TIAA-CREF, the financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields, today announced the appointment of Bret L. Benham as President and CEO of TIAA-CREF Life Insurance Company.
In this capacity, Benham will have overall responsibility for the administration, product development, systems, and finance functions for TIAA-CREF Life's insurance and individual annuity products. These include term, universal, survivorship universal, variable universal, and survivorship variable universal life insurance as well as individual fixed, variable, deferred and immediate annuities.
"Bret is an experienced insurance veteran who will enable TIAA-CREF to continue to offer high quality, low-cost life insurance products as we enhance our offerings to meet our clients evolving needs," said Fran Nolan, Executive Vice President of individual client services.
Benham, who joined TIAA-CREF in 2004, is a TIAA-CREF Senior Vice President for insurance and financial protection products. As the President and CEO of TIAA-CREF Life Insurance Company, Benham takes the title formerly held by Bertram L. Scott, who is now serving as TIAA-CREF Executive Vice President for Strategy, Implementation and Policy.
Prior to joining TIAA-CREF, Benham, who is based in Charlotte, NC, was the Senior Vice President of Life Insurance with Fidelity Investments in Boston, MA, where he had responsibility for life insurance operations and led the firm's entrance into the Variable Universal Life marketplace. Prior to Fidelity, Benham served as a Senior Vice President and CMO of Kansas City Life and Sunset Financial Services. He also held positions at Tillinghast, a Towers Perrin company and The Principal Financial Group.
TIAA has been issuing life insurance since 1919 and has offered its insurance products to the general public through the TIAA-CREF Life Insurance Company since 1999. TIAA-CREF Life's line of insurance products helps client's meet their need for income protection, wealth protection and accumulation, estate planning, charitable giving, supplemental retirement plans, business continuity plans and executive compensation.
TIAA, a stock life insurance company, along with its subsidiary TIAA-CREF Life Insurance Company, is one of just two life insurance company groups to receive the highest credit ratings from all four major rating agencies. This is particularly notable given that a study of financial advisors conducted last August found that the financial rating of an insurer was the number one consideration by advisers in recommending specific insurance products to clients. According to the "Use of Insurance Products in Financial Plans" study conducted by Investment News, 53% of advisers placed the most weight on the financial health of the insurer in deciding which plans to recommend. Another major consideration was price, which is in line with the TIAA-CREF group of companies' commitment to offering products with among the lowest fees in the industry.
About TIAA-CREF
TIAA-CREF is a national financial services organization with more than $380 billion in combined assets under management (3/31/06) and the leading provider of retirement services in the academic, research, medical and cultural fields. In 1999, TIAA-CREF Life Insurance Company began operations, making life insurance and annuity products available to a broader clientele, including the general public. Further information can be found at http://www.tiaa-cref.org.
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© 2008 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
