A.M. Best has affirmed the financial strength rating of “A- (Excellent)” and long-term issuer credit rating of “a-” of PMG Assurance, the pure captive of Sony.
The ratings reflect PMG’s balance sheet strength, 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.
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.
According to A.M. Best, the captive continues to be an integral component of Sony’s risk management platform.
