Blackstone targets new opportunities in insurance with Morgan Stanley hire

Blackstone Insurance Solutions (BIS) has hired an investment banking leader from  Morgan Stanley to lead its acquisitions and strategic partnerships as the company targets new investment opportunities in the insurance market.

Michael Hovey joins BIS as a senior managing director.

He joins Blackstone from Morgan Stanley, where he was a managing director and most recently served as co-head of insurance investment banking for North America. Prior to that, he was a vice president in the Financial Institutions Group, Investment Banking at Lehman Brothers. Hovey has over 23 years of insurance investment banking experience, including nearly 17-year tenure with Morgan Stanley.

In his new role, Hovey will be responsible for leading BIS’s investments, strategic partnerships and other transactions with insurance companies. He will report to Gilles Dellaert, global head of Blackstone Insurance Solutions.

Blackstone manages more than $60 billion in assets for insurance companies.

Dellaert said: “We’re thrilled to have Michael join Blackstone Insurance Solutions. As we continue to evaluate new investment opportunities in the insurance sector, having an individual with Michael’s deep experience, expertise and relationships will be a critical resource to our team.”

David Blitzer, global head of Blackstone Tactical Opportunities, added: “We’re excited to have a leader of Michael’s caliber on our insurance team. We see significant opportunities for continued growth ahead for our insurance business, and he will be a key part of that effort.”

Hovey commented: “Blackstone’s ability to deliver flexible capital solutions and its world-class investment management expertise makes it an ideal partner to insurance companies. I’m excited to work closely with Gilles and the entire Blackstone team as its insurance solutions business continues to execute on that mission.”

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