NU Online News Service, Nov. 21, 11:00 a.m. EST – MetLife Inc., New York, says it will buy TIAA-CREF’s long term care insurance business. The transaction is expected to close in 2004, subject to regulatory approval.
The decision to sell has to do with the competitive environment, says TIAA-CREF spokeswoman Stephanie Cohen Glass.
“There are nearly 100 carriers that offer LTC products, but the top 10 have more than 85% of the new premium business, and there’s been a lot of consolidation in the business.
“Size and efficiency have emerged as competitive differentiators. We didn’t feel we could be competitive, and it was better to exit now than to continue to operate in that environment.”