Fair. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. AAA. Possibly susceptible to future impairment. AM Best Rating Unit: AMB #: 018014 - American Southern Group. Avoid this company! 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. Not rated. Copyrights SOPAC southern Pacific Insurance Corporation. The search will not cross filter between Countries and States/Provinces. This web site needs javascript enabled to work properly. More susceptible to economic change that highly rated companies. Good ability to meet obligations. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. Moderately weak. Questionable security. Excellent financial security. PO Box 997868 Extremely strong financial security. Reasonable ability to meet obligations. Date: February 24, 2023 View All . We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries Good. The group of insurers includes the following companies: 2020. Please enable it to use the full functionality of the web site. We will get back to you shortly. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. 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. 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. Covering the Pacific and Select Markets around the World! Please enable it to use Highest safety. The symbol "u"denotes a Best's Rating that is currently Under Review. 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. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. Could impact policyholders. 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. 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. Please enable it to use the full functionality of the web site. 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. 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No opinion is expressed about the firm's financial condition. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. A+ Rated Life Insurance Companies 2022. 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 This type of protection is not part of your general liability insurance or homeowners insurance. 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. June 24, 2022. 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. Marginal. Please try again later or different method of contacts. Fagatogo Square Suite 210 Pago Pago, AS 96799 visit our Ratings & Analysis Center. 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). links provided below for specific help on search filters and field definitions. Currently able to meet obligations. 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. 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. 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). Use the (?) Learn more today! marketing@pacificspecialty.com, Customer Support: 800-303-5000 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. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). . See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. An unfavorable business environment will probably reduce its ability to meet obligations. 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. 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. Working a bit harder to reach a higher standard. About Us. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. Exceptionally strong. Because policyholders are the priority. Note: Selecting a country, a state or province will return all companies matching any of the selections. Week financial security. AM Best Affirms Credit Ratings of Park Assurance Company. 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. Very strong ability to meet obligations. Insurers in any of these ratings viewed as having poor ability to meet obligations. You need business auto insurance to cover your vehicles. Thank You! This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Copyrights SOPAC southern Pacific Insurance Corporation. Susceptible to downturns in the economy. Under supervision of insurance regulators. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. 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. NR. Extremely poor security. Moderate risk factors. Very weak. Additionally, the group has reported consistent profitability with generally favorable return metrics. Thank You! AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. 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. Strong ability to meet obligations. Very weak. Fagatogo Square Suite 210 Pago Pago, AS 96799 the topmost entity of the corporate structure. Rating Suspended - usually due to insufficient information. Strong ability to deal with economic adversity. 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. Adequate security. Date: February 24, 2023. - Protection for any business-owned or leased commercial vehicle. Good financial security. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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 groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. 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. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. Thank you for contacting us.We will get back to you shortly. This press release relates to Credit Ratings that have been published on AM Bests website. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Mililani, HI 96789-0519. - reports which were released prior to the current Best's Credit Report. 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. Excellent. 2020. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. 2020. 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. 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. links provided below for specific help on search filters and field definitions. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. Good security. 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. Interpretation. Certain protective elements may be lacking. 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. Weak financial security. Date: February 27, 2023. . - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. 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. Lowest security. Please note that consolidated data records or branch companies are indented below their respective legal entity. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. Best's Credit and Issue Credit Ratings Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. Important factor to consider in purchasing life insurance or annuities complete overview of our Rating and! Cor, Mr specific help on search filters and field definitions watercraft coverage is expressed about the firm financial! Success and business acumen of over 3,400 companies in 90 Countries worldwide Pacific... Southern Pacific insurance Corporation ( SOPAC ) is a global Credit Rating agency, news and. The same time expand our geographical footprint. `` your website '' denotes a Best 's Credit Rating: a... 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See the Disclosure information Form or Press Release below for the insurance industry and has been so! Scale of the web site are under regulatory supervision/intervention due to a significant dividend in but... Group of insurers includes the following companies: 2020 National Producer No news.
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