Farmers Insurance opts not to renew PGA Tour event sponsorship at Torrey Pines beyond 2026 - Reports

Farmers Insurance has had a long relationship with professional golf through various sponsorship initiatives. However, this period appears to be coming to an end based on the company's latest decisions.

Sports Business Journal reported on Thursday, January 11, that Farmers Insurance announced its intention to not renew its contract as name sponsor of the event originally known as the San Diego Open, held each year at Torrey Pines.

The current contract between Farmers Insurance and the PGA Tour expires in 2026. Upon expiration, the tournament will change its name for the first time in 17 editions.

Farmers Insurance also recently opted not to renew its sponsorship contract with Rickie Fowler. Fowler was quoted as saying (via Sports Business Journal):

“[I] loved doing the fun commercials with them over the years, it was a great partnership, and it was their decision to scale back.”

Farmers Insurance also sponsors an APGA Tour event also held at the Torrey Pines course. So far, there is no information on the fate of that tournament.

This is the second major sponsor to announce the end of its relationship with the PGA Tour in the last four weeks. In early December, Wells Fargo announced that it would not renew its contract as the name sponsor of the Quail Hollow event after the 2024 edition.

Farmers Insurance is a financial services company that was founded in 1928. According to data from 2019, the company employed more than 12,000 people and had a total equity of $4.1 billion.

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The San Diego Open under Farmers Insurance sponsorship

Farmers Insurance began its name sponsorship of the San Diego Open in 2010. Over the 14 editions held since then, the event has grown exponentially.

The tournament purse grew from $5.3 million in 2010 to $6 million in 2013, $7.1 million in 2019, and $8.7 million in 2023. The 2024 edition will reportedly have a $9 million purse.

The winner's share has increased accordingly. Ben Crane took home $954,000 when he won in 2010, while Max Homa collected $1.57 million for his win in 2023.

This had a direct impact on attracting top players to the event. During the current name sponsor period, stars such as Bubba Watson, Tiger Woods, Jason Day, and Jon Rahm have played and won there.

Other renowned players have also given prestige to the event although they have not been able to win since 2010 to date. Among them are Xander Schauffele, Viktor Hovland, Adam Scott, and Tony Finau.

The event was founded in 1952 under the name of San Diego Open. In 1968 it began to be played at Torrey Pines Golf Course. Tiger Woods is the top winner of the event with seven wins to his name.

Woods and George Burns share the lowest score record of the tournament (22-under 266). Burns achieved it in 1987 and Woods equaled it in 1999. The largest margin of victory also belongs to Woods when he won by eight strokes in 2008.