Blackstone merges credit and insurance groups into new unit

Gilles Dellaert, global head of Blackstone Insurance, will serve as global head of BXCI and lead the segment's combined operations.

Blackstone is merging its corporate credit, asset-based finance and insurance groups into a single new unit, Blackstone Credit and Insurance.

Gilles Dellaert, global head of Blackstone Insurance, will serve as global head of BXCI and lead the business’s combined operations. Dwight Scott, global head of Blackstone Credit, will serve as chairman.

On the integration, Steve Schwarzman, co-founder, chairman and CEO of Blackstone, said in a statement: “We see the opportunity for BXCI, along with real estate credit, to reach $1 trillion in the next 10 years.”

Jonathan Pollack will continue to serve as global head of real estate credit.

Founded in 1985, Blackstone is headquartered in New York City. Blackstone has $1 trillion in assets under management.