Announcements linking insurance organizations with National Football League franchises this week, paired fintech Acrisure with the Pittsburgh Steelers, and InsurTech Root with the Denver Broncos and Cleveland Browns.
Acrisure Buys Naming Rights of Pittsburgh Steelers Home Field
Grand Rapids, Mich.-based fintech Acrisure has purchased the naming rights of the Pittsburgh Steelers’ home field, which will be known as Acrisure Stadium.
No financial terms for the 15-year deal were announced. Acrisure will take over the name rights immediately.
“The Pittsburgh Steelers are an institution in American sports and a globally recognized brand. Partnering with the Steelers is the opportunity of a lifetime and a tremendous honor,” said a statement from Greg Williams, co-founder and CEO of Acrisure, which operates a top 10 insurance broker. “Through Acrisure Stadium, we will increase awareness of the extraordinary advantage Acrisure brings our clients while conveying our strong sense of community. Relatedly, we are eager to invest in the Pittsburgh community and broader region as we chart our course to an unforgettable first season. This relationship truly embodies and aligns two organizations that have high standards and are determined to achieve great things.”
The stadium had been called Heinz Field since it opened in 2001. Kraft Heinz paid $57 million in a 20-year deal, which was extended through 2021. The company said in a statement that it worked on a new deal but the Steelers “found a new partner willing to pay significantly more than we could justify.”
Kraft Heinz will remain a sponsor of the Steelers, it said.
Acrisure has grown from $38 million in revenue to more than $3.8 billion while rapidly expanding its global footprint in just over eight years.
The Steelers’ stadium is about 420 miles from Acrisure’s home base and farther than NFL cities Chicago, Indianapolis, Cincinnati, Detroit, and Cleveland. However, according to a statement, Williams is a lifelong Steelers fan. Additionally, Steelers minority owner Thomas Tull, is CEO of Tulco, an artificial intelligence company that was acquired by Acrisure two years ago.
“We are excited to partner with Acrisure for the naming rights to our stadium,” said Steelers President Art Rooney II, in a statement. “Acrisure provided us with an opportunity to ensure our stadium continues to be a valuable asset for our fans as well as keeping up with the market value of NFL stadiums. We are very appreciative to partner with Greg Williams and his company, and we look forward to a long, beneficial relationship for years to come.”
(Photo: Steelers.com; Reported by Insurance Journal’s Chad Hemenway)
Root, Inc. Announces 3 Professional Sports Team Partnerships
The parent company of Root Insurance announced that Root, Inc. is now the official insurance partner of the NFL’s Denver Broncos and the Cleveland Browns.
In addition, Root is a sponsor to the baseball’s Colorado Rockies. Root’s name, logo, and advertisements will be integrated into the teams’ media, game-day graphics, and sponsored content.
“We’re very excited and proud to be stepping deeper into the sports marketing world. These partnerships allow us to connect directly with our key audiences in important markets,” said B.C. Silver, Root’s Chief Marketing Officer.
These new sports sponsorships are in addition to the partnership with NASCAR team 23XI and driver Bubba Wallace. Root has sponsored 23XI since 2021.
“As we look to increase awareness of the Root brand in these markets, we believe these teams allow us great reach and connectivity with their loyal customer base, Silver said.