Toronto, Canada – The Farmers Insurance Group, a management and holding company, has agreed to back next week's event and has an option to extend its sponsorship beyond 2010.
"We couldn't be more pleased that Farmers Insurance has stepped forward to sponsor the tournament," PGA Tour commissioner Tim Finchem said in a statement.
The January 28-31 event is the fourth on the 2010 PGA Tour but will be the first to be broadcast on national network television. Offering an overall purse of $5.3 million, it traditionally attracts a strong field.
American world number two Phil Mickelson, a three-times champion at Torrey Pines who lives close to the course, will launch his 2010 campaign there.
Top-ranked Tiger Woods is a six-times winner of the event but is unlikely to make his traditional first appearance of the season there as he is taking an indefinite break from the game.
Woods, who has given no timetable for his likely return to competition, has been in hiding since admitting last month he had cheated on his wife.
(Writing by Mark Lamport-Stokes in Los Angeles, editing by Tony Jimenez)