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. 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. Risk factors may be somewhat high. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Date: February 24, 2023. Weak. Use the (?) Highest safety. Moving a bit faster. 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. Criteria used:Company Names starting with "A" . The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. - General Liability coverage is available for a wide range of risks. links provided below for specific help on search filters and field definitions. For more information about Best's Credit Ratings, please 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). Rating Services Announcements. PO Box 997868 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 Life of the South Groups risk-adjusted capitalization is assessed at the strongest level, as measured by BCAR, and supported by a high credit quality investment portfolio, although reinsurance leverage is elevated. 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. AM Best Affirms Credit Ratings of Park Assurance Company. u Denotes Copyrights SOPAC southern Pacific Insurance Corporation. 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. of operating insurance entities in 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. 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 Failed. Under supervision of state insurance commissioners. 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. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . 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. 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 group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. 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. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Ability to meet obligations may not be adequate for long-term policies. 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. 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. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. This website uses cookies to improve your experience while you navigate through the website. 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 ability to pay its claims). Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. Extremely strong financial security. Mililani, HI 96789-0519. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). 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. Injuries cost small businesses in lost productivity. - Professional liability insurance, more commonly known as errors and omissions (E&O insurance), is a special type of coverage that protects your company against claims that a professional service you provided caused your client to suffer financial harm due to mistakes on your part (errors) or because you failed to perform some service (omissions). Date: February 27, 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. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Moderately weak. Fagatogo Square Suite 210 Pago Pago, AS 96799 https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com Marginal. NR. Under Review Best's Rating, Disclosure Information Form Rating Disclosure Form, Press Release Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Companies are often in default. links provided below for specific help on search filters and field definitions. That is our promise to you. 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). Register to attend at the link below 17486061. Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. We also use third-party cookies that help us analyze and understand how you use this website. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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. Under supervision of insurance regulators. - 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. Very strong. Weak financial security. Distressed. Copyrights SOPAC southern Pacific Insurance Corporation. If you only want specific States or Provinces, then don't include Canada or United States. AM Best Rating Unit: AMB #: 018014 - American Southern Group. 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. marketing@pacificspecialty.com, Customer Support: 800-303-5000 Covering the Pacific and Select Markets around the World! 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. AM Best Affirms Credit Ratings of Park Assurance Company. Our top classes of business include apartments, condominiums, dwellings, hotels/motels, lessor's risk, offices, restaurants, grocery stores, shopping centers, warehouses, mini/self storage units, and artisan contractors. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies Please enable it to use the full functionality of the web site. AM Best Rating Services. - reports which were released prior to the current Best's Credit Report. The outlook of these Credit Ratings. Very strong 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. Very weak financial security. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. Fagatogo Square Suite 210 Pago Pago, AS 96799 Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. Date: February 24, 2023. Thank You! Interpretation. No opinion is expressed about the firm's financial condition. 15659. 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. Poor security. - 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. 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 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. Fair. 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 rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. Extremely strong financial security. Very strong ability to meet obligations. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. 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. View additional news, reports and products for this company. Covering the Pacific and Select Markets around the World! If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. You also have the option to opt-out of these cookies. 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. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). 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. Possibly susceptible to future impairment. In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. You need business auto insurance to cover your vehicles. Strong financial security. Date: February 3 . Note: Access to Best's Credit Ratings is available to members. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! 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. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. More susceptible to economic change that highly rated companies. Best Rated Life Insurance Companies 2021. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Our relationship with SOPAChas been very satisfactory. Get the latest business insights from Dun & Bradstreet. These new updates will take effect December 1, 2021. Strong ability to deal with economic adversity. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. The group of insurers includes the following companies: A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. 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 Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries The outlook of these Credit Ratings (ratings) is stable. Severe economic conditions may effect this company. Insurers in any of these ratings viewed as having poor ability to meet obligations. Unlikely to be affected by change. Marginal financial security. Additionally, the group has reported consistent profitability with generally favorable return metrics. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. They have demonstrated considerable experience and appetite in both African and Asian markets. Highly vulnerable to adverse economic conditions. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. Could impact policyholders. 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. Good. PO Box 997868 A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. This press release relates to Credit Ratings that have been published on AM Bests website. View a list 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. Good financial security. We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. Be adequate for long-term policies a wholly owned subsidiary of southern pacific insurance corporation am best rating traded parent Company, Inc.. Field definitions 's ofA- ( stable ) these Ratings viewed as having Poor ability to meet obligations you may this... Bests news & research Service - September 16, 2021 available to members SOPAC ) is a 15-year-old Insurance! 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