MasTec captive gets Best rating
C&T Insurance Company, the newly Vermont-domiciled captive of infrastructure construction MasTec Inc has been given a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent) by AM Best.
C&T writes general liability risks to its parent and affiliated entities on a direct basis.
The ratings reflect the captive’s balance sheet strength, which it assesses as very strong, and its “adequate operating performance, limited business profile and appropriate enterprise risk management”, Best analysts write.
The balance sheet strength is supported by risk-adjusted capitalisation, measured at the strongest level according to Best’s capital adequacy ratio.
“Included in the company’s capitalisation is a letter of credit, which is irrevocable and evergreen and has regulatory approval from the State of Vermont Department of Financial Regulation. As a single parent captive, further consideration is given for the implicit and explicit support that the parent company, MasTec, provides to C&T, which AM Best views as a positive rating factor on the company’s balance sheet strength assessment,” the assessment concludes.
