Lancashire prices $400m bond offering

Lancashire Holdings has priced an offering of $400 million in aggregate principal amount of 5.625 percent fixed-rate reset junior subordinated notes due 2041.

The deal was a private Reg S offering to qualified institutional investors outside the US and priced on March 12, 2021. Lancashire said it will use the majority of the net proceeds to redeem its outstanding senior and subordinated debt, with the balance being used for general corporate purposes.

The Bermuda Monetary Authority will treat the notes as Tier 2 Ancillary Capital.