the insurance industry, and now manages over $60 billion is assets for various insurers.
The BIS platform will operate under David Blitzer, Global Head of Blackstone’s Tactical Opportunities business.
“Blackstone’s extensive range of offerings across the investment spectrum and access to substantial pools of equity capital make it an ideal partner to the insurance industry,” Dellaert remarked.
“The products Blackstone can deliver provide compelling risk-adjusted performance that helps insurers grow faster and keep their promises to customers. I look forward to helping Blackstone accomplish this mission for the benefit of insurers and their policyholders.”