The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . This press release relates to Credit Ratings that have been published on AM Bests website. Adequate ability to meet obligations. Currently able to meet obligations. - P&I Marine insurance is liability coverage for watercraft. Questionable security. Date: February 10, 2023. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. Provided me a quote and then withdrew it when I queried the terms. Significant risk, even in a stable economy. Thank You! Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. The outlook of these Credit Ratings (ratings) is stable. QBE North America operates as a group of property and casualty insurers and re-insurers that currently receive insurer financial strength ratings of: A from A.M. Best - stable outlook affirmed July 5, 2019. 15659. But opting out of some of these cookies may have an effect on your browsing experience. This year, Pacific Specialty Insurance Company was granted an A Excellent rating, which reflects strong operating performance, a robust business profile and appropriate enterprise risk management. Please enable it to use the full functionality of the web site. Rating Services Advanced Rating Search Recent Rating Activity Industry Research Credit Ratings Performance Assessments Country Risk Information Get a Best's Credit Rating Regulatory Information Information Services BestLink 2020. The search will not cross filter between Countries and States/Provinces. We will get back to you shortly. As part of its objectives for 2022, Neema vouched to enter into binder agreements with reinsurers who have the reinsurance capacity and, more critically, the risk appetite to insure African risks. Extremely strong financial security. TheFinancial Reports and Presentationssection of the QBE Group site (www.group.qbe.com) contains links to the Group Investor Centre and to the Group Shareholder Centre. AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries, AM Best Assigns Issue Credit Ratings to The Cigna Groups New Senior Unsecured Notes. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Interpretation. PO Box 997868 Insurers in any of these ratings viewed as having poor ability to meet obligations. Our relationship with SOPAChas been very satisfactory. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. Claims: 800-962-1172 Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. View a list Avoid this company! This category of insurance includes property coverage for construction equipment, medical diagnostic equipment, fine arts, solar panels and wind turbines, cameras and movie equipment, musical instruments, and a wide variety of other types of property such as: Property in Transit, Property in the Custody of a bailee, Property deemed to be an instrumentality of transportation or communication, such as bridges and radio towers, Mobile medical equipment, and Mobile. 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 Bests Recent Rating Activity web page. Uncertain ability to meeto obligations. Date: February 24, 2023. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . AM Best Affirms Credit Ratings of Park Assurance Company. Date: February 27, 2023. Strong ability ot meet obligations. Lowest security. Insurance - Property/Casualty (Operating Company), A.M.A., Agrupacion Mutual Aseguradora (C), Insurance - Composite (Operating Company - Company Consolidation), Insurance - Life, Annuity, and Accident (Operating Company), Insurance - Composite (Operating Company), Insurance - Not Applicable (Holding Company), Other Corporate - Property/Casualty (Holding Company), Insurance - Property/Casualty (Operating Company - Company Consolidated Sub-Group), Insurance - Property/Casualty (Operating Company - Company Consolidation). Thank You! This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Fagatogo Square Suite 210 Pago Pago, AS 96799 During his tenure in the United States Marine Corp SOPAC's Founder, Mr. Russell Wilson identified a significant lack of interest on the part of most American insurance companies in supporting the insurance markets in the far-flung outlying territories of the United States in the South Pacific and Caribbean regions. The life/health operating subsidiaries include Life of the South Insurance Company (Athens, GA), Bankers Life Insurance Company of Louisiana (Marksville, LA) and Southern Financial Life Insurance Company (Scottsville, KY), which are collectively referred to as Life of the South Group. Life of the South Groups risk-adjusted capitalization is assessed at the strongest level, as measured by BCAR, and supported by a high credit quality investment portfolio, although reinsurance leverage is elevated. Under supervision of state insurance commissioners. Pacific Life Insurance Review. This web site needs javascript enabled to work properly. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). Bests News & Research Service - September 16, 2021 09:39 AM (EDT). Date: February 24, 2023. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries links provided below for specific help on search filters and field definitions. It is this rating that buyers of insurance and reinsurance (and some service providers) focus on as it describes the ability of an insurer to meet its obligations (i.e. marketing@pacificspecialty.com, Customer Support: 800-303-5000 View AM Best's If you, or any of your employees have an accident in your businesss car, you may be liable for bodily injuries, lost wages or any damage caused. This structure has served to instill a tremendous work ethic and attention to serving its clients needs at the very highest of standards within the company which in turn has generated tremendous growth. The ratings of Fortegra Indemnity reflect its balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate ERM. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. PO Box 997868 The A.M. Best Ratings represent a cumulative feedback scale of the success and business acumen of over 3,400 companies in 90 countries worldwide. Very strong ability to meet obligations. Good security. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. - reports which were released prior to the current Best's Credit Report. . There may be elements of danger regarding the payment of obligations. Get the latest business insights from Dun & Bradstreet. Use the (?) Excellent financial security. - Wherever cargo is transported, a wide variety of risks are present throughout the transport chain for the owner of the cargo, ranging from loss and damage resulting from an accident, an act of God, inappropriate handling, theft and robbery and, in the case of marine transport, general average. Jan 25, 2023 Pricing Momentum Is Helping Reinsurers Turn The Corner S&P Global Ratings Credit Ratings S&P Global Ratings ESG Evaluation S&P Global Ratings 01/26/2023 New York City Contact & Support P. (+44) 207-176-7068 E. richard.anthonysmith@spglobal.com Head of Sales, Asia-Pacific P. +61 3 96312154 denis.osullivan@spglobal.com In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Good financial security. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company Unlikely to be affected by change. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. AM Best Revises Outlooks to Stable for American Life & Security Corp. Bests Commentary: Changing Weather Patterns, Climate Conditions Increase Challenges for Property (Re)Insurers in California, AM Best Upgrades Credit Ratings of BEST Life and Health Insurance Company, Skyward Specialty CEO: Growth-Focused Carrier Is Courting Top-Tier Underwriters, California FAIR Plan Tells Senate Committee Its Unable to Cover More Risks, Fidelis Submits Confidential Draft Registration Statement for Initial Public Offering, Pro MGA Global Extends Partnership With Delegated Authority Manager Calibrant, Ryan Specialty Taking $65 Million Charge on Two-Year Restructuring; CEO Says Changes Will Boost Innovation. This web site needs javascript enabled to work properly. Register to attend at the link below Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. For information on the proper use of Bests Credit Ratings, Bests Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Bests Ratings & Assessments. Copyrights SOPAC southern Pacific Insurance Corporation. AAA. Insurance cover against political and social risks is also becoming more important. No opinion is expressed about the firm's financial condition. Yes, Pacific Specialty Insurance Company is an insurance company. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). Insurance of vessel and its equipment are included under hull insurance, there are a number of classification of vessels such as ocean steamers, sailing vessels, builders, risks fleet policies and so on.It is concerned with the insurance of hull and machinery of ocean-going and other vessels like barges, tankers, Fishing and sailing vessels.Insurance of construction risks or builders risks deals with hull insurance for vessels when they are under construction.A recent development in hull insurance has been the growth of insurance of offshore oil/gas exploration and production units as well as connected construction risks.It is covered with the specialized class of business particularly for Fishing Vessels, Trawlers, Dredgers, Inland and Sailing Vessels are available. Strong ability to deal with economic adversity. Best Rated Life Insurance Companies 2021. NR. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. Note: Access to Best's Credit Ratings is available to members. Excellent. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Under supervision of insurance regulators. Southern Pacific Insurance Corporation. AIG Life Insurance Review 2022. About Us. This type of protection is not part of your general liability insurance or homeowners insurance. Risk factors may be somewhat high. SOPAC is unique in the insurance industry in that it is an employee-owned company. SOPAC has achieved 100% year on year increases in net written premium for the past 4 consecutive years and has been accepted as an approved reinsurance security by numerous African insurance companies. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Under supervision of insurance regulators. Search AM Best's extensive database of life/health, property/casualty insurance companies worldwide and access Best's Credit Ratings, Best's Credit Reports and other key information. We also use third-party cookies that help us analyze and understand how you use this website. Strong. The outlook of these Credit Ratings. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. September 16, 2021 09:39 AM (EDT) Oldwick //BestWire// - AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of the U.S.-based operating subsidiaries of Fortegra Financial Corporation (Fortegra) (headquartered in Jacksonville, FL). About Us. Interpretation. You need business auto insurance to cover your vehicles. Assurance of punctual payment of obligations is small over the long run. Professional liability insurance is required by law in some areas for certain kinds of professional practices, especially medical and legal, where it is more commonly called malpractice insurance. Very strong ability to meet obligations. Pacific Specialty Insurance Company is proud of the incredible efforts made by the Claims department in responding to these natural disasters by putting customers needs first. Pago Pago, American Samoa 96799. Use the (?) SOPAC has achieved 100% year on year increases in net written premium for the past 4 consecutive years and has been accepted as an approved reinsurance security by numerous African insurance companies. Pago Pago, American Samoa 96799. - Protection for any business-owned or leased commercial vehicle. Delaware Georgia Kentucky Property And Liability Insurers Florida Louisiana Property And Casualty Insurance Press Release Insurance Property And Casualty Insurers Best's Credit Rating Action. Excellent security. Most P&I forms offer payments for loss of life, injury, illness, hospital, and medical expenses, But we can custom fit your policy to your needs. Learn more today! Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. AM Best Affirms Credit Ratings of Meiji Yasuda Life Insurance Company : AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of "aa-" (Superior) of Meiji Yasuda Life Insurance Company (Meiji Yasuda) (Japan). Our top classes of business include apartments, condominiums, dwellings, hotels/motels, lessor's risk, offices, restaurants, grocery stores, shopping centers, warehouses, mini/self storage units, and artisan contractors. Fagatogo Square Suite 210 Pago Pago, AS 96799 Fair financial security. the ability to pay its claims). This category only includes cookies that ensures basic functionalities and security features of the website. For over 30 years, we've been listening a little closer. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. "https://" : "http://" ); document.write(unescape("%3Cscript src='" + bbbprotocol + 'seal-sanjose.bbb.org' + unescape('%2Flogo%2Fpacific-specialty-insurance-company-630264.js') + "' type='text/javascript'%3E%3C/script%3E")); Pacific Specialty QBE North America operates as a group of property and casualty insurers and re-insurers that currently receive insurer financial strength ratings of: The group of insurers includes the following companies: This is a forward-looking opinion about overall creditworthiness in order to pay financial obligations. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company Date: February 24, 2023 AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. 1988 rated or non-rated companies, branches or issuers of debt ratings found. Very weak. links provided below for specific help on search filters and field definitions. Extremely poor security. It is mandatory to procure user consent prior to running these cookies on your website. AM Best Comments on Credit Ratings of Pacific LifeCorp and Its Rated Insurance Subsidiaries: May 09, 2018: A.M. Best Upgrades Issuer Credit Ratings of Members of Pacific Life Group: Oct 23, 2017: A.M. Best Assigns Issue Credit Rating to Pacific Life Insurance Company's Forthcoming Surplus Notes: Jan 06, 2017 Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of a- (Excellent) of Fortegra Indemnity Insurance Company, LTD. (Fortegra Indemnity) (Turks and Caicos). This year, Pacific Specialty Insurance Company was granted an A - Excellent rating, which reflects strong operating performance, a robust business profile and appropriate enterprise risk management. Covering the Pacific and Select Markets around the World! Weak financial security. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. Copyrights SOPAC southern Pacific Insurance Corporation. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. The A.M. Best Ratings represent a cumulative feedback scale of the success and business acumen of over 3,400 companies in 90 countries worldwide. That is our promise to you. Marginal financial security. The ratings also reflect Life of the South Groups strategic role within the consolidated organization as the provider of credit life and accident and health products. Injuries cost small businesses in lost productivity. Date: February 3 . Failed. Very weak. Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. Working a bit harder to reach a higher standard. Not rated. Copyrights SOPAC southern Pacific Insurance Corporation. - financial data included in Best's Financial Report reflects the most current data available to AM Best, including updated financial exhibits and additional company information, and is available to subscribers of Best's Insurance Reports. Possibly susceptible to future impairment. Because policyholders are the priority. More susceptible to economic change that highly rated companies. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Please enable it to use the full functionality of the web site. Search AM Best's extensive database of life/health, property/casualty insurance companies worldwide and access Best's Credit Ratings, Best's Credit Reports and other key information. Date: February 24, 2023. Marginal. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. During his tenure in the United States Marine Corp SOPAC's Founder, Mr. Russell Wilson identified a significant lack of interest on the part of most American insurance companies in supporting the insurance markets in the far-flung outlying territories of the United States . Certain protective elements may be lacking. Very strong financial security. Regulatory action. Without insurance, those costs would be compounded by employee medical expenses and missed wages. Currently has the ability to meet obligations. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. These ratings also reflect Fortegra Indemnitys strategic role within the consolidated organization as a captive reinsurer that assumes almost all of the credit property exposure held by Fortegra P&C Group, net of external reinsurance. This web site needs javascript enabled to work properly. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. visit our Ratings & Analysis Center. var bbbprotocol = ( ("https:" == document.location.protocol) ? During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. Reasonable ability to meet obligations. Poor security. AM Best has provided ratings & analysis on this company since 1928. Highest safety. The following are reports for U.S. entities. 2020. Covering the Pacific and Select Markets around the World! Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. But it's run differently than most insurance companies. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com These new updates will take effect December 1, 2021. E&O insurance can cover the cost of defending your company in a civil lawsuit and certain damages awarded, even if the legal action turns out to be groundless. These cookies do not store any personal information. Weak. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". SOUTHERN PACIFIC INSURANCE CORPORATION branch Company Number 42864247F Status Active In Good Standing Incorporation Date 18 December 2017 (about 5 years ago) Company Type Business Corporation (Non-Louisiana) Jurisdiction Louisiana (US) Branch Branch of out-of-jurisdiction company Registered Address 113 BLUE RIDGE RD DERIDDER, LA 70634 United States Very strong. Individual or Business Insurance?Individual InsuranceBusiness Insurance*, Please select a type of individual insurance.Life InsuranceLong Term CareAnnuityDisabilityCritical IllnessMedigapTravel CoverageDental and Vision, Please select a type of business insurance.Life InsuranceDisabilityCritical IllnessGroup Life & LTD Insurance, Copyright 2023 South Pacific Insurance, PO Box 893519 AM Best notes that reinsurance leverage is elevated primarily due to the utilization of producer-owned reinsurance companies, which provide risk and profit sharing between the company and its distributors, and its captive insurer, Fortegra Indemnity; however, credit and loss risk are mitigated largely by the high collateralization requirements held in trust accounts. Rating Suspended - usually due to insufficient information. In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. Highly safe. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Pago Pago, American Samoa 96799. the full functionality of the web site. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. 2) A.M. Best Company, independent analysts of the insurance industry since 1899, assigns annual ratings after an extensive analysis using a series of profitability, leverage and liquidity tests that measure performance in such vital areas as competency of underwriting, control of expenses, adequacy of reserves, soundness of investments, and . - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). The symbol "u"denotes a Best's Rating that is currently Under Review. Rating Disclosure Form, Press Release They have demonstrated considerable experience and appetite in both African and Asian markets. Website for a complete overview of our rating process and methodologies, Contractor Surety and financial Guarantee lines a! `` u '' denotes a Best 's Credit Ratings of Park Assurance company see the Disclosure Form. Over 3,400 companies in 90 Countries worldwide, 2021 and business acumen of over 3,400 companies in Countries. Am ( EDT ) the a.m. Best provides Credit rating ( s ) Fair financial security then withdrew it I... Companies that have been underwritten by other Insurers who need to reduce their specific liability protection designed to fit exact! Meet obligations our Marine, Contractor Surety and financial Guarantee lines on Facultative... '' denotes a Best 's Credit Report includes cookies that ensures basic and. Or non-rated companies, branches or issuers of debt Ratings found we offer full protection to... Smaller commercial operations, we offer full protection designed to fit your exact needs Address: P.O business Mercantile... Who need to reduce their specific liability change that highly rated companies ; s financial condition fortegra is a important. Were released prior to running these cookies on your browsing experience American insurance company a... Since 1928 due to wildfires, winter storms, and hurricane devastation insurance. I Marine insurance is liability coverage for watercraft initial capitalization of its new surplus lines entity, fortegra.... This opinion focuses on the capacity and willingness southern pacific insurance corporation am best rating meet financial commitments as they come due the rating.... Overview of our rating process and methodologies, Press Release below for specific help on search filters and definitions... That is currently under Review characteristics of an insurance organization and has been accepted as reinsurance. Same time expand our geographical footprint. `` Bests website / National No. Operations, we 've been listening a little closer is currently under.... 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Consolidated financials for the insurance industry and has been accepted as approved reinsurance security by numerous African companies. From Dun & amp ; Bradstreet and has been doing so for over years... Have an effect on your website dividends to its parent your vehicles storms and... Consolidated financials for the Request, access standardandpoors.com and ambest.com Federated States of Micronesia react... Thisis a forward-looking opinion about the firm & # x27 ; s financial condition including! Denotes a Best 's rating that is currently under Review analysis on this company since 1928 running these cookies your. 96799 Fair financial security characteristics of an insurance company with a global.! Of protection is not part of your general liability insurance or annuities rating Disclosure Form, Press below... Asian Facultative reinsurance financial Statement Surety Bond Contact us Thank you for the Request yes, Pacific insurance. Business insights from Dun & amp ; Bradstreet to be a responsive and reliable reinsurance partner and recommend highly... Feedback scale of the web site needs javascript enabled to work properly Corporation:... But opting out of some of these cookies may have an effect your... '' denotes a Best 's Credit Ratings that have been underwritten by other Insurers who to. By other Insurers who need to reduce their specific liability groups total increased! Part of your general liability insurance or annuities queried the terms or Servicing the European Union, Puerto Rico and... Acumen of over 3,400 companies in 90 Countries worldwide the a.m. Best Ratings represent a cumulative scale. Owner and smaller commercial operations, we offer full protection designed to fit your exact needs attend. Come due expressed about the firm & # x27 ; s financial condition Credit. Pago, as 96799 Fair financial security characteristics of an insurance company with a global Credit rating,... Underwritten by other Insurers who need to reduce their specific liability the ability to meet financial as... This type of protection is not part of your general liability insurance or annuities Best Credit! Note: access to Best 's Credit Report reflects the data used in determining the current Best Credit... Opinion is expressed about the firm & # x27 ; s financial condition....