Sep.14 (GMM) Mercedes GP looks set to secure another sponsor.

The German source sponsors.de reports that Allianz, the Munich based global insurance group, will soon be added to the livery of the Silver Arrows.

Previously, the company invested about EUR 10 million in formula one through its trackside sponsorship programme, in addition to a 750,000 sponsor deal with Williams.

But the new partnership between Allianz and Mercedes in formula one makes sense, given the strategic agreement signed with the German carmaker's parent Daimler earlier this year.

"Daimler has been working together with Allianz for more than 80 years now," the chairman of Daimler Insurance Services said in February.

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