A.M. Best Affirms Credit Ratings of PMG Assurance Ltd.
January 31 2018 - 12:11PM
Business Wire
A.M. Best has affirmed the Financial Strength Rating of
A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of
PMG Assurance Ltd. (PMG) (Bermuda). The outlook of these
Credit Ratings (ratings) is stable.
The ratings reflect PMG’s balance sheet strength, which A.M.
Best 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
insurance 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 proportional property, marine
reinsurance business and employee benefits coverage for Sony
employees. Due to the nature of the relationship between PMG and
Sony, changes in Sony’s credit risk have certain impact on PMG’s
ratings. 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’s 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.
A.M. Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated in the
United States and throughout the world. For current Best’s Credit
Ratings and independent data on the captive and alternative risk
transfer insurance market, please visit www.ambest.com/captive.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20180131005973/en/
A.M. BestFred Eslami, 908-439-2200, ext.
5406Associate
Directorfred.eslami@ambest.comorChristopher Sharkey,
908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorSusan Molineux,
908-439-2200, ext. 5829Associate
Directorsusan.molineux@ambest.comorJim Peavy, 908-439-2200,
ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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