HIG signs $750M credit facility; $100M LOC sublimit and 35% leverage cap included

Rhea-AI Filing Summary

The Hartford Insurance Group entered a new credit agreement providing a committed revolving facility of $750 million with a $100 million sublimit for letters of credit and an option to increase capacity by up to an additional $500 million from consenting lenders. The facility permits borrowings for general corporate purposes, allows the company to prepay or reduce commitments without penalty, and matures no later than September 24, 2030. The company has unconditionally and irrevocably guaranteed subsidiary borrower obligations. Key covenants include maintaining a minimum consolidated net worth of $12.7 billion and keeping consolidated total debt to consolidated total capitalization at or below 35%. The agreement contains customary representations, warranties, affirmative and negative covenants, acceleration on defined events of default, and alternative currency/interest-rate provisions.

Positive

• $750 million committed revolving facility improves the company's liquidity capacity
• $500 million accordion option provides meaningful potential to expand available credit
• Penalty-free prepayment and ability to reduce unused commitments enhances financial flexibility
• Subsidiary guarantees consolidate credit support for lenders

Negative

• Covenants require maintaining consolidated net worth of $12.7 billion, which may constrain capital actions if net worth declines
• Leverage cap limits consolidated total debt to 35% of consolidated capitalization, potentially restricting additional indebtedness
• Acceleration risk on customary events of default could force repayment under adverse conditions

Insights

Credit Analyst

TL;DR The credit facility provides liquidity flexibility while imposing standard covenants tied to net worth and leverage.

The agreement supplies a committed $750 million revolver with customary covenant protection, including a $12.7 billion minimum consolidated net worth and a 35% maximum consolidated debt-to-capitalization ratio. Such covenants are typical for investment-grade insurers and balance lender protections with corporate flexibility. The $100 million LOC sublimit and optional $500 million accordion give operational room for liquidity management. Acceleration rights on customary events of default underscore the importance of covenant compliance. The company guarantee for subsidiary borrowers preserves lender recourse across the group.

Corporate Treasurer / Liquidity Specialist

TL;DR Facility structure enhances short-term liquidity options and includes an expandable accordion for growth or contingencies.

The revolver funds general corporate purposes and permits penalty-free prepayments, supporting active liquidity management. The accordion feature allowing up to $500 million additional capacity from consenting lenders is useful for contingency planning, though availability depends on lender election and conditions. The inclusion of alternative currency/interest-rate mechanics is practical for a multinational insurer. Lenders’ prior and potential future commercial relationships with the company are disclosed and typical for syndicated facilities.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 8-K  

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 24, 2025

THE HARTFORD INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware			001-13958						13-3317783
(State or Other Jurisdiction of Incorporation)			(Commission File Number)						(IRS Employer Identification No.)

The Hartford Insurance Group, Inc.

One Hartford Plaza, Hartford, Connecticut 06155

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (860) 547-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01 per share			HIG			The New York Stock Exchange
6.10% Notes due October 1, 2041			HIG 41			The New York Stock Exchange
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share			HIG PR G			The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01     Entry into a Material Definitive Agreement.

On September 24, 2025, The Hartford Insurance Group, Inc. (the "Company") entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement"), among the Company, Bank of America, N.A., as administrative agent, JPMorgan Chase Bank, N.A., Citibank, N.A., U.S. Bank National Association, and Wells Fargo Bank, National Association, as syndication agents, and BofA Securities, Inc., JPMorgan Chase Bank, N.A., Citibank, N.A, U.S. Bank National Association, and Wells Fargo Securities, LLC as joint lead arrangers and joint bookrunners, and the other lenders party thereto. Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Credit Agreement.

The Credit Agreement provides for revolving loans as well as for the issuance of letters of credit up to an aggregate of $750 million committed by the lenders party thereto, with a $100 million sublimit on outstanding letters of credit at any time. The Credit Agreement also permits the Company to request an increase of the credit facility from time to time by up to an aggregate additional $500 million from certain lenders that elect to make such increase available, upon the satisfaction of certain conditions. The Company has unconditionally and irrevocably guaranteed the obligations of each of its subsidiaries that is named as a borrower under the Credit Agreement.

The Credit Agreement will expire on the earlier of (a) September 24, 2030 and (b) the date of termination in whole of the commitments. The Company may optionally prepay the loans or irrevocably reduce or terminate the unutilized portion of the commitments under the Credit Agreement, in whole or in part, without premium or penalty at any time by the delivery of a notice to that effect as provided under the Credit Agreement. Borrowings under the Credit Agreement may be used for general corporate purposes of the Company and its subsidiaries.

The Credit Agreement (x) requires the Company to maintain a minimum consolidated net worth of $12.7 billion and (y) subjects the Company to a limit on the ratio of consolidated total debt to consolidated total capitalization of 35%, in each case subject to the limitations and exceptions contained in the Credit Agreement. The Credit Agreement establishes rates for borrowings in alternative currencies and contains provisions specifying alternative interest rate calculations. In addition, the Credit Agreement contains certain customary representations, warranties and affirmative and negative covenants, including covenants that, among other things, limit the ability of the Company and its subsidiaries to incur certain types of liens, enter into certain mergers or consolidations, and use proceeds of borrowings under the Credit Agreement other than for certain permitted uses. These covenants are subject to a number of important exceptions and qualifications.

Amounts due under the Credit Agreement may be accelerated upon an “event of default,” as defined in the Credit Agreement, such as failure to pay amounts owed thereunder when due, a breach of a covenant, material inaccuracy of a representation or the occurrence of bankruptcy, if not otherwise waived or cured.

Certain of the lenders and the agents (and their respective subsidiaries or affiliates) under the Credit Agreement have in the past provided, and may in the future provide, investment banking, underwriting, lending, commercial banking, trust and other advisory services to the Company, its subsidiaries or affiliates. These parties have received, and may in the future receive, customary compensation from the Company, its subsidiaries or affiliates, for such services.

The foregoing description of the Credit Agreement is not complete and is qualified in its entirety by reference to the Credit Agreement, which is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.

Item 2.03     Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 2.03.

Item 9.01     Financial Statements and Exhibits

Ex No.
10.1			Second Amended and Restated Credit Agreement dated September 24, 2025, among The Hartford Insurance Group, Inc. as borrower, Bank of America, N.A., as administrative agent, and the other parties signatory hereto.
101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104			The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

The Hartford Insurance Group, Inc.

September 25, 2025

By:

/s/ Terence Shields

Name: Terence Shields

Title: Senior Vice President & Corporate Secretary

FAQ

What is the size and purpose of The Hartford's new credit facility (HIG)?

The credit agreement commits $750 million in revolving loans and letters of credit to be used for general corporate purposes, with a $100 million sublimit for letters of credit.

When does The Hartford's credit agreement mature?

The facility expires on the earlier of termination of commitments or September 24, 2030.

Can The Hartford increase the credit facility size under the agreement?

Yes. The company may request an increase by up to an additional $500 million from certain lenders, subject to conditions and lender elections.

What key financial covenants does the credit agreement impose on HIG?

The agreement requires a minimum consolidated net worth of $12.7 billion and limits consolidated total debt to consolidated total capitalization to 35%.

Are there guarantees associated with the facility?

Yes. The company has unconditionally and irrevocably guaranteed the obligations of each subsidiary named as a borrower under the credit agreement.

What events could trigger acceleration of amounts due under the facility?

Amounts may be accelerated upon an event of default, including failure to pay when due, breach of a covenant, material inaccuracy of a representation, or bankruptcy, subject to waiver or cure provisions.