An investment bank has added an insurance investment banking specialist.

Sanders Morris Harris Group Inc., New York, has hired Alexander Clark to be a managing director in its New York office at a unit that handles deals for life insurers, health insurers and property-casualty insurers.

Clark previously was a member of the financial institutions practice at Advest Group Inc., Hartford, which is now part of Merrill Lynch, Pierce, Fenner & Smith Inc., New York.

Clark also has been president of John Alden Life Insurance Company of New York, and he helped develop the rules for applying Generally Accepted Accounting Principles to life insurers, according to Sanders Morris.

Clark holds the Chartered Financial Analyst professional designation, and he is on the board of Penn Treaty American Corp., Allentown, Pa.

In other personnel news:

- Hub International Ltd., Chicago, says Charles Brophy will be taking over as president of Hub International New England, Boston, the old C.J. McCarthy Insurance Agency Inc.

Brophy will succeed Richard Palleschi, who will become vice chairman, Hub says.

Another HUB New England executive, Michael Chapman, will become chief operating officer of the unit while keeping his current title of chief sales officer.

- Allianz Life Insurance Company of North America, Minneapolis, has hired Gregg Mahalich to be national sales manager for the regional-wirehouse channels for the variable products division.

Mahalich previously worked for Janus Capital Group Inc., Denver.

Allianz Life, a unit of Allianz A.G., Munich, also has promoted Bradley Coustan to national sales manager for the independent broker-dealer and bank channels for the variable products division.

Coustan previously was divisional vice president for variable sales in the Northeast.