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.

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