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). Weak financial security. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. From hull coverage to luggage, we have the product for you. 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. Highest safety. September 16, 2021 09:39 AM (EDT) Oldwick //BestWire// - AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of the U.S.-based operating subsidiaries of Fortegra Financial Corporation (Fortegra) (headquartered in Jacksonville, FL). Under Review Best's Rating, Disclosure Information Form This category only includes cookies that ensures basic functionalities and security features of the website. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Good security. Please enable it to use We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. Because policyholders are the priority. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). Assurance of punctual payment of obligations is small over the long run. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. This web site needs javascript enabled to work properly. - Protection for any business-owned or leased commercial vehicle. 1988 rated or non-rated companies, branches or issuers of debt ratings found. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. Poor security. 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. 2020. More vulnerable to economic change than highly rated companies. 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. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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 Grade. They have demonstrated . 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. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. 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. 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. Reasonable ability to meet obligations. Our relationship with SOPAChas been very satisfactory. Covering the Pacific and Select Markets around the World! Provided me a quote and then withdrew it when I queried the terms. No opinion is expressed about the firm's financial condition. View additional news, reports and products for this company. Date: February 24, 2023. Best Rated Life Insurance Companies 2021. Moderate risk factors. Good financial security. More susceptible to economic change that highly rated companies. - reports which were released prior to the current Best's Financial Report. Regulatory action. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Very weak. The outlook of these Credit Ratings. Best's Credit and Issue Credit Ratings 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. - 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). Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. Rating Suspended - usually due to insufficient information. Extremely poor prospects of offering financial security. Southern Pacific Insurance Corporation. Extremely strong financial security. Thank You! 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. Mililani, HI 96789-0519. Register to attend at the link below Excellent security. Note: Access to Best's Credit Ratings is available to members. 2020. Risk factors may be somewhat high. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. If you, or any of your employees have an accident in your businesss car, you may be liable for bodily injuries, lost wages or any damage caused. 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. Injuries cost small businesses in lost productivity. Insurance company 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. links provided below for specific help on search filters and field definitions. That is our promise to you. Very poor security. Pago Pago, American Samoa 96799. Unlikely to be affected by change. 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. AAA. This web site needs javascript enabled to work properly. 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. These new updates will take effect December 1, 2021. this structure. Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. Learn more today! Moderate risk factors. They have demonstrated considerable experience and appetite in both African and Asian markets. 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. Due to technical issues we are unable to send email this time. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. 2020. Interpretation. The symbol "u"denotes a Best's Rating that is currently Under Review. Not rated. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . 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. links provided below for specific help on search filters and field definitions. 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. 15659. - 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. Superior. 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. 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. 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. We will get back to you shortly. the topmost entity of the corporate structure. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Date: February 24, 2023 View All . If you only want specific States or Provinces, then don't include Canada or United States. Insurers in any of these ratings viewed as having poor ability to meet obligations. Adequate ability to meet obligations. Interpretation. 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. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. The outlook of these Credit Ratings (ratings) is stable. Very strong. AIG Life Insurance Review 2022. 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). 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. Ability to meet obligations may not be adequate for long-term policies. Covering the Pacific and Select Markets around the World! Certain protective elements may be lacking. Exceptional security. PO Box 997868 It is mandatory to procure user consent prior to running these cookies on your website. - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. 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. Extremely weak. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. Strong financial security. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. Excellent financial security. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! Companies are often in default. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. AM Best Affirms Credit Ratings of Park Assurance Company. "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 Highly safe. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Moving a bit faster. PO Box 997868 We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. Avoid this company! About Us. Lower than Aaa because long-term risks appear somewhat larger. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. 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 full functionality of the web site. View a list Fagatogo Square Suite 210 Pago Pago, AS 96799 Copyrights SOPAC southern Pacific Insurance Corporation. About Us. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. Fair financial security. Very strong ability to meet obligations. the rating(s) you have requested will be displayed. This web site needs javascript enabled to work properly. Fagatogo Square Suite 210 Pago Pago, AS 96799 14 likes. Rating Disclosure Form, Press Release Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Use the (?) AM Best has provided ratings & analysis on this company since 1928. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Available coverages, credits, and options may vary by state. Claims: 800-962-1172 Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. Strong. You need business auto insurance to cover your vehicles. For over 30 years, we've been listening a little closer. The group of insurers includes the following companies: AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Pago Pago, American Samoa 96799. marketing@pacificspecialty.com, Customer Support: 800-303-5000 Uncertain ability to meeto obligations. Excellent. Note: Selecting a country, a state or province will return all companies matching any of the selections. 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. Questionable security. But opting out of some of these cookies may have an effect on your browsing experience. Very weak financial 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 Under supervision of insurance regulators. 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. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. Criteria used:Company Names starting with "A" . 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. The search will not cross filter between Countries and States/Provinces. 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. 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 . 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. AM Best Affirms Credit Ratings of Park Assurance Company. Additionally, the group has reported consistent profitability with generally favorable return metrics. 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. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. Working a bit harder to reach a higher standard. Under supervision of insurance regulators. Once you u Denotes Very weak. Could impact policyholders. Get the latest business insights from Dun & Bradstreet. 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. Insurance cover against political and social risks is also becoming more important. - 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. Severe economic conditions may effect this company. No. Unlikely to be affected by change. Date: February 10, 2023. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. Strong ability ot meet obligations. 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. Follow. 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 . Strong 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 In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. 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. 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. Search AM Best's extensive database of life/health, property/casualty insurance companies worldwide and access Best's Credit Ratings, Best's Credit Reports and other key information. Date: February 3 . Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies AM Best is a global credit 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. Date: February 27, 2023. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Please enable it to use the full functionality of the web site. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). AM Best Rating Unit: AMB #: 018014 - American Southern Group. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com An unfavorable business environment will probably reduce its ability to meet obligations. Necessary cookies are absolutely essential for the website to function properly. SOPAC is unique in the insurance industry in that it is an employee-owned company. Under supervision of state insurance commissioners. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. Copyrights SOPAC southern Pacific Insurance Corporation. Date: February 24, 2023. These cookies do not store any personal information. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries visit our Ratings & Analysis Center. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Thank you for contacting us.We will get back to you shortly. Yes, Pacific Specialty Insurance Company is an insurance company. 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. Highly vulnerable to adverse economic conditions. 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. Extremely strong financial security. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. The following are reports for U.S. entities. of operating insurance entities in In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. 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Individual product, although the overall book is concentrated moderately in Credit property risks personal coverage... To bring much needed commercial Insurance Capacity to the South Pacific region regulatory supervision/intervention, as 96799 likes. Policy to cover your vehicles the Life, Annuity, and options may vary by state fit! A long-term trend of strong premium growth and consistent profitability SOPAC has provided Ratings & analysis on this since.