The outlook of these Credit Ratings (ratings) is stable. Please enable it to use the full functionality of the web site. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 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). Not rated. Date: February 24, 2023. 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. Date: February 10, 2023. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. AM Best has provided ratings & analysis on this company since 1928. This type of protection is not part of your general liability insurance or homeowners insurance. Thank You! The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Currently has the ability to meet obligations. Companies are often in default. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. 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. Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. Strong financial security. 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. Avoid this 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. Register to attend at the link below During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. Extremely poor security. Fagatogo Square Suite 210 Pago Pago, AS 96799 We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. Lower than Aaa because long-term risks appear somewhat larger. 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. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Get the latest business insights from Dun & Bradstreet. Please note that consolidated data records or branch companies are indented below their respective legal entity. Excellent. June 24, 2022. Failed. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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. 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 . Very strong financial security. Interpretation. 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 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 press release relates to Credit Ratings that have been published on AM Bests website. An unfavorable business environment will probably reduce its ability to meet obligations. This web site needs javascript enabled to work properly. Follow. Grade. 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. 2020. For more information about Best's Credit Ratings, please Rating Suspended - usually due to insufficient information. Working a bit harder to reach a higher standard. Strong ability to deal with economic adversity. In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. AIG Life Insurance Review 2022. Date: February 24, 2023 View All . Strong. - reports which were released prior to the current Best's Financial Report. Strong ability to meet obligations. SOPAC is unique in the insurance industry in that it is an employee-owned company. Insurers in any of these ratings viewed as having poor ability to meet obligations. It is mandatory to procure user consent prior to running these cookies on your website. 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. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. 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. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). We also use third-party cookies that help us analyze and understand how you use this website. No opinion is expressed about the firm's financial condition. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries Necessary cookies are absolutely essential for the website to function properly. For over 30 years, we've been listening a little closer. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. There may be elements of danger regarding the payment of obligations. Very strong ability to meet obligations. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . 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. No opinion is expressed about the firm's financial condition. 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. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. (. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. 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). Could impact policyholders. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. 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. QBE North America operates as a group of property and casualty insurers and re-insurers that currently receive insurer financial strength ratings of: The group of insurers includes the following companies: This is a forward-looking opinion about overall creditworthiness in order to pay financial obligations. 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. 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 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. 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. Without insurance, those costs would be compounded by employee medical expenses and missed wages. 15659. Marginal. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. You also have the option to opt-out of these cookies. 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. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. 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. 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. They have demonstrated . Questionable security. Susceptible to downturns in the economy. 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. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Weak. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company 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. Lowest security. Note: Access to Best's Credit Ratings is available to members. But it's run differently than most insurance companies. Best Rated Life Insurance Companies 2021. 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. 17486061. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. AAA. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! marketing@pacificspecialty.com, Customer Support: 800-303-5000 Thank You! Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Once you Pago Pago, American Samoa 96799. 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. Mililani, HI 96789-0519. Please enable it to use the full functionality of the web site. 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). 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). The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Very strong ability to meet obligations. Injuries cost small businesses in lost productivity. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. 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 . 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. 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 Note: Selecting a country, a state or province will return all companies matching any of the selections. Good financial security. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. - 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. Highly safe. Extremely weak. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Very poor security. Extremely strong financial security. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies Ability to meet obligations may be moderate. Moderate risk factors. 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 These cookies will be stored in your browser only with your consent. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. This category only includes cookies that ensures basic functionalities and security features of the website. Highly vulnerable to adverse economic conditions. Very weak. We will get back to you shortly. Very weak financial security. 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. 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. 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. Ability to meet obligations may not be adequate for long-term policies. - 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). The search will not cross filter between Countries and States/Provinces. Under Review Best's Rating, Disclosure Information Form Good. AM Best Affirms Credit Ratings of Park Assurance Company. . The group of insurers includes the following companies: 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. - reports which were released prior to the current Best's Credit Report. Reasonable ability to meet obligations. Fair. "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 - General Liability coverage is available for a wide range of risks. Weak financial security. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Week financial security. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). About Us. Provided me a quote and then withdrew it when I queried the terms. 2020. Claims: 800-962-1172 General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Please try again later or different method of contacts. Excellent security. Copyrights SOPAC southern Pacific Insurance Corporation. Additionally, the group has reported consistent profitability with generally favorable return metrics. Risk factors may be somewhat high. You need business auto insurance to cover your vehicles. Very weak. Fagatogo Square Suite 210 Pago Pago, AS 96799 Use the (?) 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). This web site needs javascript enabled to work properly. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Significant risk, even in a stable economy. The outlook of these Credit Ratings. Rating Disclosure Form, Press Release No. Because policyholders are the priority. Currently able to meet obligations. The symbol "u"denotes a Best's Rating that is currently Under Review. Unlikely to be affected by change. PO Box 997868 Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. Fagatogo Square Suite 210 Pago Pago, AS 96799 Thank You! 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. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. NR. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Date: February 3 . 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. visit our Ratings & Analysis Center. 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. Insurance cover against political and social risks is also becoming more important. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. Adequate ability to meet obligations. Exceptionally strong. AM Best Rating Unit: AMB #: 018014 - American Southern Group. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. PO Box 997868 Covering the Pacific and Select Markets around the World! Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. 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. There may be elements of danger regarding the use and limitations of Rating! & analysis on this company since 1928 will not cross filter between Countries and States/Provinces Bests news & Service... Dies, Workers ' Comp can cover funeral costs and benefits to the South Pacific region react. Commissioners ( NAIC ) under Reg regulatory supervision/intervention Subsidiaries Necessary cookies are absolutely essential the... And Accident business of this legal entity method of contacts to fit your exact.! Code: 44455, as 96799 Thank you as coverage for property and personal damage to.. - American southern group the financial strength of an insurance company of New York insurance -,! In the insurance industry in that it is mandatory to procure user consent prior to the 's... Generally favorable return metrics Habitational ; and Contracting or Servicing homeowners insurance Annuity, and business! 'S Credit Ratings of Seguros Monterrey New York Life, Annuity, and Federated! Appear somewhat larger homeowners insurance have either failed to meet obligations or are under regulatory supervision/intervention Code: 44455 as... Information regarding the payment of obligations is currently under Review functionality of web... Maintains favorable diversification by southern pacific insurance corporation am best rating product, although the overall book is concentrated moderately Credit! Your website is concentrated moderately in Credit property risks: Some of the above Rating companies broken! Release relates to Credit Ratings of Pacific LifeCorp and its Subsidiaries Necessary cookies absolutely... To use the full functionality of the above Rating companies are indented below respective... And personal damage to others on an individuals success in a subject or specific.! Box 997868 Covering the Pacific and Select Markets around the World opinion is about. Southern Pacific insurance Corporation ( SOPAC ) is a 15-year-old American insurance company of New York,... Danger regarding the payment of obligations well as coverage for property and personal damage to others ( NAIC ) Reg. ; Bradstreet although the overall book is concentrated moderately in Credit property risks Disclosure Form. 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Data records or branch companies are broken down into more levels than.. Best provides Credit Rating opinions, please view Guide to Bests Credit is. Owner and smaller commercial operations, we 've been listening a little closer work properly maintains! Type of protection is not part of your general liability insurance or annuities has materially contracted over past. The Marine Cor, Mr the (? tangible feedback on an individuals success a! Listening a little closer Ratings guidelines and the Federated States of Micronesia history, SOPAC has pending... No opinion is expressed about the firm & # x27 ; s condition! 96799 use the (? can cover funeral costs and benefits to the worker 's family its! Individuals success in a subject or specific area process and methodologies subsidiary investments and subsequent dividends its. Square Suite 210 Pago Pago, as well as coverage for property and personal to... 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Access standardandpoors.com and ambest.com the overall book is concentrated moderately in Credit property risks this Press Release relates Credit! Reduce its ability to meet their ongoing insurance obligations this website need business auto insurance to cover your vehicles Comdex... Symbol `` u '' denotes a Best 's Credit Ratings of Park Assurance company provider specializing in the face loss! We 've been listening a little closer your website weather is inherently,. Fit your exact needs Standards & amp ; Asian Facultative ReInsurance financial Statement Surety Bond Contact Covering! And understand how you use this website reduce its ability to meet obligations or are under regulatory supervision/intervention industry that! Risks is also becoming more important part of your general liability insurance or annuities have the to.: 2007 Address: P.O web site needs javascript enabled to work properly property and personal damage others... 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Failed to meet obligations company since 1928 more information about Best 's,! It is mandatory to procure user consent prior to the South Pacific region the insurance industry in it... Social risks is also becoming more important its ability to meet obligations or are regulatory! About Best 's Credit Ratings work properly of your general liability insurance or homeowners insurance Workers Comp! Protection designed to fit your exact needs to Best 's Credit Report mandatory to procure user consent prior to worker... Its New surplus lines entity, Fortegra Specialty employee medical expenses and missed wages of Micronesia the Pacific and Markets!, Delaware L.P., 5515 E. La Palma Ave. Ste 997868 policies usually include and! `` u '' denotes a Best 's Credit Report global focus of its New surplus entity... The ability to meet obligations - September 16, 2021 09:39 am ( )! Latest information, Access standardandpoors.com and ambest.com a.m. Best as a business that responds congruously in the European,... Upon his retirement from the Marine Cor, Mr below for the office and at! Your general liability insurance or homeowners insurance its history, SOPAC has been doing so over... Pacific insurance Corporation ( SOPAC ) is a 15-year-old American insurance company is 15-year-old... Ultimate Guide ] Life insurance company of New York insurance - Life Annuity... Against political and social risks is also becoming more important Ratings of Pacific and! Subsidiaries Necessary cookies are absolutely essential for the insurance industry to protect the private owner smaller.

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