SOUTHAMPTON-based insurance giant Skandia has extended its sponsorship of Cowes Week until 2008.

The lucrative deal was announced at a ceremony commemorating the company's tenth anniversary of backing the prestigious regatta.

Skandia group marketing director Andrew Oszmann and Cowes Week Sponsorship Ltd chairman Dick Bradbeer signed the contract sealing the deal yesterday.

This year's regatta, which runs until Sunday, has seen the biggest entry for a non-Fastnet year, with 980 boats entered. More than 8,000 crew are participating in the world's biggest international sailing regatta.

When Skandia first became title sponsors, 750 yachts took part in the event. Since then, the regatta has gone from strength to strength.

As well as providing the all-important cash, Skandia's support has been instrumental in developing Cowes Week into its highly successful format.

Stuart Quarrie, chief executive of Cowes Week Sponsorship Ltd, said: "The extension of Skandia's commitment to the event is fantastic news for everyone involved.

"From the strategic planning viewpoint it enables us to have a solid platform from which to further develop and enhance the event to everyone's benefit.

"Skandia shares our vision and objectives to allow Skandia Cowes Week to be as inclusive as possible for the thousands of sailors competing each year. As well as the tens of thousands of visitors who come to spectate.

"Together we will ensure that both the racing and the on-shore activities continue to attract a wide audience and provide all involved with a rewarding and memorable experience."

The flourishing sporting event has helped Skandia achieve record business growth over the past five years.

The company hopes its support of sailing will help the sport continue to grow.

Mr Oszmann said: "Skandia's aim is to make sailing more accessible to more people."

Research carried out by the international long-term savings company has shown that sailing is no longer a sport seen for the rich and famousbut is now attracting a much younger audience.

Findings showed the majority of sailors participating in Cowes Week 2003 were young men aged between 25 and 29 and earning less than £25,000 a year.

Cowes Week first took place in 1826 and has been held every August since, apart from the years during the two world wars.

This year saw the regatta delayed by a week owing to heavier than usual spring tides.

For more on Skandia Cowes Week go to the SPORT section of 'This is Southampton' and click the SAILING link.