Blackstone L.P. has hired Michael McRaith, the former, and first, director of the Federal Insurance Office (FIO) to be a managing director at its new Blackstone Insurance Solutions unit.
Blackstone named Chris Blunt, a former president of New York Life Investments Group, to be the chief executive officer of the unit earlier this year. McRaith will report to Blunt, Blackstone says.
Blackstone, a New York-based company best known as a private equity firm, started the insurance solutions unit in an effort to get work managing assets for both life insurers and property-casualty insurers.
Blackstone now manages $430 billion in assets, including $22 billion for Fidelity & Guaranty Life.
The company has said it will help insurers cope with low yields on bonds from high-rated companies by helping them invest assets in private equity funds, real estate, hedge funds, infrastructure deals and other alternative assets.