Extremely poor prospects of offering financial security. var bbbprotocol = ( ("https:" == document.location.protocol) ? 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. Unlikely to be affected by change. 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. This press release relates to Credit Ratings that have been published on AM Bests website. the topmost entity of the corporate structure. Under supervision of state insurance commissioners. Date: February 24, 2023. Poor security. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . 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). 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . 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. Individual or Business Insurance?Individual InsuranceBusiness Insurance*, Please select a type of individual insurance.Life InsuranceLong Term CareAnnuityDisabilityCritical IllnessMedigapTravel CoverageDental and Vision, Please select a type of business insurance.Life InsuranceDisabilityCritical IllnessGroup Life & LTD Insurance, Copyright 2023 South Pacific Insurance, PO Box 893519 Southern Pacific Insurance Corporation. Moving a bit faster. Get the latest business insights from Dun & Bradstreet. Insurers in any of these ratings viewed as having poor ability to meet obligations. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". This category only includes cookies that ensures basic functionalities and security features 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. 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. 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. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Questionable ability to meet obligations. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Fair financial security. They have demonstrated considerable experience and appetite in both African and Asian markets. 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. Good financial security. Thank You! Ability to meet obligations may be moderate. PO Box 997868 More vulnerable to economic change than highly rated companies. - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. An unfavorable business environment will probably reduce its ability to meet obligations. Very strong ability to meet obligations. But opting out of some of these cookies may have an effect on your browsing experience. 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). Extremely poor security. Highly safe. That is our promise to you. QBE North America operates as a group of property and casualty insurers and re-insurers that currently receive issuer credit rating ofa+(stable)from A.M. Best. Weak financial security. Working a bit harder to reach a higher standard. 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. Excellent. 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. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. AM Best Rating Unit: AMB #: 018014 - American Southern Group. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. AM Best Affirms Credit Ratings of Park Assurance Company. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. - P&I Marine insurance is liability coverage for watercraft. this structure. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Excellent financial security. Good ability to meet obligations. Note: Access to Best's Credit Ratings is available to members. Currently able to meet obligations. 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. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. 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. 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. 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. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). 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). Very strong financial security. The outlook of these Credit Ratings (ratings) is stable. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. the rating(s) you have requested will be displayed. Please enable it to use Certain protective elements may be lacking. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Moderate risk factors. View additional news, reports and products for this company. Thank You! SOPAC is unique in the insurance industry in that it is an employee-owned company. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Extremely strong financial security. 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. This web site needs javascript enabled to work properly. Ability to meet obligations may not be adequate for long-term policies. Due to technical issues we are unable to send email this time. 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. 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. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. marketing@pacificspecialty.com, Customer Support: 800-303-5000 Good financial security. Date: February 27, 2023. Insurance cover against political and social risks is also becoming more important. They have demonstrated . During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. About Us. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. 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. 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. You also have the option to opt-out of these cookies. 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. 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. Not rated. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Very poor security. Pacific Life Insurance Review. 15659. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. (. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Copyrights SOPAC southern Pacific Insurance Corporation. Moderate risk factors. Strong financial security. From hull coverage to luggage, we have the product for you. Marginal. Insurance company - General Liability coverage is available for a wide range of risks. It is this rating that buyers of insurance and reinsurance (and some service providers) focus on as it describes the ability of an insurer to meet its obligations (i.e. 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. More susceptible to economic change that highly rated companies. Strong ability to deal with economic adversity. 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 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. Very weak financial security. 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). Superior. Lowest security. Interpretation. This web site needs javascript enabled to work properly. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Without insurance, those costs would be compounded by employee medical expenses and missed wages. Pago Pago, American Samoa 96799. We also use third-party cookies that help us analyze and understand how you use this website. Uncertain ability to meeto obligations. Criteria used:Company Names starting with "A" . Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. 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