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.
