AM Best has affirmed the financial strength rating of ‘A-’ (Excellent) and the long-term issuer credit rating of ‘a-’ (Excellent) for Quanta Insurance Company (QIC), with a 'stable' outlook for both ratings. The Houston-based captive is a wholly owned subsidiary of Quanta Services, a provider of infrastructure solutions for the utility, communications, pipeline and energy sectors. QIC is domiciled in Texas and provides workers’ compensation, commercial auto, and general liability deductible reimbursement cover on an occurrence basis for Quanta Services and its affiliates. The ratings reflect QIC’s very strong balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management, according to AM Best. The rating agency notes that QIC benefits from its captive orientation, providing direct access to its parent’s business and a deep understanding of its risk exposures. The company also leverages Quanta Services’ strong training, fleet management, loss control and workplace safety programmes to support underwriting performance.
