June 21, 2002
TIAA-CREF Sells Group-Insurance Unit to a Competitor
The Teachers Insurance and Annuity Association-College Retirement Equities Fund has sold its group-insurance unit, which serves 1,800 colleges and research organizations, to a competitor that specializes in that line of business.
Standard Insurance Company, a subsidiary of StanCorp Financial Group Inc., agreed last month to pay $75-million for the TIAA-CREF unit that offers life and disability insurance to institutions, rather than individuals. Last year, group insurance brought
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