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Blackstone Hires ex-director of Fed’s Insurance Office

Investment firm Blackstone has hired Michael McRaith, the US Treasury’s Federal Insurance Office’s former director, to be managing director of its newly formed business Blackstone Insurance Solutions (BIS). The new business is intended to offer Blackstone services to insurers to create customised portfolios across asset classes and full management of insurers investment portfolios. McRaith will join Chris Blunt, former president of New York Life’s Investments Group, who was appointed in January as senior manging director and CEO of BIS. Chris Blunt, CEO of Blackstone Insurance Solutions, said: “Michael McRaith is widely respected in the insurance world and his leadership experience at the state,...