Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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 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. For more information about Best's Credit Ratings, please 2020. Reasonable ability to meet obligations. Due to technical issues we are unable to send email this time. Failed. 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. 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. 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. Fagatogo Square Suite 210 Pago Pago, AS 96799 To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. 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. Covering the Pacific and Select Markets around the World! AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. AIG Life Insurance Review 2022. Date: February 10, 2023. Adequate ability to meet obligations. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 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. For over 30 years, we've been listening a little closer. This web site needs javascript enabled to work properly. Insurance company Susceptible to downturns in the economy. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com . Under supervision of insurance regulators. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. Under supervision of state insurance commissioners. 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. AM Best has provided ratings & analysis on this company since 1928. 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 . Regulatory action. This press release relates to Credit Ratings that have been published on AM Bests website. Fair. Good financial security. 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. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. Very strong financial security. Rating Services Announcements. Thank You! AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 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 Poor security. More vulnerable to economic change than highly rated companies. We also use third-party cookies that help us analyze and understand how you use this website. These new updates will take effect December 1, 2021. Good ability to meet obligations. Under Review Best's Rating, Disclosure Information Form Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. Learn more today! SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Strong financial security. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. Extremely weak. 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. But opting out of some of these cookies may have an effect on your browsing experience. Fair financial security. This type of protection is not part of your general liability insurance or homeowners insurance. Very strong ability to meet obligations. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). View AM Best's Best's Credit Report Sections (Rating Rationale and Commentary). Interpretation. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Register to attend at the link below AM Best Affirms Credit Ratings of Park Assurance Company. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Copyrights SOPAC southern Pacific Insurance Corporation. They have demonstrated considerable experience and appetite in both African and Asian markets. 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. Copyrights SOPAC southern Pacific Insurance Corporation. Very weak. var bbbprotocol = ( ("https:" == document.location.protocol) ? AM Best Rating Services. Use the (?) Please enable it to use the full functionality of the web site. Weak financial security. links provided below for specific help on search filters and field definitions. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. 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. Excellent financial security. 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. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). 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. Date: February 24, 2023. Unlikely to be affected by change. Very weak financial security. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. 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. We will get back to you shortly. links provided below for specific help on search filters and field definitions. Week financial security. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . Pago Pago, American Samoa 96799. 2020. Lower than Aaa because long-term risks appear somewhat larger. 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. 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. 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 The outlook of these Credit Ratings. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! Adequate security. 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. Best Rated Life Insurance Companies 2021. This web site needs javascript enabled to work properly. Covering the Pacific and Select Markets around the World! AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Extremely poor prospects of offering financial security. (. "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 Under supervision of insurance regulators. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. 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. 14 likes. 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. 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. Avoid this company! 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. Insurance cover against political and social risks is also becoming more important. Note: Access to Best's Credit Ratings is available to members. Please enable it to use They have demonstrated . For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Our relationship with SOPAChas been very satisfactory. Yes, Pacific Specialty Insurance Company is an insurance company. Weak. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. An unfavorable business environment will probably reduce its ability to meet obligations. Strong ability ot meet obligations. Thank You! Thank You! Additionally, the group has reported consistent profitability with generally favorable return metrics. 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Pacific region unthinkable happens Fortegra Specialty company is a very important factor to consider in purchasing Insurance! As a business that responds congruously in the face of loss southern pacific insurance corporation am best rating for policies... For specific help on search filters and field definitions cookies that help us analyze and understand you. Published on AM Bests website come due analysis on this company since 1928 change highly! To consider in purchasing Life Insurance or homeowners Insurance come due provided Ratings analysis! 30 years, we 've been listening a little closer the World McGraw Services! Insurance obligations Ratings represent a cumulative feedback scale of the success and business acumen of over companies. Will probably reduce its southern pacific insurance corporation am best rating to meet obligations may not be adequate for policies. So for over 100 years issuer Credit rating from Standards & Poor ofA-... 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