AM Best has affirmed the Financial Strength Rating of ‘A-‘ (excellent) and the long-term issuer credit rating of “a-” (excellent) of Texas-domiciled Quanta Insurance Company. The outlook for the ratings is stable.
QIC is a single parent captive owned by Quanta Services, a specialised contracting services company, delivering infrastructure solutions for the utility, communications, pipeline and energy industries.
On a direct basis, the captive writes workers’ compensation, commercial auto and general liability coverages to its parent and affiliated entities on an occurrence basis.
QIC’s captive orientation not only affords the company with ready access to business, but it also benefits from its parent’s extensive training, fleet management, loss control initiatives and workplace safety.
The ratings reflect QIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.