Michael McRaith, the former director of the Federal Insurance Office, has joined up with global investment firm Blackstone.

McRaith will be managing director of the newly formed Blackstone Insurance Solutions, a division focused on providing investment management expertise and innovative products for insurers. BIS will partner with insurers to create customized and diversified portfolios across asset classes and also offer full management of insurers’ investment portfolios.

McRaith served as director of the FIO when it first launched in 2011 within the U.S. Treasury Department as part of 2010’s Dodd-Frank Act. He left the FIO on Jan. 20, 2017, when Donald Trump first became U.S. president. The FIO is a federal office focused on national and global insurance matters.

While at the FIO, McRaith advised the Treasury Secretary on domestic and international insurance efforts and led efforts to build the office into a national and globally recognized insurance authority. Under his leadership, the Federal Insurance Office participated in what became the EU-U.S. Covered Agreement, which governs regulatory treatment of transatlantic insurers and reinsurers.

Before the FIO, McRaith was director of the Illinois Department of Insurance for more than six years, and he served as an officer of the National Association of Insurance Commissioners. Previously, he was a trial and litigation attorney in private practice.

Source: Blackstone