UBS said on Tuesday it hired Michael Ostow from Morgan Stanley as a managing director and head of North American insurance coverage.

Ostow will be based in New York and report to Gary Howe and Halle Benett, Americas co-heads of UBS’ financial institutions group.

At Morgan Stanley, Ostow was co-head of the firm’s North American insurance group within its FIG practice. Prior to that he was a managing director in the FIG practice at Credit Suisse, where he covered insurance companies.

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