The U.S. Olympic Committee and Allstate Insurance reached an agreement to extend the insurance company’s sponsorship of the organization through 2012.

Allstate’s agreement is valued in the $10 million to $12 million range over four years. Terms of the deal see Allstate become the official life insurance company of the USOC in addition to retaining its designation as the organization’s official auto and home insurance company.

Allstate also will continue to be the presenting sponsor of the U.S. Olympic Hall of Fame induction ceremony. The most recent edition of that ceremony aired on NBC on Aug. 3.

“When you start to build something, you start to see the residual benefit,” USOC CMO Rick Burton said of Allstate’s work on the Hall of Fame. “They’ve been great in helping to build that property, which has been a great benefit to all our athletes.”

The renewal with Allstate, which was negotiated by the USOC’s Chester Wheeler and IMG’s Mike Murray, is the second renewal the USOC announced this week and the third this month. The company joins Nike, Hilton Hotels, Anheuser-Busch and 24 Hour Fitness in extending its partnership with the USOC through 2012.

The USOC still has partner-level renewals to negotiate with Bank of America, Home Depot and AT&T before the end of the year, and supplier-level deals with Kellogg’s and United Airlines.