TIAA-CREF To Sell Group Life And DI Business

The company cited its reason for the acquisition. Rather than being "all things to all people, we have areas of concentration," Tozer says. "Weve chosen to grow our business in niche markets where we have expertise, including group disability and group life."

Bertram L. Scott, executive vice president, TIAA, says "we entered the group insurance business in the early 1950s in order to meet customer needs not filled by any other company."

Of the decision, Scott says, "we believe we are doing what is best for both the company and our customers."

The business being acquired includes about 1,800 group insurance contracts representing 650,000 insureds and last year generated about $180 million in premiums, according to StanCorp.

Reproduced from National Underwriter Life & Health/Financial Services Edition, June 3, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.