Keefe, Bruyette & Woods Inc., a specialist in analysis and investment services for banks, is expanding its research to insurance. Keefe has started coverage of 11 insurance companies and expects to cover 100 companies by 2001.

"Keefe, Bruyette & Woods has said that it wants to be more than a banking services boutique," said Andrew J. Oliver, who will oversee the insurance coverage. The new staff includes three other insurance analysts: David M. Graifman, Kenneth S. Zuckerberg, and Alfred M. Capra. Mr. Oliver said more analysts might be hired this year.

Keefe, Bruyette & Woods bought Mr. Oliver's five-year-old boutique insurance research firm, Oliver Securities, Boston, for an undisclosed amount last year.

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