Blackstone has appointed Gilles Dellaert, former Co-President and Chief Investment Officer of Global Atlantic, a retirement and life insurance company, as the Global Head of Blackstone Insurance Solutions (BIS).BIS was formed in 2018 to deliver Blackstone’s asset management expertise to the insurance industry. Leveraging the scale and breadth of Blackstone’s platform, BIS investment products are tailored to each individual insurer’s needs to help drive higher performance, faster growth, better capital efficiency, and increased returns on equity. In total, Blackstone manages over USD60 billion in assets for insurance companies.
Jon Gray, Blackstone President & COO, says: “Gilles is a highly talented executive with deep experience in the insurance and investment management industries – making him an ideal choice for this position. We look forward to the unique set of skills he’ll bring to the table for our clients and insurance business, which is an important growth initiative for Blackstone.”
Tony James, Blackstone Executive Vice Chairman, says: “We are excited to welcome Gilles to Blackstone as we continue to grow our insurance business and serve more clients around the world. The low-interest-rate environment is creating challenges for the insurance industry. The customized, high-performing products and services Blackstone offers can be an important part of the solution.”
Dellaert will start at Blackstone on 1 April, 2020. The BIS platform will operate under David Blitzer, Global Head of Blackstone’s Tactical Opportunities business.
Dellaert says: “Blackstone’s extensive range of offerings across the investment spectrum and access to substantial pools of equity capital make it an ideal partner to the insurance industry. The products Blackstone can deliver provide compelling risk-adjusted performance that helps insurers grow faster and keep their promises to customers. I look forward to helping Blackstone accomplish this mission for the benefit of insurers and their policyholders.”
As Co-President of Global Atlantic, Dellaert served as Chairman of the Investment Committee and Chief Investment Officer, with responsibility for investment and reinsurance activity across the life and annuity businesses. He previously worked in Goldman Sachs’ Securities Division Credit Trading and reinsurance businesses. Prior to his time at Goldman Sachs, he spent two years with JPMorgan in Brussels, London and New York. Dellaert holds a bachelor’s degree from Ghent University in Belgium.