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Mapfre enters F1 sponsorship market with Renault

Spanish insurance group Mapfre has agreed a deal to sponsor French Formula One motor-racing team Renault.

As an official sponsor of Renault during the 2017 season, Mapfre’s branding will appear on the nose and wings of the team’s cars.

The company’s logo will also feature on the racesuit and helmet of Renault’s British driver, Jolyon Palmer.

The agreement marks Mapfre’s first move into F1 sponsorship. The company also serves as the main sponsor of a self-titled team in the Volvo Ocean Race sailing event.

“The team has big growth plans for the coming years, which is a reflection of our strategy as a company,” Ignacio Baeza, vice-chairman of Mapfre, said. “This sponsorship will allow us to further promote the Mapfre brand and its values worldwide.”