AM Best Upgrades Credit Ratings of PMG Assurance Ltd.
24 Enero 2019 - 12:55PM
Business Wire
AM Best has upgraded the Financial Strength Rating to A
(Excellent) from A- (Excellent) and the Long-Term Issuer Credit
Rating to “a” from “a-” of PMG Assurance Ltd. (PMG) (Bermuda). The
outlook of these Credit Ratings (ratings) remains stable.
The ratings reflect PMG’s balance sheet strength, which AM Best
categorizes as very strong, as well as its strong operating
performance, limited business profile and appropriate enterprise
risk management.
The ratings also reflect PMG’s strategic position as the captive
insurance company for the Sony Group, whose ultimate parent is Sony
Corporation (Sony) [NYSE: SNE]. PMG is a pure captive of Sony, and
its role is to meet certain global insurance requirements and
provide risk management services to Sony Group members. The rating
upgrades reflect the improved credit risk profile of Sony, which
has experienced a positive trend over the past several years. Sony
has made improvements in terms of its earnings quality, increased
cash flow and a significant reduction to debt.
PMG’s strengths are derived from its underwriting focus,
conservative operational strategy and emphasis on risk management
controls. PMG writes predominantly commercial property and marine
for Sony, and employee benefits coverage for Sony employees. PMG’s
balance sheet strength is assessed as very strong, as evidenced by
its risk-adjusted capitalization, excellent liquidity and
conservative investment strategy. PMG’s operating performance
continues to be strong, with favorable net income in four of the
past five years predominantly from net underwriting income. The
captive is susceptible to volatility in earnings due to the low
frequency and high severity losses it insures; however, PMG
mitigates its exposures through the use of a comprehensive
reinsurance program.
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 Understanding Best’s Credit Ratings. For
information on the proper media use of Best’s Credit Ratings and AM
Best press releases, please view Guide for Media - Proper
Use of Best’s Credit Ratings and AM Best Rating Action Press
Releases.
AM Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Charlie SmentkowskiFinancial Analyst+1 908 439
2200, ext.5684charlie.smentkowski@ambest.com
Susan MolineuxDirector+1 908 439 2200, ext.
5829susan.molineux@ambest.com
Christopher SharkeyManager, Public Relations+1
908 439 2200, ext. 5159christopher.sharkey@ambest.com
Jim PeavyDirector, Public Relations+1 908 439
2200, ext. 5644james.peavy@ambest.com
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