AM Best Affirms Credit Ratings of PMG Assurance Ltd.
03 2월 2024 - 4:13AM
Business Wire
AM Best has affirmed the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Rating of “a+”
(Excellent) of PMG Assurance Ltd. (PMG) (Bermuda). The outlook of
these Credit Ratings (ratings) is stable.
The ratings reflect PMG’s balance sheet strength, which AM Best
assesses as very strong, as well as its strong operating
performance, limited business profile and appropriate enterprise
risk management (ERM). The company also receives rating enhancement
provided by its ultimate parent, Sony Group Corporation (Sony)
[NYSE: SONY].
The rating reflects PMG’s risk-adjusted capitalization at the
strongest level, as measured by Best’s Capital Adequacy Ratio
(BCAR), while maintaining its excellent liquidity, low underwriting
leverage and conservative investment strategy in support of the
very strong balance sheet strength assessment. Strong operating
performance reflects PMG’s consistent results in its combined and
operating ratios that continue to outperform industry averages,
stemming from favorable underwriting results and profitability with
a low underwriting expense structure. While the captive is
susceptible to volatility in earnings due to the low frequency and
high severity losses for the risks it insures, PMG has a
comprehensive reinsurance program in place for all coverage
provided to its parent to mitigate its exposures. PMG writes
commercial property, marine, directors and officers, cyber risk and
employee benefits insurance for Sony and its affiliates.
The ratings also benefit from PMG’s strategic role as Sony’s
only captive insurance company. As an integral component of Sony’s
ERM, PMG’s role is to meet the global insurance requirements of the
parent while also providing risk management services to Sony group
members. PMG exhibits strengths that are derived from its keen
underwriting expertise and emphasis on risk management controls,
which are well-integrated with those of its parent.
AM Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated in the
United States and throughout the world. For current Best’s Credit
Ratings and independent data on the captive and alternative risk
transfer insurance market, please visit
www.ambest.com/captive.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating
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Chul Lee Senior Financial Analyst +1 908 882
2005 chul.lee@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Daniel Teclaw Director +1 908 882 2390
daniel.teclaw@ambest.com
Al Slavin Senior Public Relations Specialist +1 908
882 2318 al.slavin@ambest.com
Sony (NYSE:SONY)
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