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Zurich Insurance Group to redeem 450 million pounds of subordinated debt

Logo of Zurich Insurance is seen at a former office building in Zurich

ZURICH (Reuters) - Zurich Insurance Group said on Monday that it intends to exercise its option to redeem 450 million pounds ($515.93 million) of subordinated debt.

The 6.625% Undated Subordinated Notes, issued in 2003, are expected to be redeemed on Oct. 2 at par plus accrued interest.

($1 = 0.8722 pounds)

(Writing by Miranda Murray; Editing by Paul Carrel)