British Fencing has confirmed that it has secured a sponsorship deal with specialist Lloyd's insurer Beazley, which will be worth £1m over the next five years.

The agreement will increase the national governing body's current funding levels by a third, while also boosting Great Britain's medal prospects at the 2012 Olympics and Paralympics. Investment will be allocated to the GB fencing teams; the British Fencing National Academy; driving up grassroots participation; and British Fencing-run events, as well as marketing.