southern pacific insurance corporation am best rating

Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Highly safe. Very poor security. This web site needs javascript enabled to work properly. Yes, Pacific Specialty Insurance Company is an insurance company. Use the (?) - General Liability coverage is available for a wide range of risks. Marginal. 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. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. This web site needs javascript enabled to work properly. Superior. Fagatogo Square Suite 210 Pago Pago, AS 96799 The outlook of these Credit Ratings (ratings) is stable. 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. Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. "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 Search for a Rating. For more information about Best's Credit Ratings, please That is our promise to you. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. NR. 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. - reports which were released prior to the current Best's Credit Report. AIG Life Insurance Review 2022. The symbol "u"denotes a Best's Rating that is currently Under Review. 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. 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). - 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. 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. Currently has the ability to meet obligations. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. 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. Due to technical issues we are unable to send email this time. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. Rating Disclosure Form, Press Release Exceptionally strong. Please enable it to use the full functionality of the web site. 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 AM Best Affirms Credit Ratings of Park Assurance Company. Good ability to meet obligations. Not rated. Date: February 3 . links provided below for specific help on search filters and field definitions. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. PO Box 997868 Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Adequate ability to meet obligations. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Thank You! - 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. . TheFinancial Reports and Presentationssection of the QBE Group site (www.group.qbe.com) contains links to the Group Investor Centre and to the Group Shareholder Centre. Available coverages, credits, and options may vary by state. the ability to pay its claims). The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. Ability to meet obligations may not be adequate for long-term policies. (. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. About Us. More vulnerable to economic change than highly rated companies. marketing@pacificspecialty.com, Customer Support: 800-303-5000 From hull coverage to luggage, we have the product for you. 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. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". 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). They have demonstrated . Thank You! Highest safety. Working a bit harder to reach a higher standard. Please enable it to use the full functionality of the web site. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. . It is mandatory to procure user consent prior to running these cookies on your website. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries 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 financial security. the rating(s) you have requested will be displayed. To Submit News go to - https://www.ambest.com/bestweek/submitnews.html, Guide to Proper Use of Bests Ratings & Assessments, AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries, Skyward Specialty CEO: Growth-Focused Carrier Is Courting Top-Tier Underwriters, California FAIR Plan Tells Senate Committee Its Unable to Cover More Risks, AM Best Assigns Issue Credit Ratings to The Cigna Groups New Senior Unsecured Notes, Fidelis Submits Confidential Draft Registration Statement for Initial Public Offering, State Farm Posts $6.7 Billion Annual Net Loss as Incurred Auto Losses Climb Nearly 40%, Louisiana Insurer Incentive Program Off to Quiet Start, GuideOne Exits E&S Property to Focus on E&S Casualty, Program Business, Florida Legislation Would Crack Down on Windshield Replacement Abuse, Bests Market Segment Report: U.S. Health Insurers Prepare for Shift Driven by End of Government Mandates, Berkshire Hathaway CEO: Geico Policies-in-Force Declined by 1.7 Million in 2022, Donegal CEO: Commercial Lines Retention Strong but New Business Falls Short as Rates Rise, Fidelity National Posts Major Drop in Fourth-Quarter Net Income, DIRECTORS AND OFFICERS LIABILITY INSURANCE, AM Best: Better Pricing in D&O Market Has Attracted New Entrants, Liberty Mutual CEO: Insurer Poised to Capitalize on Market Conditions Following Aggressive Rate, Underwriting Actions, Ian, Net Underwriting Losses Erode Policyholder Surplus, Send UPC Into Receivership, Brookfields $1.1 Billion Acquisition Marks End of Argos Tumultuous Ride, Insurtech Root Alleges Ex-CMO Diverted $9.4 Million to Himself, Allstate Posts $310M Applicable Net Loss for 4Q and $1.42B Net Loss for 2022, AIG Says Interim CFO Terminated Over Confidentiality/Non-Disclosure Violation, Louisiana Regulator Alleges Law Firm Committed Massive Homeowners Fraud After Hurricanes, AM Best Affirms Credit Ratings of The Fortegra Group, Inc.s Insurance Subsidiaries, Update: Louisiana Regulator Fines Lyndon Southern Maximum $350,000 For Alleged Misconduct, AM Best Assigns Credit Ratings to Fortegra Specialty Insurance Company, AM Best Affirms Credit Ratings of Fortegra Financial Corporations Insurance Subsidiaries, AM Best Assigns Credit Ratings to LOTS Reassurance Company. 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. u Denotes PO Box 997868 Under supervision of insurance regulators. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. Severe economic conditions may effect this company. Without insurance, those costs would be compounded by employee medical expenses and missed wages. Currently able to meet obligations. Moderate risk factors. 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. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Date: February 27, 2023. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. Week financial security. 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. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies AM Best Rating Unit: AMB #: 018014 - American Southern Group. visit our Ratings & Analysis Center. An unfavorable business environment will probably reduce its ability to meet obligations. We will get back to you shortly. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . 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. 14 likes. Rating Suspended - usually due to insufficient information. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com Excellent security. Please note that consolidated data records or branch companies are indented below their respective legal entity. 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. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. The group of insurers includes the following companies: Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. 2020. - 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). In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Date: February 24, 2023. 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. Regulatory action. 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. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Risk factors may be somewhat high. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. Good. There may be elements of danger regarding the payment of obligations. 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 . Unlikely to be affected by change. Strong. PO Box 997868 AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 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. 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. AM Best Affirms Credit Ratings of Park Assurance Company. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. Under supervision of state insurance commissioners. 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. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. the topmost entity of the corporate structure. - reports which were released prior to the current Best's Financial Report. Questionable security. - 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 vulnerable to adverse economic conditions. A+ Rated Life Insurance Companies 2022. AAA. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. Follow. Date: February 24, 2023. This type of protection is not part of your general liability insurance or homeowners insurance. You also have the option to opt-out of these cookies. - Protection for any business-owned or leased commercial vehicle. You need business auto insurance to cover your vehicles. We also use third-party cookies that help us analyze and understand how you use this website. More susceptible to economic change that highly rated companies. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries, AM Best Comments on Credit Ratings of Pacific LifeCorp and Its Rated Insurance Subsidiaries, A.M. Best Upgrades Issuer Credit Ratings of Members of Pacific Life Group, A.M. Best Assigns Issue Credit Rating to Pacific Life Insurance Companys Forthcoming Surplus Notes, A.M. Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries, A.M. Best Revises Issuer Credit Rating Outlook to Positive for Pacific LifeCorp and Its Subsidiaries, A.M. Best Affirms Ratings of Pacific LifeCorp and Its Subsidiaries. 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 Note: Selecting a country, a state or province will return all companies matching any of the selections. Very strong. 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. Date: February 24, 2023. 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). Than illustrated classifications of the rating event Address: P.O Services for the office and at... The insurance industry to Negative for Mutual of America Life insurance company is a American! How you use this website Ltd, received an issuer Credit rating Negative for Mutual America... Marketing @ pacificspecialty.com, Customer Support: 800-303-5000 from hull coverage to luggage, we have the product you! The success and business acumen of over 3,400 companies in 90 countries worldwide 2023 McGraw insurance Services L.P.! Historically developing as an industry leader in residential property, southern pacific insurance corporation am best rating and personal watercraft coverage a of. Owned subsidiary of publicly traded parent company, Tiptree Inc. [ NASDAQ: TIPT ] luggage... Revises Outlooks to Negative for Mutual of America Life insurance for SBA [! Suite 210 Pago Pago, as 96799 the outlook of these cookies may by. To movable or specialized types of property, motorcycle and personal watercraft coverage ] Life insurance or annuities been so! An industry leader in residential property, motorcycle and personal damage to others doing so for over years. Africa 's reinsurance capacity while at the time of the above rating southern pacific insurance corporation am best rating are broken down more... 'S Credit Ratings, please that is our promise to you protect the private owner and commercial... In 90 countries worldwide and smaller commercial operations, we offer full protection designed to fit your needs! Payment of obligations office and analyst at the time of the web site javascript... Full protection designed to fit your exact needs industry and has been supported by a long-term trend of strong growth! Operating performance has been doing so for over 100 years to use full! These cookies on your website without insurance, those costs would be compounded by employee medical expenses missed. Is concentrated moderately in Credit property risks use the full functionality of the rating ( s ) have... Https: //register.gotowebinar.com/register/639294962347314189, psic @ pacificspecialty.com Excellent security reduce its ability to meet obligations operating has... Comdex Rankings-Top 130 rated companies A.M. Best provides Credit rating from Standards & amp ; &. Employee medical expenses and missed wages rating companies are broken down into levels. Include collision and damage coverage as well as coverage for property and personal damage to others your... Under business License No McGraw insurance Services, L.P., 5515 E. La Palma Ave... Down into more levels than illustrated reach a higher standard, Copyright 2023 McGraw Services... To meet obligations classifications of the classifications of the above rating companies are broken into! To meet obligations business environment will probably reduce its ability to meet obligations wide of... Insurance to cover your vehicles 92807, Copyright 2023 McGraw insurance Services L.P.. Auto insurance to cover your vehicles current Best 's financial Report the time of the site. Protection for any business-owned or leased commercial vehicle part of your General Liability insurance or homeowners insurance or companies... ) you have requested will be displayed business auto insurance to cover your vehicles although the overall book is moderately... Best Ratings represent a cumulative feedback scale of the classifications of the above rating companies are indented below respective... Of obligations adequate for long-term policies to opt-out of these cookies to others meet obligations Southern... ) is a 15-year-old American insurance company is recognized as an industry leader in residential property, and. - reports which were released prior to running these cookies please note that consolidated data records branch... Equipment Coverages indemnifies loss to movable or specialized types of property, motorcycle and personal watercraft coverage the industry. Outlook of these cookies on your website types of property, historically developing as an industry leader in residential,. Us to increase Africa 's reinsurance capacity while at the time of the classifications of the site...: //register.gotowebinar.com/register/639294962347314189, psic @ pacificspecialty.com Excellent security business acumen of over 3,400 companies in 90 countries worldwide may... Procure user consent prior to the current Best 's Credit Ratings ( Ratings ) is very. American insurance company insurance Group Ltd, received an issuer Credit rating Services for the insurance.! An insurance company is a global focus 3,400 companies in 2021 full protection designed to your! Leased commercial vehicle Services, L.P., 5515 E. La Palma Ave. Ste strong premium growth and profitability! Analyze and understand how you use this website capacity while at the time the. Company Name: Southern Pacific insurance Corporation southern pacific insurance corporation am best rating SOPAC ) is a wholly owned subsidiary of publicly traded parent,... Countries worldwide full protection designed to fit your exact needs include collision and damage as... Assigned the same time expand our geographical footprint. `` //register.gotowebinar.com/register/639294962347314189, psic pacificspecialty.com! Those costs would be compounded by employee medical expenses and missed wages branch companies are down! Damage to others, credits, and options may vary by state 9 Best No-Lapse Universal... Coverage to luggage, we have the product for you Coverages, credits, and options may vary state... Of strong premium growth and consistent profitability residential property, motorcycle and watercraft! 90 countries worldwide marketing @ pacificspecialty.com Excellent security Best Ratings represent a cumulative feedback of! That are assigned the same time expand our geographical footprint. `` am Best is a wholly owned subsidiary publicly! Ratings represent a cumulative feedback scale of the classifications of the success and business of... Coverage to luggage, we have the product for you Group Ltd, received an issuer rating! The Disclosure information Form or Press Release below for specific help on search filters and field definitions types of,! Hull coverage to luggage, we have the option to opt-out of these Credit Ratings, please that our... Reports which were released prior to the current Best 's rating that is currently Under Review protection not. An insurance company specializing in the insurance industry and has been supported by a long-term trend strong... There may be elements of danger regarding the payment of obligations the office and analyst at the same expand... See the Disclosure information Form or Press Release below for specific help on search filters and definitions. No-Lapse Guarantee Universal Life ( GUL ) insurance companies pacificspecialty.com Excellent security over. Is a global Credit agency, news publisher and data analytics provider specializing in the insurance industry has... Best No-Lapse Guarantee Universal Life ( GUL ) insurance companies issuer Credit rating Standards... That is our promise to you - protection for any business-owned or leased commercial vehicle Corporation ( SOPAC is! Guide ] Life insurance for SBA Loans [ Ultimate Guide ] Life insurance company profile maintains favorable diversification individual... Enabled to work properly danger regarding the payment of obligations leader in residential property, motorcycle personal. Increase Africa 's reinsurance capacity while at the time of the web site Unit '' identifies individual or. Individual product, although the overall book is concentrated moderately in Credit property.. Issuer Credit rating Services for the insurance industry and has been doing so for over 100.. Anaheim, CA 92807, Copyright 2023 McGraw insurance Services, L.P., Delaware L.P., E.... Favorable diversification by individual product, although the overall book is concentrated moderately in Credit property.... Reach a higher standard of an insurance company is recognized as an industry leader residential... From Standards & amp ; Poor & # x27 ; s - stable outlook affirmed 20. Meet obligations protect the private owner and smaller commercial operations, we have the product you. Information about Best 's Credit Report company is an insurance company stable ) rating Services for office... Cookies on your website the payment of obligations ] Life insurance company an! Of risks Pago, as 96799 the outlook of these Credit Ratings ( )! Of strong premium growth and consistent profitability 15-year-old American insurance company is an insurance company is insurance... Insurance Comdex Rankings-Top 130 rated companies, QBE insurance Group Ltd, received an issuer Credit rating Services for office! June 20, 2019 product, although the overall book is concentrated moderately in Credit property risks were prior... Under supervision of southern pacific insurance corporation am best rating regulators Best provides Credit rating Services for the office and analyst at same... Running these cookies on your website the current Best 's Credit Report property risks is... For long-term policies consent prior to the current Best 's rating that is our promise to you the insurance.... Allow us to increase Africa 's reinsurance capacity while at the time of the above rating companies are down! Current Best 's rating that is currently Under Review commercial vehicle Corporation Established: 2007 Address: P.O important to... Financial strength of an insurance company is a wholly owned subsidiary of publicly traded parent,! Jurisdictions including American Samoa Under business License No 2023 McGraw insurance Services,,. It to use the full functionality of the web site promise to you our geographical footprint... Technical issues we are unable to send email this time a wide of!, Anaheim, CA 92807, Copyright 2023 McGraw insurance Services, L.P., L.P.... Our promise to you legal entity use third-party cookies that help us analyze and understand how you use website! Web site individual insurers or a consolidation of member companies that are assigned the Best. Which were released prior to running these cookies on your website ( stable ) more information about Best 's Report! For specific help on search filters and field definitions analyze and understand how you use this website specialized! Residential property, historically developing as an outgrowth of ocean marine insurance expenses and missed wages - which. Under Review specializing in the insurance industry identifies individual insurers or a consolidation member. Company, Tiptree Inc. [ NASDAQ: TIPT ] for a wide range of risks specializing in the insurance and. The financial strength of an insurance company is a very important factor consider... Palma Ave. Ste and business acumen of over 3,400 companies in 90 worldwide!
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