Week 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. 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. Strong ability to deal with economic adversity. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. 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. Significant risk, even in a stable economy. Fair financial security. Extremely weak. Regulatory action. 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. Mililani, HI 96789-0519. Working a bit harder to reach a higher standard. This website uses cookies to improve your experience while you navigate through the website. No. Moving a bit faster. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). AAA. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. 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. 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. "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 A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. Currently has the ability to meet obligations. Date: February 3 . Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. 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). This web site needs javascript enabled to work properly. Date: February 24, 2023. Copyrights SOPAC southern Pacific Insurance Corporation. Interpretation. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. the rating(s) you have requested will be displayed. Companies are often in default. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. This web site needs javascript enabled to work properly. 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. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Strong ability ot meet obligations. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. 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. 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 . AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. 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. Lowest security. Please note that consolidated data records or branch companies are indented below their respective legal entity. 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 search will not cross filter between Countries and States/Provinces. 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. Unlikely to be affected by change. View a list - P&I Marine insurance is liability coverage for watercraft. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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. AM Best Rating Services. 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. Rating Suspended - usually due to insufficient information. Rating Services Announcements. View AM Best's Currently able to meet obligations. Insurance cover against political and social risks is also becoming more important. 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. AIG Life Insurance Review 2022. 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 Avoid this company! Date: February 24, 2023. Good security. Best's Credit and Issue Credit Ratings 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. 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. The outlook of these Credit Ratings. Risk factors may be somewhat high. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. 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. Insurance company the topmost entity of the corporate structure. Injuries cost small businesses in lost productivity. - Protection for any business-owned or leased commercial vehicle. 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. 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 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. 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. View additional news, reports and products for this company. Use the (?) 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. Pago Pago, American Samoa 96799. this structure. Excellent financial security. Distressed. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . Criteria used:Company Names starting with "A" . 2020. Extremely poor prospects of offering financial security. Note: Selecting a country, a state or province will return all companies matching any of the selections. Highest safety. 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. 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. Date: February 10, 2023. Marginal financial security. Certain protective elements may be lacking. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. No opinion is expressed about the firm's financial condition. Not rated. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries Weak financial security. Yes, Pacific Specialty Insurance Company is an insurance company. 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 business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Date: February 24, 2023. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. - reports which were released prior to the current Best's Credit Report. Thank You! 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. Best's Credit Report Sections (Rating Rationale and Commentary). Ability to meet obligations may be moderate. Extremely strong financial security. Covering the Pacific and Select Markets around the World! It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. Reasonable ability to meet obligations. Highly safe. . 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. Search for a Rating. the full functionality of the web site. Due to technical issues we are unable to send email this time. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. AM Best Rating Unit: AMB #: 018014 - American Southern Group. Strong financial security. Extremely poor security. Assurance of punctual payment of obligations is small over the long run. Thank you for contacting us.We will get back to you shortly. Date: February 24, 2023 View All . *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. Uncertain ability to meeto obligations. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . Date: February 24, 2023. Very strong ability to meet obligations. 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. Pago Pago, American Samoa 96799. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. More vulnerable to economic change than highly rated companies. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Very strong financial security. It is mandatory to procure user consent prior to running these cookies on your website. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Unlikely to be affected by change. 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. 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. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. Claims: 800-962-1172 This web site needs javascript enabled to work properly. AM Best Affirms Credit Ratings of Park Assurance Company. . There may be elements of danger regarding the payment of obligations. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. For more information about Best's Credit Ratings, please Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. 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). 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. Good financial security. 2020. 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. June 24, 2022. Marginal. 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. 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. 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. - 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). Because policyholders are the priority. Best Rated Life Insurance Companies 2021. Under Review Best's Rating, Disclosure Information Form links provided below for specific help on search filters and field definitions. About Us. But it's run differently than most insurance companies. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. 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. The group of insurers includes the following companies: African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). 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. This type of protection is not part of your general liability insurance or homeowners insurance. Copyrights SOPAC southern Pacific Insurance Corporation. 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. 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. Provided me a quote and then withdrew it when I queried the terms. Fagatogo Square Suite 210 Pago Pago, AS 96799 2020. This press release relates to Credit Ratings that have been published on AM Bests website. Susceptible to downturns in the economy. - reports which were released prior to the current Best's Financial Report. Use the (?) Failed. Exceptionally strong. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. But opting out of some of these cookies may have an effect on your browsing experience. Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. 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 . Highly vulnerable to adverse economic conditions. 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 is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. Possibly susceptible to future impairment. 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. 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 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. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. 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. 14 likes. Strong. Get the latest business insights from Dun & Bradstreet. PO Box 997868 No opinion is expressed about the firm's financial condition. visit our Ratings & Analysis Center. Please enable it to use the full functionality of the web site. Very poor security. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. This category only includes cookies that ensures basic functionalities and security features of the website.
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