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Blackstone hires CEO to lead new insurance investment management unit

Chris Blunt was named CEO and senior managing director of Blackstone Insurance Solutions, Blackstone Group's new insurance investment management business.

It is a new position, a spokesman said. Mr. Blunt starts Tuesday.

Blackstone Insurance Solutions, which has more than $23 billion in assets under management, "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," a news release said.

Last year, affiliates of Blackstone entered into an investment agreement with Fidelity & Guaranty Life, according to the release. Additionally, in 2016, Blackstone partnered with AXIS Capital to establish Harrington Reinsurance, a property and casualty reinsurance company, and currently manages all Harrington general account assets, the release said.

Previously, Mr. Blunt was president of New York Life's investments group. A New York Life spokesman said his responsibilities were absorbed by other executives.