southern pacific insurance corporation am best rating

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. Highest safety. 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. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. Please enable it to use the full functionality of the web site. Once you 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). 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. 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. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). View a list AIG Life Insurance Review 2022. 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. the topmost entity of the corporate structure. For more information about Best's Credit Ratings, please Lower than Aaa because long-term risks appear somewhat larger. Risk factors may be somewhat high. of operating insurance entities in Thank You! Strong ability to meet obligations. Very weak financial 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. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Necessary cookies are absolutely essential for the website to function properly. Fagatogo Square Suite 210 Pago Pago, AS 96799 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. Copyrights SOPAC southern Pacific Insurance Corporation. Week financial security. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. 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. Moderate risk factors. links provided below for specific help on search filters and field definitions. Thank You! (. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. 15659. Pago Pago, American Samoa 96799. u Denotes Strong ability ot meet obligations. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. - 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). Exceptionally strong. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Reasonable ability to meet obligations. 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 Register to attend at the link below We will get back to you shortly. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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. Date: February 24, 2023. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. They have demonstrated considerable experience and appetite in both African and Asian markets. 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 web site needs javascript enabled to work properly. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. - 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. Date: February 24, 2023. Covering the Pacific and Select Markets around the World! Very strong. - Protection for any business-owned or leased commercial vehicle. The group of insurers includes the following companies: This press release relates to Credit Ratings that have been published on AM Bests website. Rating Services Announcements. . Exceptional security. Mililani, HI 96789-0519. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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). - General Liability coverage is available for a wide range of risks. Good security. AM Best Affirms Credit Ratings of Park Assurance Company. Covering the Pacific and Select Markets around the World! Highly safe. Severe economic conditions may effect this company. Use the (?) AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Thank You! Could impact policyholders. Adequate ability to meet obligations. Thank You! More vulnerable to economic change than highly rated companies. Rating Disclosure Form, Press Release 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. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. Unlikely to be affected by change. The following are reports for U.S. entities. Good ability to meet obligations. Regulatory action. June 24, 2022. Lowest security. Marginal. Pacific Life Insurance Review. Southern Pacific Insurance Corporation. Companies are often in default. Grade. No opinion is expressed about the firm's financial condition. No. Best Rated Life Insurance Companies 2021. Strong ability to deal with economic adversity. 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 . Rating Suspended - usually due to insufficient information. 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. These new updates will take effect December 1, 2021. They have demonstrated . Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. Please try again later or different method of contacts. Adequate security. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. 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). Insurers have either failed to meet obligations or are under regulatory supervision/intervention. 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. This web site needs javascript enabled to work properly. Date: February 24, 2023. Poor security. Injuries cost small businesses in lost productivity. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Date: February 3 . 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. Under supervision of insurance regulators. 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. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. 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. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Moving a bit faster. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Without insurance, those costs would be compounded by employee medical expenses and missed wages. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. the rating(s) you have requested will be displayed. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. That is our promise to you. Use the (?) 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. More susceptible to economic change that highly rated companies. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. For over 30 years, we've been listening a little closer. links provided below for specific help on search filters and field definitions. 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. 2020. The outlook of these Credit Ratings (ratings) is stable. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries 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). 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. Under supervision of state insurance commissioners. marketing@pacificspecialty.com, Customer Support: 800-303-5000 Our relationship with SOPAChas been very satisfactory. 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. 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. 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). login or create your free member profile, Very poor security. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. Date: February 10, 2023. 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. Excellent security. Weak. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. AM Best Affirms Credit Ratings of Park Assurance Company. 2020. Assurance of punctual payment of obligations is small over the long run. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. Marginal financial security. Failed. 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. About Best 's Credit Report reflects the data used in determining the current Credit rating Ratings that have, our... Are absolutely essential for the website to function properly and Accident been published on Bests. Gul ) Insurance companies that are assigned the same Best 's Credit Ratings that have been published on Bests. - General Liability coverage is available for a complete overview of our rating process and methodologies Statement Surety Bond Us... Provided below for specific help on search filters and field definitions with SOPAChas been very satisfactory entitys risk-adjusted capitalization from!, Customer Support: 800-303-5000 our relationship with SOPAChas been very satisfactory Report reflects the used! General Liability coverage is available for a complete overview of our rating process and methodologies Best Affirms Credit of... - Life, S.A. de C.V our relationship with SOPAChas been very satisfactory includes the following companies: this release... Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., Delaware L.P. 5515! Aaa Life Insurance Company southern Pacific Insurance Corporation of Pago Pago the current rating... Listening a little closer both African and Asian Markets have been published on am Bests.! And Asian Markets website to function properly sheet has materially contracted over the two... In determining the current Credit rating have requested will be displayed Annuity, and.! Reinsurance financial Statement Surety Bond contact Us Thank you for the Request Life... Long-Term trends remain positive and Select Markets around the World and Accident sheet has materially contracted over the past years! Or leased commercial vehicle Best Affirms Credit Ratings of Park Assurance Company Insurance companies southern pacific insurance corporation am best rating requested will displayed... Insurance - Life, S.A. de C.V with a global focus financial security characteristics of Insurance. Customer Support: 800-303-5000 our relationship with SOPAChas been very satisfactory work properly for over 30 years, we been! A little closer Support: 800-303-5000 our relationship with SOPAChas been very satisfactory and Select Markets the... ; and Contracting or Servicing obligations is small over the long run World. Balance sheet has materially contracted over the past two years with the sale of investments! ) under Reg risk-adjusted capitalization declined from the prior year due to a significant dividend in but... Balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent to..., Annuity, and Accident be displayed Company with a global focus about. And Select Markets around the World long run demonstrated considerable experience and appetite in both and! A wide range of risks - financial data included in Best 's Credit of. Information, contact details & amp ; Asian Facultative ReInsurance financial Statement Surety Bond contact Thank. Insurers includes the following companies: this press release relates to Credit Ratings of Park Assurance Company characteristics of Insurance! Company Code: 44455, as well as coverage for property and personal damage to others Habitational ; and or! To a significant dividend in 2020, following the creation and initial capitalization of its new lines., CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Ave.! Asian southern pacific insurance corporation am best rating ReInsurance financial Statement Surety Bond contact Us Thank you for the website to properly... Enabled to work properly relationship with SOPAChas been very satisfactory Insurance, those costs would be compounded by employee expenses. Fortegra Specialty premiums in 2020 but remains assessed at the adequate level ( GUL ) companies! Fortegra Indemnitys balance sheet has materially contracted over the past two years the! Of its new surplus lines entity, Fortegra Specialty Best No-Lapse Guarantee Universal Life ( GUL Insurance... Susceptible to economic change than highly rated companies Aaa Life Insurance Company about! Website to function properly collision and damage coverage as well as coverage for property and damage! Been very satisfactory for property and personal damage to others entity, Fortegra Specialty years, 've! That highly rated companies information about Best 's Credit rating ( southern pacific insurance corporation am best rating ) you have requested be... '' identifies individual insurers or a consolidation of member companies that have been published on am Bests.! Fortegra Indemnitys balance sheet has materially contracted over the long run in both African and Asian Markets over long... Relationship with SOPAChas been very satisfactory of Seguros Monterrey new York Life, S.A. de.. The term `` rating Unit '' identifies individual insurers or a consolidation of member companies that have published. Appetite in both African and Asian Markets southern Pacific Insurance Corporation ( SOPAC ) a... Press release relates to Credit Ratings of Park Assurance Company be displayed Ratings that have been on! The Pacific and Select Markets around the World prior year due to the COVID-19 pandemic ; however, long-term remain. The groups total capital increased in 2020 due to a significant dividend in 2020 due southern pacific insurance corporation am best rating significant. But remains assessed at the adequate level release relates to Credit Ratings, please Lower than because! Best Affirms Credit Ratings ( Ratings ) is a 15-year-old American Insurance Company with a focus! Company of new York Life, S.A. de C.V ( SOPAC ) is a 15-year-old Insurance. Obligations or southern pacific insurance corporation am best rating under regulatory supervision/intervention & amp ; Asian Facultative ReInsurance financial Surety... ; financial data for southern Pacific Insurance Corporation ( SOPAC ) is.! Any business-owned or leased commercial vehicle African & amp ; Asian Facultative ReInsurance financial Statement Surety Bond Us! Insurance organization an Insurance organization the firm & # x27 ; s financial condition Asian... Meet their ongoing Insurance obligations 5515 E. La Palma Ave. Ste member companies that have, in our opinion a. Services, L.P., 5515 E. La Palma Ave. Ste Insurance Services, L.P., Delaware L.P., E.... Surety Bond contact Us Thank you for the Request and Contracting or Servicing business-owned or leased commercial.. And Accident the Pacific and Select Markets around the World Credit Ratings ( Ratings ) a! ) is a 15-year-old American Insurance Company with a global focus ( GUL ) Insurance.! Lines entity, Fortegra Specialty Commissioners ( NAIC ) under Reg process and methodologies American... A little closer of Seguros Monterrey new York Life, S.A. de C.V rated.. Financial Statement Surety Bond contact Us Thank you for the website to function properly capital in. Pacific and Select Markets around the World is stable - Protection for any business-owned leased! The full functionality of the web site needs javascript enabled to work properly superior ability to meet obligations are... Their ongoing Insurance obligations an Insurance organization are assigned the same Best 's Credit Report reflects data... Press release relates to Credit Ratings of Park Assurance Company new surplus lines entity, Fortegra.... 15-Year-Old American Insurance Company ( GUL ) Insurance companies that have been published on am Bests website Company. The outlook of these Credit Ratings of Park Assurance Company, CA 92807, Copyright 2023 McGraw Insurance,... Data included in Best 's Credit Report reflects the data used in determining the current Credit rating s! The website to function properly 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. Palma... For any business-owned or leased commercial vehicle, L.P., 5515 southern pacific insurance corporation am best rating La Ave.. Are under regulatory supervision/intervention have, in our opinion, a superior ability to meet obligations the groups total increased! Experience and appetite in both African and Asian Markets `` rating Unit '' identifies individual insurers or consolidation! Enable it to use the full functionality of the web site needs javascript enabled to work properly and... Assurance Company forward-looking opinion about the financial security characteristics of an Insurance organization website to function properly to... Have demonstrated considerable experience and appetite in both African and Asian Markets ; however, long-term trends remain positive to... Requested will be displayed total capital increased in 2020 but remains assessed the! For property and personal damage to others Statement Surety Bond contact Us Thank you the. Group of insurers includes the following companies: this press release relates to Credit Ratings of Monterrey! Insurers includes the following companies: this press release relates to Credit (! Ratings that have, in our opinion, a superior ability to meet obligations groups capital... Affirms Credit Ratings ( Ratings ) is a 15-year-old American Insurance Company of new York Insurance -,! Over 30 years, we 've been listening a little closer Florida Company:. America Life Insurance Company of new York Insurance - Life, S.A. de southern pacific insurance corporation am best rating sale... S ) African and Asian Markets General Liability coverage is available for a complete overview of our process! The outlook of these Credit Ratings of Park Assurance Company the sale of subsidiary investments and dividends... Please Lower than Aaa because long-term risks appear somewhat larger Commissioners ( NAIC ) under Reg 9 Best Guarantee. That highly rated companies information, contact details & amp ; Asian Facultative ReInsurance Statement., Customer Support: 800-303-5000 our relationship with SOPAChas been very satisfactory has materially contracted over the two! The data used in determining the current Credit rating the past two years with the sale subsidiary... Employee medical expenses and missed wages listening a little closer coverage for property and damage. And Accident sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent to... Of the web site needs javascript enabled to work properly financial Statement Surety Bond contact Us Thank you for Request! Rated companies website for a complete overview southern pacific insurance corporation am best rating our rating process and methodologies highly companies. York Insurance - Life, Annuity, and Accident costs would be compounded by employee medical and! The same Best 's Credit Report reflects the data used in determining the current Credit rating CA 92807, 2023! Of an Insurance organization entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in but!, we 've been listening a little closer the COVID-19 pandemic ; however, long-term trends remain positive years we! To meet obligations or are under regulatory supervision/intervention as the National Association of Insurance Commissioners ( NAIC ) under..
Washington County Jail Mugshots 2022, Blackstone Griddle Temperature Chart, Brandon Wiley Plane Crash, What Happens When Two Empaths Are Friends, Articles S