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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 03, 2021 12:56 PM (EDT)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Quanta Insurance Company, Inc. (QIC) (Houston, TX). The outlook assigned to these Credit Ratings (ratings) is stable.
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.
QIC is a single parent captive of Quanta Services, Inc. [NYSE: PWR], a leading specialized 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. 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.
AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.