NEW YORK (Bloomberg) — Bermuda-based Ace Ltd., a property and casualty insurer, plans to sell $500 million in 10-year senior unsecured notes, according to a regulatory filing.The notes may be priced to yield 90 basis points more than 10-year US Treasuries, according to a person familiar with the offering who declined to be identified because the terms haven’t been set. A basis point is 0.01 percentage point.

Ace, which will use the proceeds to repay $500 million of debt maturing in April, is selling the callable notes through its Philadelphia-based Ace INA Holdings unit, according to the Securities and Exchange Commission filing. Bank of America Corp. and Deutsche Bank AG are managing the offering.

Moody’s Investors Service gives Ace’s senior unsecured debt an A3 rating, while Standard & Poor’s rates the company A-, both investment grade.

Ace said on January 30 that fourth-quarter profit almost tripled to $665 million, or $1.99 a share, after the Atlantic hurricane season ended with no major storms.