What is the company behind the name?
Gainbridge is the latest name to honor the home of the Indiana Pacers and Fever.
First known as Conseco Fieldhouse, and more recently as Bankers Life, the Indianapolis-based Gainbridge company took the naming rights to the basketball, concerts and events venue, have officials announced Monday.
What is Gainbridge and what do they do? Here’s what you need to know.
What is Gainbridge?
The online platform offers financial products and services, including annuities, to help people grow their savings and find retirement solutions.
Annuities serve as a long-term contract between individuals and insurance companies. You can buy an annuity, either through a lump sum or through a series of payments, according to the United States Securities and Exchange Commission. In return, the insurer pays you regular payments, which may depend on your interest rate and your initial investment.
Gainbridge offers a guaranteed multi-year annuity (MYGA) and an immediate single premium annuity (SPIA). The âmulti-yearâ annuity is described as an annuity that accumulates interest at a guaranteed rate, while the âsingle premiumâ annuity converts your initial investment in a stream of fixed monthly payments. The investment period for both can range from 3 to 10 years.
Gainbridge’s parent company, Group 1001, is an Indiana-based insurance holding company, providing services such as life and health insurance. Group 1001 has combined assets under management of approximately $ 44 billion as of June and is led by President and CEO Dan Towriss, who is a Ball State University alumnus.
The 1001 Group employs nearly 800 people nationwide, including approximately 200 in Indianapolis.
Where have I heard this name before?
Gainbridge has been the main sponsor of the Indianapolis 500, since they entered into a 4-year agreement with IndyCar and the Indianapolis Motor Speedway in 2019.
Group 1001 entered the Indianapolis racing world after sponsoring former Andretti Autosport driver Zach Veach in 2017. Years later the company grew to leave an even bigger mark and replace PennGrade as as title sponsor of the world’s greatest racing show.
Now that Veach has parted ways with Andretti Autosport, Gainbridge is the main sponsor of the # 26 Honda Andretti Autosport driven by Colton Herta.
Gainbridge is also the sponsor of the Scheumann Indoor Family Practice Facility at Ball State.
What do the Pacers think of the new partnership with Gainbridge?
âOur organizations share a vision to engage new generations of consumers, strengthen our city and state economies, and invest in our community with intention,â said Rick Fuson, President and COO of Pacers Sports & Entertainment, in a press release.
The new name comes two years after the expiration of Bankers Life’s naming agreement after a 20-year partnership between CNO Financial Group and PS&E.
Following:Bankers Life Fieldhouse should have changed its name 2 years ago. Here’s why it didn’t.
Following:‘One Last Show’: Indianapolis Bade Farewell to Iconic Market Square Arena 20 Years Ago
CNO Financial Group has partnered with the Pacers since the arena opened in 1999. Prior to that, the Pacers played at the former Market Square Arena, which was destroyed in a deliberate implosion in 2001.
IndyStar’s Dana Benbow and Jim Ayello contributed to this report.