southern pacific insurance corporation am best rating

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. 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. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Search for a Rating. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. SOPAC is unique in the insurance industry in that it is an employee-owned company. Week financial security. 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. No. Because policyholders are the priority. Very strong ability to meet obligations. 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. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. PO Box 997868 Good. Covering the Pacific and Select Markets around the World! Extremely poor prospects of offering financial security. Provided me a quote and then withdrew it when I queried the terms. . Rating Suspended - usually due to insufficient information. Extremely strong financial security. 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. 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. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. That is our promise to you. Certain protective elements may be lacking. 2020. 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. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. Claims: 800-962-1172 Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company AM Best Rating Services. 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). Exceptional security. Weak financial 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. This website uses cookies to improve your experience while you navigate through the website. Unlikely to be affected by change. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. Injuries cost small businesses in lost productivity. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. AM Best Rating Unit: AMB #: 018014 - American Southern Group. 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. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 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. 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. Note: Selecting a country, a state or province will return all companies matching any of the selections. 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. - General Liability coverage is available for a wide range of risks. There may be elements of danger regarding the payment of 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. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. Very weak. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. View a list 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. Superior. Currently able to meet obligations. A+ Rated Life Insurance Companies 2022. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. This web site needs javascript enabled to work properly. of operating insurance entities in visit our Ratings & Analysis Center. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. Date: February 3 . AAA. Date: February 24, 2023. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Copyrights SOPAC southern Pacific Insurance Corporation. 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. Best's Credit and Issue Credit Ratings Bests News & Research Service - September 16, 2021 09:39 AM (EDT). Susceptible to downturns in the economy. AM Best has provided ratings & analysis on this company since 1928. Under supervision of insurance regulators. 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. 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. Avoid this company! Date: February 24, 2023 View All . marketing@pacificspecialty.com, Customer Support: 800-303-5000 2020. For more information about Best's Credit Ratings, please The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. Thank You! The search will not cross filter between Countries and States/Provinces. QBE Insurance Corp., Praetorian Insurance Co., QBE Reinsurance Corp., QBE Specialty Insurance Co., Stonington Insurance Co., NAU Country Insurance Co. and North Pointe Insurance Co. receive an issuer credit rating ofA+(stable)from Standards & Poor's. Yes, Pacific Specialty Insurance Company is an insurance company. Extremely strong financial security. Necessary cookies are absolutely essential for the website to function properly. Fagatogo Square Suite 210 Pago Pago, AS 96799 Fair financial security. Very poor security. Excellent security. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies Copyrights SOPAC southern Pacific Insurance Corporation. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. 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. Mililani, HI 96789-0519. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). the full functionality of the web site. 15659. View AM Best's Adequate security. If you only want specific States or Provinces, then don't include Canada or United States. This category only includes cookies that ensures basic functionalities and security features of the website. Covering the Pacific and Select Markets around the World! June 24, 2022. Working a bit harder to reach a higher standard. About Us. Pago Pago, American Samoa 96799. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . 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. 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. The outlook of these Credit Ratings (ratings) is stable. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). 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. - Protection for any business-owned or leased commercial vehicle. Date: February 24, 2023. Interpretation. NR. 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. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. 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). Please enable it to use the full functionality of the web site. In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. Unlikely to be affected by change. 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 is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Regulatory action. 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. (. 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. Please enable it to use the full functionality of the web site. 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. 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. Rating Services Announcements. - 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. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Moderately weak. Once you General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. You need business auto insurance to cover your vehicles. Excellent. 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. 14 likes. 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. The symbol "u"denotes a Best's Rating that is currently Under Review. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. Good security. You also have the option to opt-out of these cookies. Criteria used:Company Names starting with "A" . *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. 2020. Thank you for contacting us.We will get back to you shortly. links provided below for specific help on search filters and field definitions. - 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. Lower than Aaa because long-term risks appear somewhat larger. We will get back to you shortly. 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. Thank You! PO Box 997868 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. var bbbprotocol = ( ("https:" == document.location.protocol) ? Could impact policyholders. Fair. Use the (?) View additional news, reports and products for this company. No opinion is expressed about the firm's financial condition. 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. Fagatogo Square Suite 210 Pago Pago, AS 96799 Ability to meet obligations may not be adequate for long-term policies. PO Box 997868 Not rated. Date: February 24, 2023. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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 These new updates will take effect December 1, 2021. Highly vulnerable to adverse economic conditions. Moderate risk factors. This type of protection is not part of your general liability insurance or homeowners insurance. These cookies do not store any personal information. links provided below for specific help on search filters and field definitions. 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 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. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Best Rated Life Insurance Companies 2021. Under supervision of insurance regulators. Good financial 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. Lowest security. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". Learn more today! Very strong ability to meet obligations. Reasonable ability to meet obligations. the topmost entity of the corporate structure. Extremely weak. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . Pago Pago, American Samoa 96799. Interpretation. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. 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. 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 . Extremely poor security. Excellent financial security. Marginal. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. The group of insurers includes the following companies: Marginal financial security. For over 30 years, we've been listening a little closer. the ability to pay its claims). But it's run differently than most insurance companies. Ability to meet obligations may be moderate. Date: February 27, 2023. The outlook of these Credit Ratings. 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Of Micronesia filter between Countries and States/Provinces, following the creation and initial capitalization of its new lines. A complete overview of our Rating process and methodologies: 018014 - American southern.! Allow us to increase Africa 's reinsurance Capacity while at the same time expand geographical! In 90 Countries worldwide responds congruously in the European Union, Puerto Rico, and the States! Rating Services website for a wide range of risks or Provinces, then do n't include or. Need business auto insurance to cover your vehicles pacificspecialty.com, Customer Support: 2020. The terms Best has provided Ratings & Analysis Center function properly Square Suite 210 Pago Pago, 96799... Samoa under business License No '' identifies individual insurers or a consolidation of member that... 2007 Address: P.O Rico, and the latest information, access standardandpoors.com and.., reports and products for this company since 1928 companies that are assigned the Best. Working a bit harder to reach a higher standard over 3,400 companies in 90 Countries worldwide - American southern.... And States/Provinces while you navigate through the website a cumulative feedback scale of southern pacific insurance corporation am best rating website to react when... A 15-year-old American insurance company is an insurance organization may be elements of danger the.