Blackstone Hires Former New York Life Investments Group President Chris Blunt to Lead New Blackstone Insurance Solutions Busi...
08 January 2018 - 11:45PM
Business Wire
Blackstone (NYSE:BX) today announced that Chris Blunt, former
President of New York Life’s Investments Group, will join the firm
as a Senior Managing Director and Chief Executive Officer of
Blackstone Insurance Solutions – a newly formed business that
delivers Blackstone’s investment management expertise and products
to insurance companies, helping those firms meet long-term
policyholder obligations and drive shareholder value.
Blackstone Insurance Solutions partners with insurers to deliver
customizable and diversified portfolios of Blackstone products
across asset classes, as well as the option for full management of
insurance companies’ investment portfolios.
Tony James, Blackstone President and COO, 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.”
Chris Blunt said: “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.”
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. In addition, Blackstone in partnership with AXIS
Capital established Harrington Reinsurance, a property &
casualty reinsurance company, in July 2016 and currently manages
all general account assets.
Mr. Blunt joins Blackstone after 13 years at New York Life,
where he most recently served as President of the Investments
Group. In that role, he was responsible for five businesses – NYL
Investors, New York Life Investment Management (NYLIM), Retail
Annuities, Institutional Annuities and Seguros Monterrey New York
Life – with combined assets under management of more than $500
billion. He was previously Co-President of New York Life’s
Insurance & Agency group, the company’s largest operating
division, and held senior roles within the Retirement Income
Security, Life & Annuity and MainStay Investments divisions.
Before joining New York Life, Mr. Blunt worked at Merrill Lynch
Investment Managers, Goldman Sachs Asset Management, and a number
of other financial institutions. He holds an M.B.A. in Finance from
The Wharton School, University of Pennsylvania, and a B.A. from the
University of Michigan.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $385 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter
@Blackstone.
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version on businesswire.com: http://www.businesswire.com/news/home/20180108006029/en/
BlackstoneMatt Anderson,
+1-212-390-2472matthew.anderson@blackstone.com
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