Good financial security. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Very poor security. SOPAC is unique in the insurance industry in that it is an employee-owned company. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. 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. Best's Credit Report Sections (Rating Rationale and Commentary). Weak financial security. 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. Significant risk, even in a stable economy. Extremely 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. We also use third-party cookies that help us analyze and understand how you use this website. AIG Life Insurance Review 2022. Please enable it to use the full functionality of the web site. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. Moderate risk factors. 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. 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. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! Ability to meet obligations may not be adequate for long-term policies. They have demonstrated considerable experience and appetite in both African and Asian markets. 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). Copyrights SOPAC southern Pacific Insurance Corporation. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Best Rated Life Insurance Companies 2021. We will get back to you shortly. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. Failed. 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. Please enable it to use the full functionality of the web site. It is mandatory to procure user consent prior to running these cookies on your website. An unfavorable business environment will probably reduce its ability to meet obligations. They have demonstrated . Adequate security. AAA. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. - P&I Marine insurance is liability coverage for watercraft. This press release relates to Credit Ratings that have been published on AM Bests website. 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. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding 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. Very strong ability to meet obligations. Use the (?) - 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. Highly vulnerable to adverse economic conditions. 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. Strong financial security. 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. 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. 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. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. 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. Currently has the ability to meet obligations. Unlikely to be affected by change. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. 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. Assurance of punctual payment of obligations is small over the long run. 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. This web site needs javascript enabled to work properly. - General Liability coverage is available for a wide range of risks. Note: Access to Best's Credit Ratings is available to members. Insurance company Without insurance, those costs would be compounded by employee medical expenses and missed wages. Once you
Certain protective elements may be lacking. 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 . Possibly susceptible to future impairment. 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. Moving a bit faster. The group of insurers includes the following companies: Currently able to meet obligations. The symbol "u"denotes a Best's Rating that is currently Under Review. Moderately weak. Very weak. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. Very strong financial security. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. - 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. These new updates will take effect December 1, 2021. Strong ability ot meet obligations. Date: February 24, 2023. 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. Exceptional security. No. Mililani, HI 96789-0519. Working a bit harder to reach a higher standard. The outlook of these Credit Ratings. 2020. Please note that consolidated data records or branch companies are indented below their respective legal entity. The search will not cross filter between Countries and States/Provinces. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. Poor security. Not rated. 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. 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. Covering the Pacific and Select Markets around the World! Under supervision of insurance regulators. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). Rating Services Announcements. Extremely weak. . Distressed. "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 Avoid this company! 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. Adequate ability to meet obligations. If you only want specific States or Provinces, then don't include Canada or United States. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Could impact policyholders. 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. the topmost entity of the corporate structure. Provided me a quote and then withdrew it when I queried the terms. Reasonable ability to meet obligations. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Copyrights SOPAC southern Pacific Insurance Corporation. Uncertain ability to meeto obligations. Use the (?) https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com View AM Best's
Companies are often in default. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. Questionable security. Date: February 24, 2023. Regulatory action. Get the latest business insights from Dun & Bradstreet. AM Best has provided ratings & analysis on this company since 1928. 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. Very weak. 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. View a list
Injuries cost small businesses in lost productivity. Fagatogo Square Suite 210 Pago Pago, AS 96799
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. - 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 24, 2023. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. . 2020. Weak. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Very weak financial security. Best's Credit and Issue Credit Ratings
Date: February 3 . Extremely strong financial security. Interpretation. This category only includes cookies that ensures basic functionalities and security features of the website. Date: February 27, 2023. More vulnerable to economic change than highly rated companies. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Severe economic conditions may effect this company. 14 likes. Fair financial security. Under supervision of state insurance commissioners. This web site needs javascript enabled to work properly. 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). Follow. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Interpretation. 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. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Thank You! AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. 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. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Insurers in any of these ratings viewed as having poor ability to meet obligations. 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 Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Please try again later or different method of contacts. 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. Susceptible to downturns in the economy. Extremely poor prospects of offering financial security. 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. Claims: 800-962-1172 Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. 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. 15659. SOUTHERN PACIFIC INSURANCE CORPORATION branch Company Number 42864247F Status Active In Good Standing Incorporation Date 18 December 2017 (about 5 years ago) Company Type Business Corporation (Non-Louisiana) Jurisdiction Louisiana (US) Branch Branch of out-of-jurisdiction company Registered Address 113 BLUE RIDGE RD DERIDDER, LA 70634 United States , Florida under Florida company Code: 44455, as well as the National Association of Insurance (! To Bests Credit Ratings that have been underwritten by other insurers who need reduce!, you may need this policy to cover employees, contractors, freelancers, or even yourself analyze and how. 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