Zurich Insurance Group AG, through Zurich Insurance Co. Ltd., is issuing $500 million in dated subordinated bonds.

The notes carry a fixed-rate 4.875% coupon until the first call date in October 2028. They mature October 2048.

The firm said the notes will be issued to repackaging vehicle Demeter Investments BV, which will then issue separate notes secured by the subordinated bonds to investors.