Very weak. 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. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Strong. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. Extremely weak. Date: February 24, 2023 View All . The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. 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. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. You need business auto insurance to cover your vehicles. Please enable it to use the full functionality of the web site. - reports which were released prior to the current Best's Financial Report. The search will not cross filter between Countries and States/Provinces. Under supervision of insurance regulators. This type of protection is not part of your general liability insurance or homeowners insurance. Register to attend at the link below 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. Fair. 2020. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Southern Pacific Insurance Corporation. Certain protective elements may be lacking. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). Extremely strong financial security. Criteria used:Company Names starting with "A" . Rating Disclosure Form, Press Release Unlikely to be affected by change. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Risk factors may be somewhat high. 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. In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. Very strong financial security. Currently able to meet obligations. 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. We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. 2570, U.S. Virgin Islands under ID No.511292733, The State of Florida as a federally authorized surplus lines insurer, The State of Louisiana under Charter No. 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). 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. 2020. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. An unfavorable business environment will probably reduce its ability to meet obligations. SOPAC has achieved 100% year-on-year increases in net written premium for the past 5consecutive years while its Balance Sheet Capital has increased to $261,604,178to support this unprecedented growth. Moderate risk factors. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. visit our Ratings & Analysis Center. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. The group of insurers includes the following companies: Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. Excellent security. Under Review Best's Rating, Disclosure Information Form Injuries cost small businesses in lost productivity. But it's run differently than most insurance companies. AM Best Rating Unit: AMB #: 018014 - American Southern Group. 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. links provided below for specific help on search filters and field definitions. Copyrights SOPAC southern Pacific Insurance Corporation. 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. Insurance cover against political and social risks is also becoming more important. Extremely strong financial security. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. No opinion is expressed about the firm's financial condition. We are pleased to confirm that Southern Pacific Insurance Corporation (SOPAC) has been a reinsurance client of the ION Insurance Group, S.A. since 2013. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . Could impact policyholders. Our top classes of business include apartments, condominiums, dwellings, hotels/motels, lessors risk, offices, restaurants, grocery stores, shopping centers, warehouses, mini/self storage units, and artisan contractors. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. (. Highly vulnerable to adverse economic conditions. The outlook of these Credit Ratings (ratings) is stable. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. This web site needs javascript enabled to work properly. Marginal. A+ Rated Life Insurance Companies 2022. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Primary products offered are Financial in nature such as Bonds and Guarantees of all types, Credit and Political Risk Insurance as well as Marine Insurance and Reinsurance of these classes of business. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). Our relationship with SOPAChas been very satisfactory. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. These descriptions of coverage are abbreviated and are subject to the terms, conditions, and exclusions of the actual policy, which forms the contract between the insured and the insurance company. Search for a Rating. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Necessary cookies are absolutely essential for the website to function properly. The outlook of these Credit Ratings. Fagatogo Square Suite 210 Pago Pago, AS 96799 Unlikely to be affected by change. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. Date: February 24, 2023. Ability to meet obligations may be moderate. this structure. 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 Fair financial security. 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. 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 Mililani, HI 96789-0519. Date: February 10, 2023. You also have the option to opt-out of these cookies. Companies are often in default. Covering the Pacific and Select Markets around the World! They have demonstrated . - General Liability coverage is available for a wide range of risks. Very poor security. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company 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. 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. 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. - reports which were released prior to the current Best's Credit Report. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. There may be elements of danger regarding the payment of obligations. Moving a bit faster. Ability to meet obligations may not be adequate for long-term policies. 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. This web site needs javascript enabled to work properly. Learn more today! Note: Access to Best's Credit Ratings is available to members. 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From hull coverage to luggage, we have the product for you. - 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. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Moderately weak. View AM Best's 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. We also use third-party cookies that help us analyze and understand how you use this website. Pago Pago, American Samoa 96799. Under supervision of insurance regulators. Highest safety. Assurance of punctual payment of obligations is small over the long run. . More susceptible to economic change that highly rated companies. Thank you for contacting us.We will get back to you shortly. marketing@pacificspecialty.com, Customer Support: 800-303-5000 Avoid this company! Pago Pago, American Samoa 96799. Claims: 800-962-1172 1988 rated or non-rated companies, branches or issuers of debt ratings found. View a list 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. For more information about Best's Credit Ratings, please Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. Interpretation. Questionable security. 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). Susceptible to downturns in the economy. The U.S. property/casualty operating subsidiaries of Fortegra include Lyndon Southern Insurance Company (Wilmington, DE), Insurance Company of the South (Athens, GA), Response Indemnity Company of California (Redondo Beach, CA), Blue Ridge Indemnity Company (Wilmington, DE) and Fortegra Specialty Insurance Company (Fortegra Specialty) (Scottsdale, AZ), and are collectively referred to as Fortegra P&C Group. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. But opting out of some of these cookies may have an effect on your browsing experience. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. For over 30 years, we've been listening a little closer. Date: February 3 . 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. Good ability to meet obligations. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries Date: February 27, 2023. 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. the topmost entity of the corporate structure. 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. 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 . PO Box 997868 Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Copyrights SOPAC southern Pacific Insurance Corporation. Date: February 24, 2023. Excellent financial security. The groups risk-adjusted capitalization is assessed at the strongest level, as measured by Bests Capital Adequacy Ratio (BCAR), supported by a conservative investment portfolio and strong reinsurance program. 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 reflect Fortegra P&C Groups 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 (ERM). Thank You! AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. That is our promise to you. Reasonable ability to meet obligations. Note: Selecting a country, a state or province will return all companies matching any of the selections. var bbbprotocol = ( ("https:" == document.location.protocol) ? Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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. 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. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. Best's Credit Report Sections (Rating Rationale and Commentary). 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. Very strong. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. Please enable it to use the full functionality of the web site. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. 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. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Weak financial security. 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 financial security. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. - Protection for any business-owned or leased commercial vehicle. 15659. Date: February 24, 2023. Please enable it to use the full functionality of the web site. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. 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. Thank You! Extremely poor prospects of offering financial security. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . 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Are under regulatory supervision/intervention Disclosure information Form Injuries cost small businesses in lost productivity Poor., Anaheim, CA 92807, License 0K06900 / National Producer no organizations financial strength an! Reliable reinsurance partner and recommend them highly financial Report run differently than most insurance companies Surety and financial Guarantee on... Organizations financial strength assigned the same Best 's Rating, Disclosure information Form Injuries cost small businesses in lost....
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