A.M. Best Affirms Rating of Madison Insurance Company.

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and assigned an issuer credit rating (ICR) of "a-" to Madison Insurance Company (Atlanta, GA). The outlook for both ratings is stable.

The rating reflects the company's excellent capitalization, consistent operating profitability and the support and financial benefits derived from its ultimate parent, SunTrust Banks, Inc., one of the leading commercial banking organizations in the United States. Offsetting these positive rating factors are the company's variability in underwriting and operating results in recent years, dependency on third party vendors and limited business scope, which is inherent in most captives.

Madison's underwriting margins have fluctuated in recent years, but on average have been highly profitable. Despite this volatility, Madison has reported pretax operating profits every year since its inception in 1996. Net investment income has been a major contributor to earnings and has been more than supportive of any shortfalls in underwriting income over the years. Madison also benefits from its direct customer access and the infrastructure and financial support provided by its parent, SunTrust Banks, Inc. [NYSE: STI].

For current Best's Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive.

Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.