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Sandler Hires Insurance Investment Banker

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NU Online News Service, March 21, 10:15 a.m. – Sandler O’Neill & Partners L.P., New York, a financial services investment banking firm, has hired Gregory Clapp to be the managing director in charge of its insurance investment banking practice.

Clapp will handle mergers, acquisitions and efforts to raise capital for insurance companies, reinsurers and insurance brokerage companies.

Clapp will report to Brian Sterling, the new head of Sandler O’Neill’s investment banking group.

Clapp, who has a bachelor’s degree from Williams College, previously was with JP Morgan Chase & Company, New York, where he was a managing director in the insurance practice.

Sandler O’Neill, which had its headquarters at 2 World Trade Center in New York up until Sept. 11, 2001, lost 66 of its 171 employees in the Sept. 11 attacks.

But the firm immediately set up new offices in midtown Manhattan, and it emphasizes that it has continued to be active in the insurance investment banking market while rebuilding its staff.

The firm has advised on 10 insurance mergers, acquisitions and conversions in the past six months, and it has also participated in 14 public offerings of debt and equity for insurance companies.