European financial services firm Allianz has reportedly signed a multi-year deal to become a TOP sponsor of the International Olympic Committee (IOC).
According to media reports, the eight-year deal will start in 2021 and will run until the end of the Los Angeles games in 2028.
The IOC is believed to be seeking around $200m (€172m) per quadrennial, or $50m per year, for the sponsorship.
The deal is yet to be confirmed, but media reports indicate an official announcement will be made soon.
Once confirmed, Allianz will become the IOC’s first insurance partner since Boston-based John Hancock chose not to renew in 2008.
John Hancock held the life insurance category globally and was the IOC’s exclusive investment advisory partner in the US.
Allianz will also become a global partner of the International Paralympic Committee (IPC) as part of IOC’s new host city contract for 2026, where it will take over management of the IPC’s rights in 2021.