(Excellent) rating A.M. Best Co.

The rating of PMG Assurance marks the expansion internationally of A.M. Best's coverage of captives.

The ratings agency said PMG Assurance Ltd. was assigned the rating due to its strong capitalisation and operating results and also because of its provision of Sony's global insurance requirments.

"PMG has conservative underwriting standards, which has allowed for controlled growth in assets, surplus and profits,'' A.M. Best stated in a press release. "The company's asset and surplus growth is attributable to consistent underwriting results with favourable combined ratios, and the investment returns derived from its sisable asset and capitalisation base.'' A.M. Best said the captive is positioned as a long-term provider of capacity to its affiliated members and selected cedents and that its ratings outlook is stable.