Benzinga | Mar 2, 2021 09:59AM EST

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.