v3.25.1
Debt Obligations
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS
12. DEBT OBLIGATIONS
We utilize debt financing and credit facilities primarily for funding acquisitions and significant new business, investment activities and, from time to time, for general corporate purposes.
Our debt obligations were as follows:
March 31, 2025December 31, 2024
FacilityOriginationTermPrincipal(Unamortized Cost) / Fair Value AdjustmentsCarrying Value(Unamortized Cost) / Fair Value AdjustmentsCarrying Value
(in millions of U.S. dollars)
4.95% Senior Notes due 2029
May 201910 years$500 $(3)$497 $(3)$497 
3.10% Senior Notes due 2031
August 202110 years500 (4)496 (4)496 
Total Senior Notes993 993 
5.75% Junior Subordinated Notes due 2040 (1)
August 202020 years117 (1)116 (4)346 
5.50% Junior Subordinated Notes due 2042
January 202220 years500 (6)494 (6)494 
7.50% Junior Subordinated Notes due 2045
March 202520 years350 (5)345 — — 
Total Junior Subordinated Notes955 840 
EGL Revolving Credit Facility (2)
May 20235 years— — 
Total debt obligations$1,948 $1,833 
(1) As of December 31, 2024 the principal amount of these notes were $350 million.
(2) Origination date on EGL Revolving Credit Facility represents the date of the most recent amendment and restatement.
Junior Subordinated Notes
During the first quarter of 2025, we completed the issuance and sale of $350 million in aggregate principal amount of our 7.50% Fixed-Rate Reset Junior Subordinated Notes due 2045, resulting in $345 million of proceeds, net of $5 million of debt issuance costs. We also completed a cash tender offer for a portion of our 5.75% Fixed-Rate Reset Junior Subordinated Notes due 2040 that are subject to an interest rate reset beginning September 1, 2025, at a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the beginning of such five-year period plus 5.468%. The aggregate principal amount tendered was $233 million and we recorded a loss on the partial extinguishment of $3 million during the first quarter of 2025, which was included within general and administrative expenses in our consolidated statement of operations. The remaining $117 million will be callable as of September 1, 2025 for the outstanding 5.75% Fixed-Rate Reset Junior Subordinated Notes due 2040 at 100% of par value plus accrued and unpaid interest.

The 7.50% Fixed-Rate Reset Junior Subordinated Notes will bear interest (a) from the date of original issue to, but excluding, April 1, 2035, at the fixed rate of 7.50% per annum and (b) from, and including, April 1, 2035, during each five-year period thereafter, at a rate per annum equal to the five-year Treasury Rate as of two business days prior to the beginning of such five-year period plus 3.186%, as reset at the beginning of each such five-year period. Interest will be paid in arrears on April 1 and October 1 of each year, commencing on October 1, 2025. If, as of any interest payment date, a Mandatory Deferral Event (as defined below) has occurred and is continuing, the Company will be required to defer payment of all (and not less than all) of the interest accrued on the Junior Subordinated Notes as of such interest payment date. A “Mandatory Deferral Event” will be deemed to have occurred if the Company or all of its subsidiaries that are regulated insurance or reinsurance companies (or part of such regulatory group) are in breach of the enhanced capital requirements under applicable insurance supervisory laws (the “Enhanced Capital Requirements”), or would breach such Enhanced Capital Requirements if payment of accrued and unpaid interest on the Junior Subordinated Notes, together with any accrued and unpaid interest on any junior subordinated notes outstanding that rank equally in right of payment with the Junior Subordinated Notes, were made.