PMG Assurance, the captive insurance company for the Sony Group, has been placed on negative watch by AM Best.
The rating agency affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-”.
AM Best said that the changes in Sony’s credit risk profile have put pressure on PMG’s ratings.
“PMG’s success is reliant on Sony’s ability to support its credit risk profile, competitiveness and risk management. The captive continues to be an integral component of Sony’s risk management platform. AM Best’s view of third-party credit ratings and market-based credit risk measures of Sony indicates negative rating pressure on PMG,” said the rating agency
AM Best added that the ratings reflect PMG’s excellent capitalisation, historically strong operating performance and strategic position as the captive insurance company for the Sony Group.