The International Olympic Committee (IOC) has confirmed the addition of German insurance giant Allianz to its Worldwide Olympic Partner (TOP) sponsorship programme.
The eight-year deal, which will be activated in 2021 and run through to 2028, will see Allianz work with the IOC to provide insurance solutions that will support the organising committees of the Olympic Games, as well as National Olympic Committees and their teams and athletes around the world.
Financial terms of the tie-up, which was first reported last week, were not confirmed, but the IOC was thought to be seeking US$200 million per quadrennial, or US$50 million per year, for inclusion in its premium sponsorship category.
“This new partnership demonstrates the global appeal and strength of the Olympic Movement, and we are delighted to be working together in the long term with Allianz to support sport around the world,” said IOC president Thomas Bach.
“Allianz has built a global business founded on trust. With this partnership, together we are building a foundation based on mutual trust. Allianz also has a strong sporting heritage and, in line with the Olympic Agenda 2020, we share a digital ambition of connecting with young people around the world to promote the Olympic values and the power of sport.”
The sponsorship period will cover four editions of the Games, including the Winter Olympics in Beijing in 2022 and the next edition in 2026, along with the summer Games in Paris in 2024 and Los Angeles in 2028.
The agreement also extends Allianz’s commitment to the International Paralympic Committee (IPC), building on a relationship that first began in 2006. From 2021, a new marketing plan will see the IOC combine and jointly manage international rights to both the Olympic and Paralympic Games, meaning top-tier partners of the Olympics will automatically receive global rights to the Paralympics.
“I am thrilled that we are joining a global community of athletes and people enthusiastic about sport and team work – in addition to our existing strong partnership with the International Paralympic Committee,” added Allianz chief executive Oliver Bäte.
“Through the IOC’s digital and social channels, we can connect with more people than ever before and offer them our expertise in insurance. We believe the world is a better place when people have the courage to leave differences behind and stand together to achieve better outcomes for themselves and for the societies they live in.”