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A.M.Best has affirmed the Financial Strength Rate of A- (Excellent) and the Long-Term Issuer Credit Rating of  " a-" of PMG Assurance Ltd. (PMG Bermuda). The outlook of these Credit Ratings is stable.

The ratings reflect PMG's balance sheet strength, which A.M. Bes categorizes as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The ratings also reflect PMG's strategic position as the captive inusurance company for the Sony Group, whose ultimate parent is Sony Corporation (Sony, NYSE:SNE). PMG is a pure captive of Sony, and its role is to meet certain global insurance requirements of Sony Group members.

The company's strengths are derived from its underwriting focus, long-standing customer relationships and conservative operating strategy. PMG writes mostly propotional property, marine reinsurance business and employee benefits between PMG and Sony, changes in Sony's credit risk have certain impact on PMG's rating. PMG's success is reliant on Sony's ability to support its credit risk profile, competitiveness and risk management. The captive continues to be an integral component of Sony's risk management platform. A.M.Best view of third-party credit ratings and market-based credit risk measures of Sony indicates a positive trend, which resulted in PMG's outlooks being stable.

Additionally, negative rating pressure might arise if there is any significant downward movement in Sony's risk profile. Any upward rating movement is predicated on improvement in Sony's risk profile, coupled with maintenance of PMG's capital strength.