Allianz suspends sponsorship of Madrid's Festival de las Ideas

The Festival de las Ideas in Madrid has suspended its sponsorship agreement with the German insurance group Allianz. The decision follows threats of a boycott from more than 20 cultural and artistic figures, including Oscar-nominated director Rodrigo Sorogoyen, writer Zadie Smith, and singer Rodrigo Cuevas.

Protesters accused Allianz of being the “world’s largest buyer of Israeli state bonds” and a “fundamental financier” of the ongoing conflict in Gaza. The signatories demanded that the festival commit to refusing financial backing from companies that support the Israeli state’s actions in Palestinian territories.

Festival organizers stated the decision was made jointly with Allianz to ensure the event remains a space for the “free exchange of ideas” and open debate without external controversy. The organization noted that it will assume the resulting economic costs, as finding a replacement sponsor within 48 hours is considered difficult or impossible.