Significantly expanding its
reach into the US ultra high net worth investor market, TIAA-CREF
Life Insurance Company (TIAA-CREF Life) has forged an exclusive
distribution agreement with M Financial Group.
Under the agreement,
TIAA-CREF Life, a unit of TIAA-CREF, will develop proprietary life
insurance products that will be sold exclusively through M
Financial.
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M Financial, which was formed
in 1978, terms itself a “collaborative network” of independent
insurance marketing, investment management and executive benefit
firms focused on “ultra-affluent individuals, corporate executives,
successful entrepreneurs and Fortune 1000 companies”.
M Financial currently has 130
member firms in 36 US states and Canada. The most recent product
sales figure reported by M Financial was $2bn in 2007.
TIAA-CREF – an anonym for the
Teachers Insurance and Annuity Association College Retirement
Equities Fund – is the leading provider of retirement products for
people working in the academic, research, medical and cultural
fields.
According to TIAA-CREF, it
serves 3.7m active and retired employees participating at more than
15,000 institutions and at the end of June 2011 had $469bn in
assets under management.
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