Hanover Insurance prices $500 million notes offering with 5.50% coupon
By Ashish Tiwari
Aug 20 - (The Insurer) - The Hanover Insurance Group on Tuesday said it has priced a $500 million offering of senior unsecured notes due September 1, 2035, carrying a coupon of 5.50%.
The Massachusetts-based P&C insurer said it plans to use net proceeds to repay its outstanding 7.625% senior notes due October 2025 and repay or redeem its 4.500% senior notes due April 2026, and for general corporate purposes.
The offering is scheduled to close on or around August 21, subject to customary conditions. Goldman Sachs, JP Morgan Securities and Morgan Stanley are acting as joint book-running managers.
Several U.S. insurers have offered notes in recent months as companies look to refinance debt ahead of maturities.
Chubb's subsidiary Chubb INA Holdings, earlier this month, priced a public offering of $1.25 billion at a coupon rate of 4.90% senior notes due 2035. In May, Bermuda-based carrier Ascot said it would raise $350 million through senior notes offering.
Hanover had reported earnings beat for the second quarter of 2025, with its combined ratio improving by 6.7 percentage points from the prior-year quarter to 92.5%.
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