North America’s Major League Baseball (MLB) has announced a new multi-year partnership with life insurance firm New York Life covering both professional and youth baseball.

New York Life, which will serve as the MLB’s official financial guidance partner, also partners with youth baseball nonprofit Little League International as an official partner of its Little League and Little League World Series competitions, as well as a presenting sponsor of the Little League Classic.

The insurer will also serve as the presenting sponsor of the MLB’s National First Game Certificate Program, which honors the first games attended by young fans, as well as the MLB at Rickwood Field event which is a celebration of the history of black baseball.

New York Life chief marketing officer Amy Hu said: “Through this partnership, we are continuing to support our agents’ efforts to build relationships with clients across the country.

“We’re excited by the opportunity to foster regular digital, stadium, and in-person connections that resonate with our key client segments.”

The announcement of this latest partnership for the MLB follows its commissioner, Rob Manfred, revealing that he will retire when his current term ends in January 2029.

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Manfred has been commissioner of the 30-team MLB since January 2015 after taking over from Bud Selig, who spent 18 years in the role. He has served two five-year terms and the team owners voted to grant him a third term in July.

Before that, he was MLB’s chief operating officer under Selig and spearheaded labor relations and collective bargaining agreements with the MLB Players Association.

Speaking at a spring training news conference, Manfred confirmed the move. He will be 70 years old and will have been commissioner for 14 years by the end of the current term.

He said: “You can only have so much fun in one lifetime. I have been open with them (the owners) about the fact that this is going to be my last term.