Alphabet (Google) returns for second cat bond to top up quake cover

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Alphabet, Inc., the holding company for tech giant Google and its units, has returned to the catastrophe bond market in very quick succession to add a second $95 million Phoenician Re Ltd. (Series 2020-2) transaction, clearly pleased with the pricing and execution of its first.

Alphabet had only priced its first catastrophe bond issuance, the Phoenician Re Ltd. (Series 2020-1)  transaction in the last week, securing the targeted $237.5 million of California earthquake insurance protection it had sought at targeted pricing.

That first cat bond settles early next week, but we understand that Alphabet and its Google operations are so satisfied with the process of securing insurance coverage from the capital markets through a catastrophe bond that they have come back for more.

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