Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

12. DEBT

Senior Notes

On March 30, 2020, The Hartford repaid at maturity the $500 principal amount of its 5.5% senior notes.

Lloyd's Letter of Credit Facilities

As a result of the acquisition of Navigators Group, The Hartford has two letter of credit facility agreements: the Club Facility and the Bilateral Facility, which are used to provide a portion of the capital requirements at Lloyd's. As of March 31, 2020, uncollateralized letters of credit with an aggregate face amount of $165 and £60 million were outstanding under the Club Facility and $18 was outstanding under the Bilateral Facility. As of March 31, 2020, the Bilateral Facility has unused capacity of $3 for issuance of additional letters of credit. Among other covenants, the Club Facility and Bilateral Facility contain financial covenants regarding tangible net worth and Funds at Lloyd's ("FAL"). As of March 31, 2020, Navigators Group was in compliance with all financial covenants.