General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. View AM Best's Interpretation. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . 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 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 Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. links provided below for specific help on search filters and field definitions. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company Date: February 24, 2023 AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. 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. The group of insurers includes the following companies: Because policyholders are the priority. - Protection for any business-owned or leased commercial vehicle. 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 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. This press release relates to Credit Ratings that have been published on AM Bests website. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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. For over 30 years, we've been listening a little closer. Search for a Rating. Unlikely to be affected by change. 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. Copyrights SOPAC southern Pacific Insurance Corporation. Best Rated Life Insurance Companies 2021. AM Best Revises Outlooks to Negative for Mutual of America Life 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: The group of insurers includes the following companies: This is a forward-looking opinion about overall creditworthiness in order to pay financial 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. - 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. 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. 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. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Highest safety. visit our Ratings & Analysis Center. 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. Moderate risk factors. About Us. Rating Services Announcements. NR. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies Pago Pago, American Samoa 96799. Lower than Aaa because long-term risks appear somewhat larger. 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. AM Best Affirms Credit Ratings of Park Assurance Company. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. - 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. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. This category only includes cookies that ensures basic functionalities and security features of the website. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Covering the Pacific and Select Markets around the World! - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. 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). Excellent security. 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. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. The ratings reflect Fortegra P&C Groups balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Yes, Pacific Specialty Insurance Company is an insurance company. 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. 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. Available coverages, credits, and options may vary by state. Date: February 24, 2023. Exceptionally strong. Thank you for contacting us.We will get back to you shortly. 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 . 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. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. You need business auto insurance to cover your vehicles. 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). Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Strong ability to deal with economic adversity. Pago Pago, American Samoa 96799. Good ability to meet obligations. Due to technical issues we are unable to send email this time. View additional news, reports and products for this company. 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. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. 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. Extremely poor security. Uncertain ability to meeto obligations. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. Date: February 10, 2023. Risk factors may be somewhat high. More vulnerable to economic change than highly rated companies. There may be elements of danger regarding the payment of obligations. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. Please note that consolidated data records or branch companies are indented below their respective legal entity. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. Get the latest business insights from Dun & Bradstreet. Insurance company Good. Strong ability to meet obligations. 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. Note: Access to Best's Credit Ratings is available to members. Necessary cookies are absolutely essential for the website to function properly. PO Box 997868 Currently has the ability to meet obligations. links provided below for specific help on search filters and field definitions. Please enable it to use the full functionality of the web site. Pago Pago, American Samoa 96799. Severe economic conditions may effect this company. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. If you only want specific States or Provinces, then don't include Canada or United States. Date: February 27, 2023. Please enable it to use We will get back to you shortly. Under supervision of state insurance commissioners. 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. Date: February 24, 2023. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. PO Box 997868 Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. Marginal financial security. Date: February 24, 2023 View All . Thank You! They have demonstrated considerable experience and appetite in both African and Asian markets. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. But it's run differently than most insurance companies. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! 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. Date: February 3 . A+ Rated Life Insurance Companies 2022. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. Grade. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com 2020. 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. Southern Pacific Insurance Corporation. 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. 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. Learn more today! 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. No opinion is expressed about the firm's financial condition. No opinion is expressed about the firm's financial condition. AM Best Rating Unit: AMB #: 018014 - American Southern Group. Interpretation. Please try again later or different method of contacts. 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). Strong financial security. 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 Injuries cost small businesses in lost productivity. . Fair financial security. Possibly susceptible to future impairment. Could impact policyholders. Weak. This web site needs javascript enabled to work properly. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. Extremely strong financial security. Thank You! 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. Thank You! - General Liability coverage is available for a wide range of risks. Very strong. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). These cookies will be stored in your browser only with your consent. "https://" : "http://" ); document.write(unescape("%3Cscript src='" + bbbprotocol + 'seal-sanjose.bbb.org' + unescape('%2Flogo%2Fpacific-specialty-insurance-company-630264.js') + "' type='text/javascript'%3E%3C/script%3E")); Pacific Specialty 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. Avoid this company! These cookies do not store any personal information. 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). Pacific Life Insurance Review. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). Weak financial security. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. 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 The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. Good security. Assurance of punctual payment of obligations is small over the long run. This web site needs javascript enabled to work properly. Date: February 24, 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. 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. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. Use the (?) 14 likes. 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. 2020. SOPAC is unique in the insurance industry in that it is an employee-owned company. 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. 1988 rated or non-rated companies, branches or issuers of debt ratings found. 2020. Questionable ability to meet obligations. Copyrights SOPAC southern Pacific Insurance Corporation. Susceptible to downturns in the economy. Insurers in any of these ratings viewed as having poor ability to meet obligations. u Denotes Week financial security. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Lowest security. Rating Suspended - usually due to insufficient information. - reports which were released prior to the current Best's Credit Report. These new updates will take effect December 1, 2021. Certain protective elements may be lacking. - P&I Marine insurance is liability coverage for watercraft. Extremely strong financial security. Fagatogo Square Suite 210 Pago Pago, AS 96799 Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Criteria used:Company Names starting with "A" . Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. 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. Rating Services Advanced Rating Search Recent Rating Activity Industry Research Credit Ratings Performance Assessments Country Risk Information Get a Best's Credit Rating Regulatory Information Information Services BestLink The symbol "u"denotes a Best's Rating that is currently Under Review. 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. June 24, 2022. Ability to meet obligations may not be adequate for long-term policies. Strong ability ot meet obligations. Follow. Good financial security. . We also use third-party cookies that help us analyze and understand how you use this website. PO Box 997868 Once you 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. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 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. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Very poor security. The outlook of these Credit Ratings. 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. Best Ratings represent a cumulative feedback scale of the web site political and social risks is also becoming important... 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