Google and its holding company parent Alphabet, Inc. have now successfully secured $275.5 million of California earthquake risk protection from their new catastrophe bond, the Phoenician Re Ltd. (Series 2021-1) issuance.
It’s fallen a little short of the revised top-end target of $285 million, but with pricing at a much lower multiple than Google’s previous catastrophe bond issues.
Google’s parent company Alphabet came back to the catastrophe bond market around mid-November 2021, with the tech giant looking to add another $250 million or more in California earthquake risk protection to its insurance arrangements, through the tapping of insurance-linked securities (ILS) investors.
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