Renault’s Formula One team has lost its first sponsor following the fall-out of the “Crashgate” scandal which resulted in a two-year suspension for ordering one of its drivers to deliberately crash in last year’s Singapore Grand Prix.

Mutua Madrilena, one of Spain’s biggest insurance groups whose main business is auto insurance, said in a statement on Thursday that it had told the team it was unlilaterally terminating its contract with immediate effect.