30 June 2023Analysis

AM Best issues affirmation of Quanta ratings

AM Best has affirmed the financial strength rating of A- and the long-term issuer credit rating of “a-” of Quanta Insurance Company (QIC).

The outlook of these ratings is stable and AM Best said that the ratings reflect QIC’s balance sheet strength, which it assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

QIC is a single parent captive of Quanta Services, a specialised contracting services company, delivering comprehensive infrastructure solutions for the utility, communications, pipeline and energy industries.

QIC was domiciled in Texas in 2017 and writes, on a direct basis, workers’ compensation, commercial auto and general liability coverages to its parent and affiliated entities on an occurrence basis.

According to AM Best 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.