Note Payable

12 Months Ended

Dec. 31, 2023

Notes Payable, Current [Abstract]

Note Payable

Note Payable

We have one unsecured revolving credit facility through multiple commercial banks that expires on February 4, 2026. The borrowing capacity is $300 million with an additional $300 million accordion feature. Terms and conditions of the agreement include a debt-to-total capital maximum of 35%. We had no compensating balance requirements on short-term debt for either 2023 or 2022. The line of credit had $25 million and $50 million drawn at December 31, 2023 and 2022, respectively. The interest rate charged on our borrowings on this credit agreement ranged from 5.27% to 6.33% during 2023 and ranged from 0.99% to 5.00% during 2022. In addition, we have letters of credit related to our Cincinnati Re and Cincinnati Global operations with no amounts drawn at December 31, 2023 and 2022.