The former President of New York Life’s Investments Group, Chris Blunt, has been named as a Senior Managing Director and Chief Executive Officer (CEO) of Blackstone Insurance Solutions, a newly created business segment of investment firm, Blackstone.
The new division, Blackstone Insurance Solutions, has been created to deliver the firm’s investment management expertise and solutions to insurance firms. The unit will work with insurers to produce customisable and diversified portfolios of Blackstone’s products across various asset classes, alongside the option for total management of insurers’ investment portfolios.
Blackstone President and Chief Operating Officer (COO), Tony James, said; “Many insurers face a perfect storm of significant policyholder obligations and declining investment returns in the public markets. Blackstone’s investment management expertise and high-quality, high-performing products can be an important part of the solution. Chris Blunt has extensive experience in the insurance industry and we look forward to welcoming him to the firm as we continue growing this business.”
Blunt joins the firm after 13 years with New York Life, where he was most recently President of the Investments Group. Prior to New York Life, he held positions at Merrill Lynch Investment Managers, Goldman Sachs Asset Management, and various other financial institutions.
Blunt, commented; “I am excited to join Blackstone and continue expanding the firm’s partnerships with the insurance industry. Blackstone is well positioned to provide a range of offerings – from high-grade private credit to traditional alternatives – that deliver compelling risk-adjusted performance, which is especially vital in this long-term, low-interest-rate environment. The firm’s leading platforms across a wide array of asset classes allow us to create bespoke products that help insurers better manage their long-term liabilities to policyholders.”
According to a statement, affiliates of Blackstone recently entered into an investment agreement with Fidelity & Guaranty Life, where Blackstone Insurance Solutions currently oversees $22 billion in assets under management (AuM).
Blackstone also partnered with re/insurer AXIS Capital to set up Harrington Reinsurance, a total return reinsurance venture for which Blackstone manages all of the assets.
