AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to C&T Insurance Company (C&T) (Vermont). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect C&T’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
C&T is a single parent captive of MasTec, Inc. (MasTec) [NYSE: MTZ], an infrastructure construction company operating in multiple segments across North America. C&T was domiciled in Vermont in 2022 and writes, on a direct basis, certain general liability risks to its parent and affiliated entities.
C&T’s balance sheet strength is supported by risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), at the strongest level. Included in the company’s capitalization 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.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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. For more information, visit www.ambest.com.
Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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