Oldwick
06 February 2018
Reporter: Becky Butcher

Sony captive ratings affirmed


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.

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
Funds approved for ‘crumbling foundations’ captive
21 February 2018 | Connecticut | Reporter: Ned Holmes
The Connecticut State Bond Commission has approved $350,000 to set up a non-profit captive insurer, which is a state government solution for an issue impacting a reported 5000 homes in the state
Crawford launches workers compensation service
20 February 2018 | Atlanta | Reporter: Ned Holmes
Crawford & Company has expanded its service portfolio in Australia to include workers’ compensation.
Kansas to alter captive laws
20 February 2018 | Kansas | Reporter: Ned Holmes
The Kansas state government has submitted a bill to update and modernise captive insurance laws in the state
ZIC and Zale Life ratings downgraded
19 February 2018 | New Jersey | Reporter: Ned Holmes
A.M. Best has downgraded the financial strength rating of Zale Indemnity Company (ZIC) and its wholly-owned subsidiary, Zale Life
Tax shelter micro captives bubble set to burst, says Adkisson
16 February 2018 | Las Vegas | Reporter: Ned Holmes
The tax shelter micro captive bubble is set to burst in 2018, resulting in large numbers of such companies to surrender their licenses, as many did last year, predicts Jay Adkisson, partner at Riser Adkisson
Leadership shuffle at Captive Resources
15 February 2018 | Illinois | Reporter: Ned Holmes
Group captive insurance consultant Captive Resources has appointed former Zurich North America CEO Mike Foley to its board of directors
Vermont proposes branch captive legislation updates
14 February 2018 | Montpelier | Reporter: Becky Butcher
Vermont has proposed to update its branch captive legislation to require branch captives to designate the state’s commissioner of the Department of Financial Regulation as its agent for service of process