Alternative asset manager Investcorp has launched a new platform-centred business, dubbed Investcorp Insurance Solutions, to cater to the investment needs of insurers.

Bahrain-based firm said that its new business will focus on providing investment management services to insurance companies.

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Investcorp has hired Todd Fonner as CIO to lead the new business.

Fonner has over 28 years of experience in insurance and asset management industries and held various positions in functions across investments, treasury, enterprise risk, underwriting and strategy.

He joins Investcorp from Blackstone Insurance Solutions, where he was a senior managing director, and CIO North America until last year.

Fonner is said to have been instrumental in the development of Blackstone Insurance Solutions platform, which was set up in late 2017.

Before joining Blackstone, Fonner worked with RenaissanceRe Holdings for about 15 years and held key positions including CIO, treasurer, and chief risk officer.

Investcorp executive chairman Mohammed Alardhi noted that the formation of the new business is part of the firm’s evolving strategy of expanding its offerings to meet the evolving needs of clients.

Investcorp co-CEO Rishi Kapoor said: “I am excited to welcome Todd to Investcorp and believe the deep experience he brings within the insurance and asset management industries will be critical to our success in building out this new business.

“This is yet another testament to Investcorp’s commitment to uncovering opportunities with secular tailwinds and putting the right teams behind them to build and grow the platform as we continue to find ways to better serve our clients.”

Last month, Investcorp appointed Laura Coquis as global head of institutions to lead the firm’s capital raising initiatives across international institutional market.

In December 2020, it acquired a minority stake in private equity firm Centre Lane Partners through its Strategic Capital Group,  which purchases holdings in midsize general partners.