U.S investment giant Blackstone has announced that Michael McRaith, former Director of the U.S Department of the Treasury’s Federal Insurance Office (FIO), has been appointed Managing Director for the newly formed Blackstone Insurance Solutions (BIS).
BIS was recently established to allow Blackstone to deliver its investment management expertise and innovative products to re/insurers, and partners with them to create customized and diversified portfolios across asset classes and to manage investment portfolios.
As a member of the BIS senior management team, McRaith will report to Senior Managing Director and Chief Executive Officer (CEO) of BIS Chris Blunt, who joined the company from New York Life in January, where he was formerly President, Investments Group.
Commenting on the appointment, Blunt 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.”
From 2011-2017, McRaith served as the first-ever FIO Director for the U.S Treasury Department, where he advised the Treasury Secretary on domestic and international insurance issues and helped build the FIO into a globally recognised insurance authority.
He was notably involved in the establishment of the EU – U.S Covered Agreement, which oversees the supervisory treatment of transatlantic re/insurers.
Before his role as FIO Director, McRaith held positions as Director of the Illinois Department of Insurance and as an officer of the National Association of Insurance Commissioners, and has spent 15 years as a trial and litigation attorney in private practice.
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.”
Blackstone’s platforms across a wide array of asset classes – including credit, private equity, real estate, hedge funds, and infrastructure – allow BIS to create bespoke investment products for re/insurers, and the business already manages capital for many eminent clients, including $22 billion of assets for Fidelity & Guaranty Life.
BIS is expected to make a number of additional senior appointments over the coming weeks as it continues to grow.
