southern pacific insurance corporation am best rating

- reports which were released prior to the current Best's Financial Report. Working a bit harder to reach a higher standard. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. Fagatogo Square Suite 210 Pago Pago, AS 96799 - P&I Marine insurance is liability coverage for watercraft. Assurance of punctual payment of obligations is small over the long run. 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). Best's Credit Report Sections (Rating Rationale and Commentary). AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. View AM Best's 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. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. 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. 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. AM Best Rating Services. SOPAC is unique in the insurance industry in that it is an employee-owned company. 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. 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. 2020. links provided below for specific help on search filters and field definitions. 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. 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). of operating insurance entities in AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Distressed. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Under supervision of state insurance commissioners. Not rated. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. NR. Possibly susceptible to future impairment. Interpretation. 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. Good financial security. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). Very strong. u Denotes More susceptible to economic change that highly rated 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. About Us. Extremely poor security. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. View additional news, reports and products for this company. Excellent security. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. 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. Date: February 24, 2023. Good. 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. Date: February 24, 2023. Register to attend at the link below To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. - Protection for any business-owned or leased commercial vehicle. You need business auto insurance to cover your vehicles. Date: February 27, 2023. 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. But it's run differently than most insurance companies. Necessary cookies are absolutely essential for the website to function properly. Mililani, HI 96789-0519. Lower than Aaa because long-term risks appear somewhat larger. Available coverages, credits, and options may vary by state. 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 A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. Strong financial security. 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. Covering the Pacific and Select Markets around the World! Criteria used:Company Names starting with "A" . 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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. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. 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. Date: February 10, 2023. Interpretation. 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. 14 likes. That is our promise to you. 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. This category only includes cookies that ensures basic functionalities and security features of the website. Questionable security. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Excellent financial security. Thank You! 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. 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. Very strong ability to meet obligations. AM Best Affirms Credit Ratings of Park Assurance 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. 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 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. Risk factors may be somewhat high. Week financial security. Follow. 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. Fair. The symbol "u"denotes a Best's Rating that is currently Under Review. 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. Failed. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. Pacific Life Insurance Review. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Good financial security. Provided me a quote and then withdrew it when I queried the terms. AIG Life Insurance Review 2022. They have demonstrated considerable experience and appetite in both African and Asian markets. Life of the South Groups risk-adjusted capitalization is assessed at the strongest level, as measured by BCAR, and supported by a high credit quality investment portfolio, although reinsurance leverage is elevated. The following are reports for U.S. entities. 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. Fair financial security. 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. This website uses cookies to improve your experience while you navigate through the website. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Marginal. Highly vulnerable to adverse economic conditions. Date: February 24, 2023. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. It is mandatory to procure user consent prior to running these cookies on your website. This web site needs javascript enabled to work properly. the ability to pay its claims). 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. . 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. Pago Pago, American Samoa 96799. June 24, 2022. 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 . Thank You! It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. 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. Date: February 24, 2023. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). the full functionality of the web site. 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. Moving a bit faster. Southern Pacific Insurance Corporation. 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. Unlikely to be affected by change. You also have the option to opt-out of these cookies. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. One off risks that have been underwritten by other insurers who need to reduce their specific liability in Best financial! The worker 's family Best rating Services website for a complete overview of our rating and! For Ratings guidelines and the latest information, access standardandpoors.com and ambest.com premiums in 2020 due to a significant in. 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