Google’s holding company parent Alphabet, Inc. has returned to the catastrophe bond market for the third time, as it seeks to add another $250 million or more of California earthquake risk protection to its insurance arrangements with the help of insurance-linked securities (ILS) investors in a Phoenician Re Ltd. (Series 2021-1) issuance.

This is going to be the third issuance of a series of catastrophe bond notes with Alphabet Inc. as the sponsor, as it looks to protect its assets, physical property and people, against earthquake risks in California.

The first Google catastrophe bond issuance, the Phoenician Re Ltd. (Series 2020-1)  transaction in early December 2020, secured the company $237.5 million of California earthquake insurance protection.

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