Zurich Insurance Group AG has placed €500 million of senior unsecured notes due December 2028.

The debt has a fixed annual coupon of 1.5%. The transaction has been conducted for general corporate purposes and targeted European institutional investors.

Zurich Insurance Co. Ltd. will issue the debt to Cloverie PLC, a third-party repackaging vehicle domiciled in Ireland. Cloverie will then issue notes secured by the Zurich notes to investors.