- Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) partnered with European financial services company Allianz SE (OTC: ALIZY) (OTC: ALIZF) and European insurance company Munich Re to insure its cloud users, Reuters reports.
- The partnership enables data access to the insurers to check control compliance at client firms leading to better risk pricing.
- The U.S.-based companies with annual revenue between $500 million and $5 billion are the preliminary targeted customers. However, in the future, there would be more flexibility towards expanded offerings.
- The insurers intend to cover up to $50 million in potential losses.
- The insurers will stretch coverage of lost revenue for up to a year, from a maximum of six months previously.
- Price action: GOOGL shares are up 0.08% at $2,085, and ALIZY shares are up 1.58% at $24.76 on the last check Tuesday.
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