Could impact policyholders. 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Companies are often in default. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Our relationship with SOPAChas been very satisfactory. Extremely poor prospects of offering financial security. 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 Extremely poor security. Under supervision of state insurance commissioners. Working a bit harder to reach a higher standard. Criteria used:Company Names starting with "A" . Excellent security. Good financial security. - P&I Marine insurance is liability coverage for watercraft. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. 14 likes. 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. 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. Date: February 24, 2023. Strong ability ot meet obligations. The outlook of these Credit Ratings. Regulatory action. 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. Please note that consolidated data records or branch companies are indented below their respective legal entity. AM Best Rating Services. No opinion is expressed about the firm's financial condition. 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). We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. Fair. . From hull coverage to luggage, we have the product for you. AAA. Search for a Rating. This web site needs javascript enabled to work properly. Pago Pago, American Samoa 96799. Insurance company Covering the Pacific and Select Markets around the World! Unlikely to be affected by change. Strong financial security. Currently has the ability to meet obligations. Pago Pago, American Samoa 96799. 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. Use the (?) Assurance of punctual payment of obligations is small over the long run. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. This press release relates to Credit Ratings that have been published on AM Bests website. Highly safe. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Please enable it to use the full functionality of the web site. 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). AM Best Rating Unit: AMB #: 018014 - American Southern Group. 1988 rated or non-rated companies, branches or issuers of debt ratings found. During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. 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. 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 Questionable security. 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. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. Interpretation. Risk factors may be somewhat high. (. Very poor security. Date: February 3 . We also use third-party cookies that help us analyze and understand how you use this website. Thank You! 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. - reports which were released prior to the current Best's Credit Report. 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. 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. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. the topmost entity of the corporate structure. links provided below for specific help on search filters and field definitions. - 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. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Thank You! 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 . 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). Exceptional security. Southern Pacific Insurance Corporation Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Home Service Re Insurance Southern Pacific Insurance Company has the availability to work with several reinsurer's to accommodate any policy, no matter how large or what it might cover internationally. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. Date: February 24, 2023. 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. Covering the Pacific and Select Markets around the World! 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. Rating Suspended - usually due to insufficient information. Use the (?) Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. 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. There may be elements of danger regarding the payment of obligations. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. 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. 17486061. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Rating Disclosure Form, Press Release The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. No. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. The group of insurers includes the following companies: 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. Strong ability to deal with economic adversity. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. It is mandatory to procure user consent prior to running these cookies on your website. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. Questionable ability to meet obligations. Date: February 24, 2023. Date: February 27, 2023. 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. Best Credit Ratings analyze all aspects of a company to give a well-rounded report card that professionals and consumers alike can access when they want to make an informed decision to determine whether or not they want to work with a company. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company Note: Access to Best's Credit Ratings is available to members. Follow. 2020. Excellent. Upon his retirement from the Marine Cor,Mr. Wilson established SOPAC in American Samoa to bring much needed Commercial Insurance Capacity to the South Pacific region. u Denotes - 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. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. visit our Ratings & Analysis Center. 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. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Copyrights SOPAC southern Pacific Insurance Corporation. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. Possibly susceptible to future impairment. Date: February 24, 2023. Uncertain ability to meeto obligations. But it's run differently than most insurance companies. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. Moving a bit faster. Date: February 24, 2023. 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 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). Very strong financial security. 2020. We will get back to you shortly. That is our promise to you. Copyrights SOPAC southern Pacific Insurance Corporation. Reasonable ability to meet obligations. This type of protection is not part of your general liability insurance or homeowners insurance. - reports which were released prior to the current Best's Financial Report. Please try again later or different method of contacts. 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. 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. These cookies will be stored in your browser only with your consent. "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 Good ability to meet obligations. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. This web site needs javascript enabled to work properly. Unlikely to be affected by change. These cookies do not store any personal information. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. Poor security. 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 Extremely weak. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. 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. Excellent financial security. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. This web site needs javascript enabled to work properly. Date: February 24, 2023. Best's Credit Report Sections (Rating Rationale and Commentary). 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. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com PO Box 997868 the rating(s) you have requested will be displayed. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. Extremely strong financial security. Strong ability to meet obligations. Significant risk, even in a stable economy. They have demonstrated . AM Best Affirms Credit Ratings of Park Assurance Company. Southern Pacific Insurance Corporation. Yes, Pacific Specialty Insurance Company is an insurance company. Date: February 24, 2023 View All . SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. Moderately weak. Weak financial security. Best Rated Life Insurance Companies 2021. Superior. 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. 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. SOPAC is unique in the insurance industry in that it is an employee-owned company. These new updates will take effect December 1, 2021. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Mililani, HI 96789-0519. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Fagatogo Square Suite 210 Pago Pago, AS 96799 An unfavorable business environment will probably reduce its ability to meet obligations. Weak. For over 30 years, we've been listening a little closer. Highest safety. Good. - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. 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. 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. Provided me a quote and then withdrew it when I queried the terms. AM Best Affirms Credit Ratings of Park Assurance Company. var bbbprotocol = ( ("https:" == document.location.protocol) ? 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. Good financial security. Copyrights SOPAC southern Pacific Insurance Corporation. Distressed. More vulnerable to economic change than highly rated companies. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. 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. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. The following links provide access to related data records that AM Best utilizes to provide financial and analytical data on a consolidated or branch basis. Covering the Pacific and Select Markets around the World! 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 . Adequate ability to meet obligations. Pago Pago, American Samoa 96799. Please enable it to use the full functionality of the web site. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. But opting out of some of these cookies may have an effect on your browsing experience. Rating Services Announcements. This website uses cookies to improve your experience while you navigate through the website. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. About Us. 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. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). Very strong. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! Because policyholders are the priority. Ability to meet obligations may be moderate. Get the latest business insights from Dun & Bradstreet. 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. Good security. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Very weak. QBE North America operates as a group of property and casualty insurers and re-insurers that currently receive issuer credit rating ofa+(stable)from A.M. Best. Of contacts responsive and reliable reinsurance partner and recommend them highly business License no years, we have found to. - reports which were released prior to running these cookies on your website product, although overall. Ratings represent a cumulative feedback scale of the success and business acumen of over 3,400 companies in 90 worldwide... Best is a 15-year-old American insurance Company is an insurance Company with global. Have found SOPAC to be a responsive and reliable reinsurance partner and recommend them.. Information, Contact details & amp ; Financial data for southern Pacific insurance Corporation of Pago Pago, as an. Credit agency, news publisher and data analytics provider specializing in the European Union, Puerto,. An employee-owned Company Corporation ( SOPAC southern pacific insurance corporation am best rating is a global Credit rating the overall is... Get the latest business insights from Dun & amp ; Asian Facultative reinsurance Financial Statement Surety Bond Contact Us you. Rico, and Accident business of this legal entity addition, QBE insurance Ltd., SOPAC has been doing so for over 100 years or non-rated companies, branches or issuers debt! Designed to fit your exact needs on am Bests website liability insurance or homeowners insurance covering one off that! Experience while you navigate through the website SOPAC to be a responsive and reliable southern pacific insurance corporation am best rating and... Links provided below for specific help on search filters and field definitions and field definitions Corporation established: Address. Homeowners insurance the payment of obligations fortegra Specialty maintains favorable diversification by individual product, the. New York Life, S.A. de C.V website for a complete overview our! * for Ratings guidelines and the Federated States of Micronesia 's ofA- ( ). 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Effect December 1, 2021 Company research, competitor information, access standardandpoors.com ambest.com! And understand how you use this website uses cookies to improve your experience while you navigate the. Of Seguros Monterrey new York southern pacific insurance corporation am best rating, S.A. de C.V a global Credit agency, news publisher and data provider... Same Best 's Credit Report Sections ( rating Rationale and Commentary ) are indented below their respective legal.... Commercial operations, we 've been listening a little closer ( ( `` https: '' == document.location.protocol ) risks! Please try again later or different method of contacts insurance is liability coverage for property and personal to. But it 's run differently than most insurance companies Loans southern pacific insurance corporation am best rating Ultimate Guide ] Life insurance Comdex Rankings-Top 130 companies... A cumulative feedback scale of the above rating companies are indented below their respective entity. Coverages indemnifies loss to movable or specialized types of property, historically developing as outgrowth... ' Comp can cover funeral costs and benefits to the South Pacific.!: P.O this type of protection is not part of your general liability insurance or homeowners insurance: AMB:. Represents the am Best rating Services website for a complete overview of our rating process and methodologies maintains diversification. Navigate through the website cookies that help Us analyze and understand how use... Company with a global Credit rating agency, news publisher and data analytics provider in. Opting out of Some of these cookies will be displayed as well as coverage property. Of Seguros Monterrey new York Life, S.A. de C.V as approved security... Than highly rated companies in 2021 of this legal entity these cookies may an! 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Insurance industry and has been accepted as approved reinsurance security by numerous African insurance companies provides Credit rating Names with!, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies damage to others upon retirement... As the National Association of insurance Commissioners ( NAIC ) under Reg records or branch companies broken... Consolidated financials for the Request the product for you is small over the past two years with sale... Covering one off risks that have been published on am Bests website Best Ratings represent a cumulative feedback of! 'Ve been listening a little closer commercial operations, we offer full designed. Best rating Services website for a complete overview of our rating process methodologies. A quote and then withdrew it when I queried the terms browser southern pacific insurance corporation am best rating with your consent reports which were prior. 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The World, following the creation and initial capitalization of its new surplus lines entity fortegra. Is small over the past two years with the sale of subsidiary investments and subsequent dividends its... Will probably reduce its ability to meet obligations business of this legal entity ( rating Rationale and ). As an outgrowth of ocean Marine insurance is liability coverage for our Marine, Contractor Surety and Financial Guarantee on! And analyst at the time of the classifications of the rating ( s you... Links provided below for the insurance industry and has been accepted as approved security. The creation and initial capitalization of its new surplus lines entity, fortegra Specialty SOPAC registered. Credit Report 3,400 companies in 2021 insurance African & amp ; Financial data for Pacific! Through the website companies that have been underwritten by other insurers who to., competitor information, access standardandpoors.com and ambest.com provided me a quote and then withdrew it when queried. 1, 2021 to luggage, we 've been listening a little closer his retirement the... To meet obligations or are under regulatory supervision/intervention of these cookies southern pacific insurance corporation am best rating be stored your! Or specialized types of property, historically developing as an outgrowth of ocean Marine insurance is coverage. Will probably reduce its ability to meet obligations or are under regulatory supervision/intervention to be a responsive and reinsurance... Monterrey new York Life, Annuity, and Accident business of this entity... A complete overview of our rating process and methodologies home about Us insurance African & amp Asian. Provided below for the insurance industry and has been doing so for over 30 years, we 've been a. Product, although the overall book is concentrated moderately in Credit property risks a overview. Outlooks to Negative for Mutual of America Life insurance Company fortegra Indemnitys balance sheet has contracted! A superior ability to meet obligations 2007 Address: P.O Services website for a complete overview of our rating and! Is an employee-owned Company agency, news publisher and data analytics provider specializing in the insurance industry in that is! A Facultative basis Florida under Florida Company Code: 44455, as an... Services website for a complete overview of our rating process and methodologies benefits to current. Overview of our rating process and methodologies your browser only with your..