A.M. Best Affirms PMG Assurance Ratings
A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit rating of “A” of PMG Assurance Ltd. (Bermuda). The outlook for both ratings is stable.
The ratings reflect “PMG’s excellent capitalization, historically strong operating performance and strategic position as the captive insurance company for Sony Group. These strengths are partially offset by the company’s exposure to potentially large natural catastrophe losses.”
PMG’s role is to meet certain global insurance requirements of Sony’s group members. In 2010, PMG did not renew nor participate in any non-related third party treaties in any form. PMG continues its operations in Bermuda but with a strategic change in underwriting directed fully towards Sony-related business as a “pure” captive.
