Eric N. Berg and J. Paul Newsome from CIBC World Markets.
Mr. Berg joined the company's financial services practice on Monday as a senior analyst, and Mr. Newsome as deputy analyst.
Before the move, Mr. Berg was the senior life insurance analyst at CIBC, where he had worked since 1995, and Mr. Newsome specialized in mid-cap insurance companies. At Lehman, Mr. Berg will oversee life insurance research and Mr. Newsome will specialize in property and casualty insurance.
Both will report to Joseph Amato, director of global equity research at Lehman.
Lehman has been building its financial services investment banking practice for the last three years. In July it hired six bankers from Merrill Lynch & Co., including David Sherwood, now the co-head of U.S. financial services investment banking.