Michael McRaith, former director of the U.S. Department of the Treasury’s Federal Insurance Office (FIO), has been named managing director for Blackstone Insurance Solutions (BIS), a newly formed business offering Blackstone’s investment management services to insurers.
McRaith’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 Blunt.
BIS said it expects to make additional hires.
From 2011-2017, McRaith served in the Obama Administration’s Treasury Department as the director of the first federal office focused on national and global insurance matters. McRaith advised the Treasury on domestic and international insurance issues, including leading 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.
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.
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