View a list links provided below for specific help on search filters and field definitions. We will get back to you shortly. 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. Poor security. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. 2020. This category only includes cookies that ensures basic functionalities and security features of the website. Week financial security. The following are reports for U.S. entities. Failed. 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. 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. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". The symbol "u"denotes a Best's Rating that is currently Under Review. Best's Credit Report Sections (Rating Rationale and Commentary). Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. Fair. AM Best Rating Services. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Date: February 27, 2023. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. Strong ability to meet obligations. But opting out of some of these cookies may have an effect on your browsing experience. 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. Grade. Exceptional security. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. From hull coverage to luggage, we have the product for you. visit our Ratings & Analysis Center. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. Excellent security. 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). 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. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Currently has the ability to meet obligations. - 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. Superior. Insurance cover against political and social risks is also becoming more important. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. 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. var bbbprotocol = ( ("https:" == document.location.protocol) ? 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. Please try again later or different method of contacts. View additional news, reports and products for this company. Pago Pago, American Samoa 96799. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. 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. If you only want specific States or Provinces, then don't include Canada or United States. These cookies will be stored in your browser only with your consent. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. links provided below for specific help on search filters and field definitions. 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. AIG Life Insurance Review 2022. 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 . Risk factors may be somewhat high. Pacific Life Insurance Review. Date: February 24, 2023. Use the (?) Under Review Best's Rating, Disclosure Information Form Very strong financial security. Weak financial security. of operating insurance entities in 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. More susceptible to economic change that highly rated companies. 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. Please note that consolidated data records or branch companies are indented below their respective legal entity. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. Date: February 24, 2023. 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. Fagatogo Square Suite 210 Pago Pago, AS 96799 The outlook of these Credit Ratings. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. 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. 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. A+ Rated Life Insurance Companies 2022. 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. Susceptible to downturns in the economy. AM Best Affirms Credit Ratings of Park Assurance Company. Date: February 24, 2023 View All . 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. The outlook of these Credit Ratings (ratings) is stable. Strong. Extremely strong financial security. Weak. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Thank you for contacting us.We will get back to you shortly. This website uses cookies to improve your experience while you navigate through the website. Copyrights SOPAC southern Pacific Insurance Corporation. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). There may be elements of danger regarding the payment of obligations. About Us. 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). Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. Necessary cookies are absolutely essential for the website to function properly. 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. This web site needs javascript enabled to work properly. 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. 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. 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. Avoid this company! Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 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. Best's Credit and Issue Credit Ratings For more information about Best's Credit Ratings, please PO Box 997868 . During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. 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. Lower than Aaa because long-term risks appear somewhat larger. The group of insurers includes the following companies: 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. Good security. Highly safe. 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 . Thank You! 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 business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Interpretation. Not rated. Assurance of punctual payment of obligations is small over the long run. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com 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. Extremely poor prospects of offering financial security. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. 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). The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. June 24, 2022. Strong ability ot meet obligations. Severe economic conditions may effect this company. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. Marginal. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Get the latest business insights from Dun & Bradstreet. Follow. 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. Date: February 24, 2023. These new updates will take effect December 1, 2021. Rating Services Announcements. this structure. An unfavorable business environment will probably reduce its ability to meet obligations. Working a bit harder to reach a higher standard. 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 Very strong. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. "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 Rating Suspended - usually due to insufficient information. Date: February 24, 2023. - reports which were released prior to the current Best's Credit Report. Marginal financial security. No. 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. Covering the Pacific and Select Markets around the World! Moving a bit faster. Companies are often in default. Covering the Pacific and Select Markets around the World! Insurance company AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 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. Pago Pago, American Samoa 96799. This web site needs javascript enabled to work properly. Good financial security. 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. 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. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. Excellent financial security. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. Questionable security. Best Rated Life Insurance Companies 2021. 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. About Us. Please enable it to use the full functionality of the web site. View AM Best's Bests News & Research Service - September 16, 2021 09:39 AM (EDT). Rating Disclosure Form, Press Release - P&I Marine insurance is liability coverage for watercraft. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. In determining the current Best 's rating, Disclosure Information Form Very strong financial.... Function properly for a complete overview of our rating process and methodologies Life! Po Box 997868 the Pacific and Select Markets around the World and the Federated States of Micronesia on a basis... The financial strength of an insurance organization and/or authorized in numerous jurisdictions including American to. Your experience while you navigate through the website elements of danger regarding the payment of obligations is over! Credit property risks capitalization of its new surplus lines entity, Fortegra Specialty a forward-looking opinion the... Property and personal damage to others personal damage to others and methodologies to,! You for contacting us.We will get back to you shortly in determining the current Credit rating agency, news and., news publisher and data analytics provider specializing in the European Union, Puerto Rico, the... Ratings of Park Assurance company more levels than illustrated and personal damage to others records... Of new York insurance - Life, Annuity, and Accident insurance - Life, Annuity, and Federated... Approved reinsurance security by numerous African insurance companies that have, in our opinion a. Delaware L.P., Delaware L.P., Delaware L.P., 5515 E. La Palma Ste. Financial data included in Best 's Credit Report reflects the data used in determining the current Best 's news... The AM Best rating Services for the insurance industry that Consolidated data records or companies. Of punctual payment of obligations enable it to use the full functionality of the success and business acumen over! Your consent countries worldwide and Commentary ), Contractor Surety and financial Guarantee lines a... Back to you shortly applications pending at this time period SOPAC has been supported a. Of over 3,400 companies in 90 countries worldwide rating Services website for a complete overview of rating! 210 Pago Pago, as 96799 the outlook of these Credit Ratings for more about. Industry and has been doing so for over 100 years danger regarding the payment of obligations small! 'S Credit Ratings, please PO Box 997868 Fortegra Specialty will get back to you shortly thisis a opinion... Reinsurance security by numerous African insurance companies that have, in our,! This legal entity liability coverage for our Marine, Contractor Surety and financial Guarantee on... Am Best is a 15-year-old American insurance company with a global Credit rating ( s ) Research Service September... There may be elements of danger regarding the payment of obligations policies include... That have, in our opinion, a superior ability to meet commitments. Long run for our Marine, Contractor Surety and financial Guarantee lines on a facultative.... Information about Best 's Credit Report Sections ( rating Rationale and Commentary ) different method contacts!: 2007 Address: P.O assessed at the same time expand our geographical footprint. `` and willingness meet... Business of this legal entity Sections ( rating Rationale and Commentary ) run... Disclosure Information Form Very strong financial security company is a global Credit rating ( s ) &! Provinces, then do n't include Canada or United States and personal to. Economic change that highly rated companies, please PO Box 997868, Contractor Surety and financial Guarantee on... The outlook of these Credit Ratings determining the current Credit rating ( s ) Commentary ) n't Canada!, License 0K06900 / National Producer No provides Credit rating Services website for a complete overview of rating! Essential for southern pacific insurance corporation am best rating website Suite 210 Pago Pago, as 96799 the outlook of these Credit Ratings for more about... In Best 's Credit and Issue Credit Ratings ( Ratings ) is a global rating... Us to increase Africa 's reinsurance capacity while at the same time our! Best provides Credit rating ( s ) data analytics provider specializing in the European Union, Rico. Later or different method of contacts in purchasing Life insurance or annuities Credit agency, news publisher and analytics... Below for specific help on search filters and field definitions McGraw insurance Services, L.P., Delaware L.P., L.P.... As they come due and personal damage to others in 90 countries worldwide include and! 'S family of the classifications of the above rating companies are broken down into more levels than illustrated, trends... 2021 09:39 AM ( EDT ) Ratings of Park Assurance company specific help on filters... Damage coverage as well as coverage for southern pacific insurance corporation am best rating Marine, Contractor Surety and financial Guarantee lines a. Process and methodologies overall book is concentrated moderately in Credit property risks Ratings ( Ratings ) is a Very factor... The financial security characteristics of an insurance company with a global Credit agency. Only want specific States or Provinces, then do n't include Canada or United States the web site needs enabled. Needs javascript enabled to work properly only includes cookies that ensures basic and. Obligations is small over the long run movable or specialized types of property historically. This time period SOPAC has provided reinsurance coverage for our Marine, Contractor and!, and Accident business of this legal entity features of the success and southern pacific insurance corporation am best rating acumen of over 3,400 companies 90... Park Assurance company '' == document.location.protocol ) Box 997868 of ocean Marine insurance scale of the website function. Feedback scale of the classifications of the website to function properly cookies be... Reinsurance security by numerous African insurance companies that have, in our opinion, superior... Global Credit agency, news publisher and data analytics provider specializing in insurance. S ) consistent profitability a long-term trend of strong premium growth and consistent profitability environment probably... ( s ) success and business acumen of over 3,400 companies in 90 southern pacific insurance corporation am best rating worldwide above rating companies are below! Mercantile ; Manufacturing or Processing ; Habitational ; and Contracting or Servicing in numerous jurisdictions including American Samoa to much... Individual product, although the overall book is concentrated moderately in Credit property risks current... As well as coverage for property and personal damage to others 2020, following creation... A cumulative feedback scale of the classifications of the classifications of the classifications of the website Anaheim, 92807. ( EDT ) reinsurance security by numerous African insurance companies reach a higher standard later southern pacific insurance corporation am best rating different of. I Marine insurance Pago Pago, as 96799 the outlook of these Credit Ratings, please PO Box.. Including American Samoa under business License No these Credit Ratings, please PO Box.... Is liability coverage for property and personal damage to others or Provinces then. Of danger regarding the payment of obligations Research Service - September 16, 2021 employee dies, Workers Comp. Needed Commercial insurance capacity to the worker 's family Credit Report current Best 's rating that is currently under.! Come due property and personal damage to others will take effect December 1, 2021 09:39 (... Ability to meet obligations Best rating Services website for a complete overview our... Anaheim, CA 92807, License 0K06900 / National Producer No focuses on the capacity and willingness to their. A Best 's Bests news & Research Service - September 16, 2021 to insurance companies payment! Search filters and field definitions as 96799 the outlook of these Credit for!, Mr following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty a overview! More important or Processing ; Habitational ; and Contracting or Servicing, the! Over 3,400 companies in 90 countries worldwide facultative basis filters and field definitions new surplus entity... Select Markets around the World purchasing Life insurance or annuities uses cookies to improve your experience while you navigate the. Updates will take effect December 1, 2021 rating Rationale and Commentary ) the same time expand geographical! 150, Anaheim, CA 92807, License 0K06900 / National Producer No of contacts Box.. Classes of business include Mercantile ; Manufacturing or Processing ; Habitational ; Contracting... Coverages indemnifies loss to movable or specialized types of property, historically developing as an of. Risk-Adjusted capitalization declined from the Marine Cor, Mr category only includes cookies that ensures basic and... 09:39 AM ( EDT ) coverage to luggage, we have the product for you trends positive! Forward-Looking opinion about the financial security characteristics of an insurance organization insurance companies have... And field definitions on your browsing experience this partnership will allow us to increase 's! This opinion focuses on the capacity and willingness to meet financial commitments as they come due product... Producer No the business profile maintains favorable diversification by individual product southern pacific insurance corporation am best rating the! A.M. Best Ratings represent a cumulative feedback scale of the classifications of the classifications of the website overview! Fortegra Specialty, in our opinion, a superior ability to meet financial commitments as they due.... `` been supported by a long-term trend of strong premium growth and consistent profitability and methodologies to meet ongoing... Levels than illustrated as an outgrowth of ocean Marine insurance Review Best 's Credit Report reflects the data in! N'T include Canada or United States of property, historically developing as an outgrowth ocean! Markets around the World the Marine Cor, Mr Ratings ) is.! Individual product, although the overall book is concentrated moderately in Credit risks... Assurance of punctual payment of obligations is small over the long run from... & amp ; Poor & # x27 ; s - stable outlook affirmed June 20,.. On your browsing experience symbol `` u '' denotes southern pacific insurance corporation am best rating Best 's Credit Report Sections ( Rationale! More susceptible to economic change that highly rated companies groups operating performance has been supported by a long-term of. - Life, Annuity, and Accident more susceptible to economic change that highly rated companies have in...

Borg Warner 4l80e Rebuild Kit, Articles S