Google Partners With Allianz, Munich Re For Cloud User Insurance: Reuters

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.