We study classes of ultrafilters on $\omega$ defined by a natural property of the Loeb measure in the Nonstandard Universe corresponding to the ultrafilter. This class, the Property M ultrafilters, is shown to contain all ultrafilters built up by taking iterated products over collections of pairwise nonisomorphic selective ultrafilters. Results on Property M ultrafilters are applied to the construction of extensions of probability measures, and to the study of measurable reductions between ultrafilters.