The PGA Tour and Travelers have extended the insurance company's title sponsorship by 10 years, securing the Travelers Championship in Cromwell, Conn., until 2024.
"The 10-year commitment shows the business community has a strong and positive view of the future of the game and the future of the sport, and that says a lot about the marketplace," PGA Commissioner Tim Finchem told CNBC's "Squawk on the Street."
The sponsorship matches the AT&T Pebble Beach Pro-Am as the longest title sponsor commitment for the PGA Tour.
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The deal announced Thursday also extends the marketing relationship between the Travelers and the PGA Tour until 2018, making Travelers the "Official Property Casualty Insurance Provider" of the PGA Tour and Champions tour.
Travelers is one of five hometown title sponsors of the PGA Tour and has earned recognition by the tour as the "Most Fan-Friendly Event." The insurance company became the title sponsor in 2007 and in that time the event has become an important moneymaker for both Connecticut and charities.
"There is no constituency here that doesn't thrive from it," said Jay Fishman, chairman & CEO of Hartford-based Travelers.
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Fishman said the event has a $28 million positive economic impact on Connecticut annually.
"The event works for us because we are a hometown company," said Fishman.
According to the PGA Tour, more than 500 charities have benefitted from the Travelers Championship since 2007, with more than $7 million made in donations to local charities like Paul Newman's Hole in the Wall Gang Camp, a summer camp for children dealing with life-threatening illnesses. The camp is one of the top beneficiaries of the 2013 Travelers Championship, receiving more than $1.25 million.
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"It's good for golf, it's good for the community and good for the charities we support," said Fishman.
This year's tournament will take place June 16-22 at the TPC River Highlands.
—By CNBC's Jessica Golden.