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INDIANAPOLIS, Ind. – The Indianapolis 500 has a new sponsor.

Officials announced Thursday that Gainbridge, an online financial services platform, has reached a multiyear agreement as the presenting sponsor of the race. The agreement starts with this year’s 103rd Running.

Gov. Eric Holcomb, Hulman & Company President & CEO Mark Miles, Group1001 President & CEO Dan Towriss and IMS President J. Douglas Boles made the announcement from the Indianapolis Motor Speedway.

In addition to becoming the presenting sponsor, Gainbridge will also become the official annuity and life insurance partner of IndyCar, IMS and the Indy 500.

Miles called Gainbridge’s sponsorship “a perfect fit” for the 500 and the NTT IndyCar Series.

“We welcome Gainbridge to this new partnership with ‘The Greatest Spectacle in Racing,'” Miles said. “Gainbridge offers a bold, new way to steady growth, and we’re honored that the platform is being launched through this association with the Indianapolis 500 – an exciting global event with a rich history and a bright, dynamic future.”

Gainbridge is a member of Group One Thousand One (“Group1001”), a family of companies aimed at making accumulation and insurance products more intuitive. Other companies in the group include Delaware Life, Relay and Clear Spring.

The group’s corporate social programs have spanned 22 states and include public and private partnerships to revitalize youth sports in at-risk communities and create mentoring and education programs.

Gainbridge replaces PennGrade, which became the Indy 500’s first presenting sponsor in 2016 under a three-year contract that expired after the 2018 race.