New Jersey
16 February 2017
Reporter: Becky Butcher
Stable outlook for Sony captive
A.M. Best has revised the outlook of Sony Corporation’s Captive, PMG Assurance (Bermuda), from negative to stable.

The ratings agency also affirmed the financial strength rating of “A- (Excellent)” and the long-term issuer credit rating of “a-” of the captive.

According to A.M. Best, the ratings reflect PMG’s “excellent” capitalisation, “strong” operating performance and the “strategic” position of the captive insurance company of its parent, Sony.

PMG is a pure captive of Sony and its role is to meet certain global insurance requirements of Sony Group Members.

The captive writes proportional property and marine reinsurance business with a small amount of employee benefits coverage for Sony employees.

According to the ratings agency, PMG continues to be an “integral component” of Sony’s risk management platform.

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Clyde & Co continues to expand office space in the US
25 July 2017 | Los Angeles | Reporter: Becky Butcher
Clyde & Co has opened a new office in Los Angeles, marking the company’s ninth US office
Michael Burns to receive Fred Reiss award
24 July 2017 | Hamilton | Reporter: Becky Butcher
Michael Burns, a Bermudian corporate lawyer, has been chosen to receive the second Fred Reiss Lifetime Achievement Award
Excellent ratings for Nuclear Electric Insurance
24 July 2017 | Oldwick | Reporter: Becky Butcher
A.M. Best has affirmed the financial strength rating of “A (Excellent)” and the long-term issuer credit rating of “a+” of Nuclear Electric Insurance Limited
Modelling needed for cyber ILS market development
24 July 2017 | Zurich | Reporter: Katherine Brown
Better modelling and pricing metrics are needed before the insurance-linked securities (ILS) marketplace is introduced to cyber risk transfer, Florian Heimann of AIR Worldwide has said
OECD releases additional guidance on CbC reporting
21 July 2017 | Brussels | Reporter: Becky Butcher
The Organisation for Economic Co-operation and Development (OECD) has provided further guidance on the implementation of country-by-country (CbC) reporting under its framework on base erosion and profit shifting (BEPS) initiative
UK government sets out new ILS framework
21 July 2017 | London | Reporter: Becky Butcher
The UK Treasury has published new rules for insurance-linked securities (ILS) as the country aims to grab a share of the rapidly growing market
Arkansas captive tweaks a 'positive step forward', say lawyers
21 July 2017 | Little Rock | Reporter: Becky Butcher
Recent modifications to the captive insurance law in Arkansas are “a positive move forward to support and grow” the industry in the state