Global investment firm Blackstone has hired Michael McRaith, the former chief of the US Treasury Department’s Federal Insurance Office (FIO), as managing director of the newly formed Blackstone Insurance Solutions.

The BIS division was formed to help insurers meet long-term policyholder obligations and drive shareholder value. Blackstone said BIS creates customized and diversified portfolios, and also offers full management of investment portfolios. 

“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,” said BIS CEO Chris Blunt.

McRaith served under the Obama Administration from 2011 to 2017 as the first-ever FIO director, whose office focuses on national and global insurance matters. At that time, he advised the Treasury Secretary on domestic and international insurance issues, led the effort that built FIO into a national and globally recognized insurance authority, and successfully collaborated with the US and global insurance communities, Blackstone said.

Before his stint as FIO director, he served more than six years as Director of the Illinois Department of Insurance, and was an officer of the National Association of Insurance Commissioners. McRaith received his BA from Indiana University and his JD from Loyola University of Chicago’s School of Law.

According to Blackstone, BIS expects to make several additional key hires in the coming weeks and months as the new business continues to grow.