Travelers Extends Title Sponsorship of PGA TOUR Event Through 2030

Rhea-AI Summary

The Travelers Companies, Inc. (NYSE: TRV) has extended its title sponsorship of the Travelers Championship through 2030, making it the longest-running title sponsor in the event's history. Travelers has been a partner since 1952 and has contributed over $20 million to charity through the tournament. Enhancements made during its sponsorship include a new practice facility and annual purse increases, reaching $7.4 million in 2020. The 2021 Travelers Championship is scheduled for June 21-27, featuring top players like Dustin Johnson.

Positive

• Extension of title sponsorship until 2030 enhances brand visibility.
• Over $20 million generated for nearly 800 nonprofits since title sponsorship began.
• Significant improvements made to TPC River Highlands, enhancing the tournament experience.
• Annual purse has increased by $200,000 for six consecutive years, indicating growing tournament popularity.

Negative

• None.

The Travelers Companies, Inc. (NYSE: TRV) and the PGA TOUR today announced that they have reached an agreement to extend Travelers’ title sponsorship of the Travelers Championship through 2030. The company has been a partner of the tournament since its inception in 1952 and has served as title sponsor since 2007. This agreement will make Travelers the longest-running title sponsor in the event’s history.

As part of the sponsorship extension, Travelers will remain the Official Property Casualty Insurance Provider of the PGA TOUR, PGA TOUR Champions and Korn Ferry Tour.

“So many historic and exciting moments in golf have happened at the Travelers Championship over the years, but it’s the amazing moments that are made off the course that capture the real value of our hometown tournament,” said Alan Schnitzer, Chairman and Chief Executive Officer at Travelers. “As a company rooted in taking care of its customers and communities, the charitable mission of the Travelers Championship reflects who we are as an organization. This tournament is important to so many people across the region – both as an economic driver for the state and as a funding source for hundreds of charities – and we are proud to continue its legacy for years to come.”

Since Travelers became title sponsor, the tournament has generated more than $20 million for nearly 800 nonprofits. All net proceeds from the Travelers Championship go to charity, and the funds raised each year have increased substantially, from $650,000 in 2007 to $2.1 million in 2019. The 2020 Travelers Championship, held as a TV-only event due to COVID-19 restrictions, generated more than $1.6 million.

“The Travelers Championship has established itself as a premier PGA TOUR event, thanks to the inspirational leadership provided by Travelers, the dedication of thousands of volunteers and the passionate fans who watch or attend every year,” said PGA TOUR Commissioner Jay Monahan. “Connecticut and the PGA TOUR are fortunate to have a company like Travelers that helps deliver an outstanding experience every year for our players, for golf fans and for local nonprofits. We are extremely excited about the future of the Travelers Championship.”

The tournament has been recognized with 15 “Best Of” awards from the PGA TOUR over the past several years, including Tournament of the Year in 2017, Players Choice in 2017 and 2018, and Most Fan Friendly Event in 2010, 2012 and 2017.

“The Travelers Championship wouldn’t be possible without the overwhelming support we receive from people across the state and the thousands of volunteers who help each year,” said Andy Bessette, Executive Vice President and Chief Administrative Officer at Travelers. “The event may be branded with our company name, but this is really Connecticut’s tournament. Together, we have made it one of the best stops on the PGA TOUR for players and fans.”

With Travelers as title sponsor, many significant enhancements have been made at TPC River Highlands, including the addition of a 23-acre practice facility, a multimillion-dollar course improvement project and a 40,000-square-foot clubhouse, which opened prior to the 2019 Travelers Championship. The tournament purse has also increased by $200,000 annually for six straight years, reaching $7.4 million in 2020.

“We have amazing fan support and an incredible title sponsor that works hard to make our event bigger and better year after year,” said Nathan Grube, Travelers Championship Tournament Director. “We have achieved tremendous success working with Travelers and the PGA TOUR, and we couldn’t be more grateful for their partnership. I know the best is yet to come, thanks to them, as well as all our major sponsors and supporters across the state.”

Schnitzer concluded, “We are grateful to the PGA TOUR for its partnership, and we appreciate the support of the TOUR players, Connecticut Governor Ned Lamont, Nathan Grube and his team, our employees, the volunteers and the fans for helping us make this world-class event possible.”

The 2021 Travelers Championship will be held June 21-27 and will feature many of the game’s top players, including the defending champion, reigning FedExCup champion and current top-ranked player in the world, Dustin Johnson. The first and second rounds, as well as early coverage of the final two rounds, will be broadcast live on Golf Channel, and the third and fourth rounds will be broadcast live on CBS.

For more information, visit TravelersChampionship.com.

About PGA TOUR

By showcasing golf’s greatest players, the PGA TOUR engages, inspires and positively impacts our fans, partners and communities worldwide.

The PGA TOUR, headquartered in Ponte Vedra Beach, Florida, co-sanctions tournaments on the PGA TOUR, PGA TOUR Champions, Korn Ferry Tour, PGA TOUR Latinoamérica, Mackenzie Tour-PGA TOUR Canada and PGA TOUR Series-China. Members on the PGA TOUR represent the world’s best players, hailing from 29 countries and territories (94 members are from outside the United States). Worldwide, PGA TOUR tournaments are broadcast to 216 countries and territories in 28 languages. Virtually all tournaments are organized as non-profit organizations to maximize charitable giving, and to date, tournaments across all Tours have generated more than $3.2 billion.

Fans can follow the PGA TOUR on PGATOUR.COM, the No. 1 site in golf, on the PGA TOUR app and on social media channels, including Facebook, Instagram (in English, Spanish and Korean), LinkedIn, Twitter, WeChat, Weibo, Toutiao and Douyin.

About the Travelers Championship

The Travelers Championship, held in Cromwell, Connecticut, is one of the premier events on the PGA TOUR and part of the FedExCup series. The tournament proudly supports the TOUR’s Tradition of Giving Back by donating 100% of net proceeds to charities. Travelers, a leading provider of property and casualty insurance for auto, home and business, is the Official Property Casualty Insurance Provider of the PGA TOUR. The company became the tournament’s title sponsor in 2007. Travelers has been doing business in the Hartford community for more than 160 years and has been a corporate sponsor of this event each year since its inception in 1952. Complete details are available at TravelersChampionship.com.

About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $32 billion in 2020. For more information, visit Travelers.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210329005649/en/

FAQ

What is the significance of Travelers extending its sponsorship of the Travelers Championship?

The extension solidifies Travelers' role as the longest-running title sponsor, enhancing brand visibility and community engagement.

How much charity funding has the Travelers Championship generated?

The tournament has raised over $20 million for nearly 800 nonprofits since Travelers became the title sponsor.

When will the 2021 Travelers Championship take place?

The 2021 Travelers Championship is scheduled for June 21-27.

What notable improvements have been made to TPC River Highlands during Travelers' sponsorship?

Improvements include a new 23-acre practice facility and a multimillion-dollar clubhouse renovation.

Who are some of the top players expected to compete in the 2021 Travelers Championship?

Defending champion Dustin Johnson and many other top players will participate in the event.