Allstate Insurance Company (ALL) has signed-on as the title sponsor of RAM Racing’s Hot Chocolate 15K/5K Series; the company’s longest sustained commitment to endurance (or lifestyle) sports. The 2017-2018 Hot Chocolate Series makes stops in 17 U.S. cities (the ’18-’19 schedule is not yet finalized) and 3 locations abroad; with 15 of their 15K races, placing among the top 25 largest distance events of the year. RAM Racing, known as the leading endurance race producer, has had more than 1 million people run in their events since the company’s 2007 start (a single race in Chicago). Financial terms of the 3-year deal were not disclosed.
Howie Long-Short: Despite news that catastrophic loss is up 16% (to $2.64 billion) over the first 9 months of ’17 (from ’16 figures), ALL shareholders were likely pleased with the Q3 ’17 earnings report. The company reported earnings increased 24% YOY (to $587 million, $1.60/share) as total revenue grew 4.8% YOY (to $9.6 billion). Premium and contract charges (+4% YOY) and an increase in net investment income (+12.7% YOY) stoked the growth.
Fan Marino: Allstate may be new to endurance running, but the brand is synonymous with college football. ALL has been the title sponsor of the Sugar Bowl since 2003 and has its Good Hands logo on the field goal nets at 90 different collegiate stadiums. More fun facts: The “W” imprinted on Wilson tennis racket strings inspired the NFL to place the shield logo on nets at the 2002 Pro Bowl; the first time the league used the netting for branding purposes.