August 25, 2008 issue of Business Insurance reports on page 23 in an article titled Speedo covers Phelps, but not with insurance for the 2008 Games.
Unlike the 2004 Olympics, when Speedo paid a premium of about $300,000 to cover its $1 million bonus. There were no takers for the 2008 Games.
The article reported it was "the happiest check that Speedo will ever write." It was clearly a wonderful 2008 Olympics fueled by the accomplishments of Michael Phelps in winning eight gold medals.