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A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of
PMG Assurance Ltd. (PMG) (Bermuda). The outlook for both ratings is negative.
The ratings reflect PMG’s excellent capitalization, historically strong operating performance and strategic position as the captive insurance company for the Sony Group, whose ultimate parent is
Sony Corporation (Sony) [NYSE: SNE]. PMG’s role is to meet certain global insurance requirements of Sony’s group members. Beginning in 2010, PMG did not renew nor participate in any non-related third-party treaties in any form. PMG continues its operations, but with a strategic change in underwriting directed fully towards Sony-related business as a “pure” captive.