AM Best Affirms Credit Ratings of PMG Assurance Ltd.
03 Março 2023 - 1:33PM
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].
PMG’s balance sheet strength is assessed as very strong, and is
supported by risk-adjusted capitalization at the strongest level,
as measured by Best’s Capital Adequacy Ratio (BCAR), excellent
liquidity and its conservative investment strategy. The company’s
operating performance reflects combined and operating ratios that
continue to outperform industry averages due to favorable
underwriting leverage and low underwriting expense structure. PMG’s
role in providing coverage for low frequency and high severity
claims for its parent is supplemented by a comprehensive
reinsurance program.
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 focus, conservative operational strategy and emphasis
on risk management controls, which are well-integrated with those
of its parent. PMG writes commercial property and marine coverages,
employee benefits coverage for Sony employees located outside of
Japan, and began writing cyber coverage in 2019.
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 © 2023 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230303005299/en/
Chul Lee Senior Financial Analyst +1 908 439
2200, ext. 5036 chul.lee@ambest.com
Daniel Teclaw Director +1 908 439 2200, ext.
5394 daniel.teclaw@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 439 2200, ext. 5098 al.slavin@ambest.com
Sony (NYSE:SONY)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Sony (NYSE:SONY)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024