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Blackstone hires managing director for new insurance solutions unit

Michael McRaith was named a managing director for Blackstone Group's insurance solutions business, confirmed spokesman Matt Anderson in an email.

The position is new. The insurance unit is a newly formed business the provides Blackstone's investment management services and offerings to insurers, helping them create customized portfolios.

Mr. McRaith will serve on the division's senior management team. He will report to Chris Blunt, a senior managing director and CEO of the unit.

Mr. McRaith was director of the U.S. Department of the Treasury's Federal Insurance Office under the Obama administration.

Blackstone Group had $434 billion in assets under management as of Dec. 31.