Very strong ability to meet obligations. Criteria used:Company Names starting with "A" . Good. Moderate risk factors. 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. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. Covering the Pacific and Select Markets around the World! Fagatogo Square Suite 210 Pago Pago, AS 96799 Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Working a bit harder to reach a higher standard. 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. During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. 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. Possibly susceptible to future impairment. 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 . Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 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. If you only want specific States or Provinces, then don't include Canada or United States. An unfavorable business environment will probably reduce its ability to meet obligations. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. 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. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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. 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. The outlook of these Credit Ratings (ratings) is stable. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries, AM Best Comments on Credit Ratings of Pacific LifeCorp and Its Rated Insurance Subsidiaries, A.M. Best Upgrades Issuer Credit Ratings of Members of Pacific Life Group, A.M. Best Assigns Issue Credit Rating to Pacific Life Insurance Companys Forthcoming Surplus Notes, A.M. Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries, A.M. Best Revises Issuer Credit Rating Outlook to Positive for Pacific LifeCorp and Its Subsidiaries, A.M. Best Affirms Ratings of Pacific LifeCorp and Its Subsidiaries. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. This web site needs javascript enabled to work properly. With the Agreement effective as from the 1st March 2022, SOPAC is giving exclusivity to Neema to take business on their behalf in African and Asian territories. links provided below for specific help on search filters and field definitions. AAA. Currently able to meet obligations. Please enable it to use the full functionality of the web site. These cookies do not store any personal information. The symbol "u"denotes a Best's Rating that is currently Under Review. 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. Southern Pacific Insurance Corporation. Under Review Best's Rating, Disclosure Information Form Due to technical issues we are unable to send email this time. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. Extremely strong financial security. AM Best Affirms Credit Ratings of Park Assurance Company. (. Get the latest business insights from Dun & Bradstreet. 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. Week financial security. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. Strong ability to meet obligations. AM Best has provided ratings & analysis on this company since 1928. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. - General Liability coverage is available for a wide range of risks. Best Rated Life Insurance Companies 2021. Risk factors may be somewhat high. 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. Fair. Thank You! 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. NR. Good financial security. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Pago Pago, American Samoa 96799. In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. 17486061. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. links provided below for specific help on search filters and field definitions. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . 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 Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. Date: February 10, 2023. We also use third-party cookies that help us analyze and understand how you use this website. Marginal financial security. Provided me a quote and then withdrew it when I queried the terms. - 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. 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 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. Note: Access to Best's Credit Ratings is available to members. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. You need business auto insurance to cover your vehicles. Date: February 24, 2023. Date: February 27, 2023. 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. No opinion is expressed about the firm's financial condition. Good financial security. Rating Services Announcements. Insurance company Register to attend at the link below From hull coverage to luggage, we have the product for you. Companies are often in default. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. marketing@pacificspecialty.com, Customer Support: 800-303-5000 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 Very weak. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. 2020. Assurance of punctual payment of obligations is small over the long run. Ability to meet obligations may be moderate. Copyrights SOPAC southern Pacific Insurance Corporation. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". 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. They have demonstrated considerable experience and appetite in both African and Asian markets. Moderate risk factors. 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. For over 30 years, we've been listening a little closer. Please enable it to use AM Best Rating Services. AM Best Affirms Credit Ratings of Park Assurance Company. About Us. the rating(s) you have requested will be displayed. 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. View AM Best's Available coverages, credits, and options may vary by state. Excellent financial security. Fagatogo Square Suite 210 Pago Pago, AS 96799 June 24, 2022. Please enable it to use the full functionality of the web site. Mililani, HI 96789-0519. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com A+ Rated Life Insurance Companies 2022. Good 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. Adequate ability to meet obligations. 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. Severe economic conditions may effect this company. Insurers in any of these ratings viewed as having poor ability to meet obligations. Pacific Life Insurance Review. Moderately weak. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. 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. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. "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 Date: February 24, 2023. This web site needs javascript enabled to work properly. Date: February 3 . 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. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. 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 category only includes cookies that ensures basic functionalities and security features of the website. Very weak financial security. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Best's Credit and Issue Credit Ratings Please enable it to use the full functionality of the web site. Date: February 24, 2023. Certain protective elements may be lacking. PO Box 997868 This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. Use the (?) That is our promise to you. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. This web site needs javascript enabled to work properly. 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. About Us. Please note that consolidated data records or branch companies are indented below their respective legal entity. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. . Covering the Pacific and Select Markets around the World! 2020. Rating Suspended - usually due to insufficient information. Strong. - Professional liability insurance, more commonly known as errors and omissions (E&O insurance), is a special type of coverage that protects your company against claims that a professional service you provided caused your client to suffer financial harm due to mistakes on your part (errors) or because you failed to perform some service (omissions). Date: February 24, 2023 View All . These new updates will take effect December 1, 2021. Unlikely to be affected by change. - P&I Marine insurance is liability coverage for watercraft. Excellent security. 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. 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. 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. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies SOPAC is unique in the insurance industry in that it is an employee-owned company. Highest safety. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Excellent. Very strong financial security. Currently has the ability to meet obligations. Lower than Aaa because long-term risks appear somewhat larger. 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. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. 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. Please try again later or different method of contacts. Very strong ability to meet obligations. login or create your free member profile, Strong ability to deal with economic adversity. This web site needs javascript enabled to work properly. This type of protection is not part of your general liability insurance or homeowners insurance. 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. More susceptible to economic change that highly rated companies. These cookies will be stored in your browser only with your consent. 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. 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. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Note: Selecting a country, a state or province will return all companies matching any of the selections. Thank You! Yes, Pacific Specialty Insurance Company is an insurance company. The group of insurers includes the following 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. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. - reports which were released prior to the current Best's Credit Report. The search will not cross filter between Countries and States/Provinces. Fair financial security. 1988 rated or non-rated companies, branches or issuers of debt ratings found. Highly safe. Injuries cost small businesses in lost productivity. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. The following are reports for U.S. entities. Exceptional security. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. Ability to meet obligations may not be adequate for long-term policies. No. Claims: 800-962-1172 Not rated. 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. The ratings of Life of the South Group reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. 2020. 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. 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. 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. There may be elements of danger regarding the payment of obligations. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. - 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. AIG Life Insurance Review 2022. Because policyholders are the priority. 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. Poor security. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. Regulatory action. 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). Significant risk, even in a stable economy. Uncertain ability to meeto obligations. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. 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. 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. Learn more today! During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Could impact policyholders. Date: February 24, 2023. 15659. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. Distressed. Additionally, the group has reported consistent profitability with generally favorable return metrics. 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. Pago Pago, American Samoa 96799. But opting out of some of these cookies may have an effect on your browsing experience. Date: February 24, 2023. Moving a bit faster. 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. Questionable ability to meet obligations. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company Grade. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. u Denotes Strong ability ot meet obligations. Thank you for contacting us.We will get back to you shortly. var bbbprotocol = ( ("https:" == document.location.protocol) ? No opinion is expressed about the firm's financial condition. Best's Credit Report Sections (Rating Rationale and Commentary). 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). of operating insurance entities in Without insurance, those costs would be compounded by employee medical expenses and missed wages. Interpretation. Follow. 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). To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. This website uses cookies to improve your experience while you navigate through the 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 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. Avoid this company! 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste.