< Previous78BEST’S REVIEW • AUGUST 2022 Industry Updates Lease Renewal Not Final, but Lloyd’s Expects to Remain at Lime Street Building The company says as it adapts to new structures and flexible ways of working, it will continue to think about the future requirements for the spaces and services its marketplace needs. L easing arrangements have yet to be finalized, but Lloyd’s said it plans to remain at its 1 Lime St. building in London. “We’re building the marketplace of the future, which means having both a fully integrated digital offering and a thriving physical space for our market to convene,” Lloyd’s said in an email. “While our workplace strategy and future leasing arrangements remain under consideration, our preference is to stay in the building if the right terms are agreed. We remain on course to confirm our plans later this year.” Lloyd’s earlier said it was considering options for its 1 Lime St. headquarters. “As we adapt to new structures and flexible ways of working, we are continuing to carefully think about the future requirements for the spaces and services our marketplace needs,” a Lloyd’s spokesperson said in an email. “Currently, like many other organizations, we are considering a range of options around our workspace strategy and the future leasing arrangements for Lloyd’s. We are aiming to share our plans during 2022.” In its annual report, Lloyd’s said the most significant of the leases it has is the 1986 (1 Lime St.) building. “There is an option to terminate the lease in 2026,” Lloyd’s said in the report. “There has been no management decision to exercise the break before the end of the lease in 2031.” BR —David Pilla Life/Health Insurers Rated A or Higher for 75 Years AMB#Company Name First Year Rated A or Better Since Consecutive Years Rated A or BetterRating 006508Guardian Life Ins Co of Amer1928194775A++ 006493Canada Life Assurance Company1928194577A+ 007101Sun Life Assur Co of Canada1928194677A+ 006087American National Insurance Co1928194182A 006724Minnesota Life Insurance Co1928194082A+ 006962Protective Life Insurance Co1928194082A+ 006664Lincoln National Life Ins Co1928194083A+ 006688Manufacturers Life Ins Co1928193983A+ 006695Massachusetts Mutual Life Ins1928193983A++ 006244Columbus Life Insurance Co1928193884A+ 006294COUNTRY Life Insurance Company1933193389A+ 006704Metropolitan Life Ins Co1928192894A+ 006820New York Life Insurance Co1928192894A++ 006845Northwestern Mutual Life Ins1928192894A++ 006974Prudential Ins Co of America1928192894A+ 007069Standard Insurance Company1928192894A 007243Western & Southern Life Ins Co1928192894A+ 006150Principal Life Insurance Co1928192895A+ 006903Penn Mutual Life Insurance Co1928192895A+ Source: AM Best data and research. Ratings as of May 9, 2022 Update The list of Life/Health Insurers Rated A or Higher for 75 Years that ran with “Standing the Test of Time – 2022 Edition” in the July issue of Best’s Review did not include all qualifying organizations. The updated list is published below.79BEST’S REVIEW • AUGUST 2022 AM Best Business Development RepresentativeMobile PhoneEmail AddressOfficeArea Covered RATING SERVICES Brad Mazur, Managing Director +1 (908) 268-0763brad.mazur@ambest.comUSA (NJ)BMU; CAN; CAR; USA & US Territories (PR & VI) Brendan Tyne, Associate Director +1 (908) 323-1412brendan.tyne@ambest.comUSA (NJ) BMU; CAN; CAR; USA & US Territories (PR & VI) Arthur Snyder IV, Senior Account Manager +1 (908) 894-8040arthur.snyderIV@ambest.comUSA (NJ)BMU; CAN; CAR; USA & US Territories (PR & VI) Daniel Giunta, Account Manager +1 (908) 455-6249daniel.giunta@ambest.comUSA (NJ)BMU; CAN; CAR; USA & US Territories (PR & VI) Nick Charteris-Black, Managing Director +44 20 7397 0284nick.charteris-black@ambest.comLondon EMEA Edem Kuenyehia, Director +44 20 7397 0280edem.kuenyehia@ambest.comLondonSub-Saharan Africa Riccardo Ciccozzi, Director +44 20 7397 0309riccardo.ciccozzi@ambest.comLondonSouthern Europe William Mills, Senior Director +44 20 7397 0323william.mills@ambest.comLondonNorthern Europe Róisín Gallagher, Associate Director +44 20 7397 0261roisin.gallagher@ambest.comLondonEurope Carlos De la Torre, Senior Director +52 55 7903 5420carlos.delatorre@ambest.comMexico City CAR & LATAM Scott Ryrie, Managing Director +65 9636 3678scott.ryrie@ambest.comSingapore AP; IN & US Territories (AS, GU & MP) Vasilis Katsipis, General Manager +971 4375 2782 vasilis.katsipis@ambest.comDubai MENA; South & Central Asia Learn about AM Best Rating Services: www.ambest.com/aboutratingservices INFORMATION SERVICES Learn about AM Best Information Services: www.ambest.com/aboutinformationservices Advertising Services Bryan Martyn, Director +44 7970 799332bryan.martyn@ambest.com London EMEA, AP & US Territories (AS, GU & MP) Aidan Porter, Senior Account Manager +44 7702 947679aidan.porter@ambest.comLondon UK Brian McGoldrick, Senior Account Manager +1 (908) 894-9552 brian.mcgoldrick@ambest.comUSA (IL) CAN (Western Provinces); LATAM; USA (Western Region) & US Territories (PR & VI) Learn about Advertising Services:www.ambest.com/aboutadvertising Professional Resource Services Doug Doremus, Associate Director +1 (908) 229-9965doug.doremus@ambest.comUSA (NJ)AP; BMU; CAN; CAR; EMEA; LATAM; USA & US Territories (AS, GU, MP, PR & VI) Lori Sadukas, Associate +1 (908) 255-8991lori.sadukas@ambest.comUSA (NJ)USA (Eastern Region) Learn about Professional Resource Services:www.ambest.com/aboutprofessionalresources Ratings, News & Data Analytic Services Maryrose Paar, Director +1 (908) 894-8039 maryrose.paar@ambest.comUSA (PA) BMU; CAN; CAR; LATAM; USA & US Territories (PR & VI) Kellie Bodmer, Senior Account Manager +1 (908) 328-6098 kellie.bodmer@ambest.comUSA (NJ) BMU & USA (NY) Jay Eihausen, Senior Account Manager +1 (908) 894-9587 jay.eihausen@ambest.comUSA (IL) USA (Mid-Western Region) Debbie Giordano, Account Manager +1 (908) 335-0938 debbie.giordano@ambest.comUSA (PA) USA (Mid-Atlantic Region) Danny Heffernan, Senior Account Manager +1 (908) 894-9560 christopher.heffernan@ambest.comUSA (GA) CAR; LATAM; USA (South Central Region) & US Territories (PR & VI) Sue Kjaer, Senior Account Manager +1 (908) 894-9557 sue.kjaer@ambest.comUSA (MA) USA (New England Region) Mark Kuhlman, Senior Account Manager +1 (908) 894-9561 mark.kuhlman@ambest.comUSA (TX) USA (Western Region & TX) Patrick McCahill, Account Manager +1 (908) 268-0765 patrick.mccahill@ambest.comUSA (NJ) USA (South Atlantic Region & NY) Maryrose Paar, Director +1 (908) 894-8039 maryrose.paar@ambest.comUSA (PA) USA (IL) Jennifer Rudy, Account Manager +1 (732) 266-8644 jennifer.rudy@ambest.comUSA (MI) CAN & USA (North Central Region) Brian Schlesinger, Associate Director +1 (908) 894-9586 brian.schlesinger@ambest.comUSA (NJ) BMU; CAR; LATAM; USA (Eastern Region) & US Territories (PR & VI) Bryan Martyn, Director +44 7970 799332bryan.martyn@ambest.com London EMEA; AP & US Territories (AS, GU & MP) Aidan Porter, Senior Account Manager +44 7702 947679aidan.porter@ambest.comLondon UK Darren Hewitt, Account Representative +44 20 7397 0303darren.hewitt@ambest.comLondon EMEA; AP & US Territories (AS, GU & MP) Learn about Ratings, News & Data Analytic Services:www.ambest.com/ratingsnewsdataanalytics Redistribution Services Bryan Martyn, Director +44 7970 799332bryan.martyn@ambest.com London EMEA; AP & US Territories (AS, GU & MP) James McMyne, Senior Account Manager +1 (908) 255-8764james.mcmyne@ambest.comUSA (NJ)BMU; CAN; CAR; LATAM; USA & US Territories (AS, GU, MP, PR & VI) Barry Finan, Account Manager +1 (908) 300-7343barry.finan@ambest.comUSA (NJ)BMU; CAN; CAR; LATAM; USA & US Territories (AS, GU, MP, PR & VI) Learn about Redistribution Services:www.ambest.com/aboutredistribution Regulatory Filing Application Services Learn about Regulatory Filing Application Services:www.ambest.com/aboutregulatoryfilingsoftware MASTHEAD Background illustrations on both mastheads are of HMS Victory. To learn more about The Nelson Collection at Lloyd’s, visit www.ambest.com/nelson. BACKSTAY80BEST’S REVIEW • AUGUST 2022 The Last Word I n the world of big college sports, things don’t always play out the way they’re supposed to. The star pitcher for your university’s baseball team can lock up a name, image and likeness (NIL) deal, and is suddenly benched after a few bad outings. “How do you insure that?” Stephens Insurance Senior Vice President and General Counsel Patrick McAlpine asked. The answer is different depending on the state, and it’s part of what former University of Kansas football player Pat Brown describes as “the wild, Wild West.” The rules are the result of O’Bannon v. NCAA, a 2009 lawsuit brought against the National Collegiate Athletic Association by former UCLA basketball player Ed O’Bannon, who sought compensation over the use of his NIL in a video game. His victory opened the door for other athletes to be compensated, and the NIL world exploded in 2021 with the emergence of collectives, groups of alumni and boosters who are not associated with the university who arrange NIL deals with athletes. “These bunch of individuals or these bunch of entities are just collectively working together, and there’s no real governing structure,” McAlpine said. “That makes it really hard to insure anything if there’s not an entity, a corporation, an LLC or something like that because underwriters are immediately going to have problems with an unincorporated group of people, especially doing something novel like this.” Brown, director of risk management & insurance and an investment adviser for Edmonds Duncan, said athletes have to be concerned about getting injured, and they also have to be aware that they may now be a target because of the money they make. “If an athlete gets into a scenario where he or she signs a contract, but then they don’t fulfill the obligation, is that company going to come after that athlete?” Brown said. “In this litigious society that we are in, I can certainly see something like that happening.” Another question concerns the issue of catastrophic injury coverage for athletes. The NCAA, which oversees the governance of college sports, has disability insurance in place for “exceptional student athletes” playing at member institutions who obtain pre-approved financing, according to the NCAA’s website. It protects them against future loss as a professional athlete, and is administered by three subsidiaries of Tokio Marine, HCC. Brown said he wonders if the emergence of NIL money will impact scholarship and Pell Grant money to the point where the student-athlete will be on their own to get insurance. Sean Clifford, a current Penn State University football player who founded Limitless NIL to help student athletes navigate their way through this new frontier, said there is currently no issue with the NCAA program. He can see the potential issues. In January, Stephens Insurance announced that it had reached an NIL deal with University of Arkansas linebacker Bumper Pool. “In Arkansas, our NIL law says that we actually have to continue payments for the contracted period, even if they don’t play, they get hurt or they leave the team,” McAlpine said. “You have to structure your contract to take into account for that, at some cost.” BR Insurance Coverage Questions Surround Emerging NIL Industry The name, image and likeness environment in college sports is compared to the wild, Wild West, and this includes the insurance aspect. by Anthony Bellano Anthony Bellano is an associate editor. 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