The Renault F1 Team has announced the conclusion of a long-term sponsorship agreement with Mutua Madrileña, the Spanish leader in the insurance market. The agreement, signed today at the Teams headquarters in Enstone, UK, by Renault F1 Team Managing Director Flavio Briatore and the Chairman of the Spanish company, José María Ramírez Pomatta, will see Mutua become a Partner of the team.

The agreement represents Mutua Madrileña's first foray into sports sponsorship, and will seek to consolidate and strengthen the Mutua brand through exposure in the high-visibility and prestigious discipline of Formula 1. Mutua Madrileña («MM») branding will feature on the R25 race cars, driver suits and team clothing, and make its debut at next month's Spanish Grand Prix, coinciding with the launch of the company's new corporate image.

Mutua Madrileña Chairman José Mª Ramírez Pomatta commented: "Alliances with major companies represent an important part of our strategy, and we are delighted to become a Partner of the Renault F1 Team. The Renault F1 Team is setting the standard in its field, just like Mutua Madrileña, and both companies share values of leadership, efficiency and determination."

Renault F1 Team Managing Director Flavio Briatore continued: "We would like to extend a warm welcome to Mutua Madrileña both to the Renault F1 Team, and also to Formula 1. We are proud to welcome a new Spanish partner to the team, and to further consolidate our international portfolio of sponsors. This new agreement is proof that our team is in excellent health, and that our commercial performance is in line with our excellent on-track results. We look forward to a successful partnership with Mutua in the seasons to come."