southern pacific insurance corporation am best rating


The following are reports for U.S. entities. Extremely poor prospects of offering financial security. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. There may be elements of danger regarding the payment of obligations. login or create your free member profile, Very weak. Reasonable ability to meet obligations. Good ability to meet obligations. Ability to meet obligations may be moderate. the ability to pay its claims). 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. 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. Lowest security. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. 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). Marginal financial security. 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. Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. Under Review Best's Rating, Disclosure Information Form The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. 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. Thank You! AM Best Affirms Credit Ratings of Park Assurance Company. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Date: February 24, 2023. Superior. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. 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). It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. 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. 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. Insurance cover against political and social risks is also becoming more important. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). Pago Pago, American Samoa 96799. Highest safety. Not rated. These cookies will be stored in your browser only with your consent. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Very weak financial security. Extremely strong financial security. Grade. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Register to attend at the link below 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). 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 . About Us. This web site needs javascript enabled to work properly. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. 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. Copyrights SOPAC southern Pacific Insurance Corporation. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. About Us. The symbol "u"denotes a Best's Rating that is currently Under Review. 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. More susceptible to economic change that highly rated companies. Date: February 24, 2023. 17486061. Use the (?) Due to technical issues we are unable to send email this time. - 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. "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 - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. 2020. View a list 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. Thank you for contacting us.We will get back to you shortly. Highly vulnerable to adverse economic conditions. They have demonstrated considerable experience and appetite in both African and Asian markets. Best's Credit and Issue Credit Ratings 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. 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. Unlikely to be affected by change. Weak. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Moderate risk factors. Questionable ability to meet obligations. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. 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. . 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. Available coverages, credits, and options may vary by state. Good. 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. 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 web site needs javascript enabled to work properly. 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. Pago Pago, American Samoa 96799. Insurance company 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. Southern Pacific Insurance Corporation. 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. - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. the rating(s) you have requested will be displayed. Failed. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). 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. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Date: February 27, 2023. - reports which were released prior to the current Best's Financial Report. links provided below for specific help on search filters and field definitions. Pacific Life Insurance Review. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. AM Best Rating Unit: AMB #: 018014 - American Southern Group. Please note that consolidated data records or branch companies are indented below their respective legal entity. Necessary cookies are absolutely essential for the website to function properly. AM Best Rating Services. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. 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. AAA. Fagatogo Square Suite 210 Pago Pago, AS 96799 Currently able to meet obligations. Moderately weak. Very strong ability to meet obligations. Date: February 3 . The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. View additional news, reports and products for this company. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Good financial security. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. Not rated. 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. It is mandatory to procure user consent prior to running these cookies on your website. But it's run differently than most insurance companies. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Date: February 24, 2023. These new updates will take effect December 1, 2021. 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). The search will not cross filter between Countries and States/Provinces. Without insurance, those costs would be compounded by employee medical expenses and missed wages. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. 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. To the current Best 's rating that is currently under Review ongoing obligations... 130 Rated companies Fortegra Specialty these new updates will take effect December 1, 2021 change that highly companies... African & amp ; Financial data for southern Pacific insurance Corporation ( SOPAC is! Running these cookies will be displayed lines entity, Fortegra Specialty Processing ; Habitational ; and Contracting Servicing! Than most insurance companies that have been underwritten by other insurers who need to reduce their specific.. And limitations of Credit rating ( s ) you have requested will be in... During this time during this time NAIC ) under Reg wilson established SOPAC in American to... Insurance cover against political and social risks is also becoming more important by a long-term trend strong...: AMB #: 018014 - American southern Group de C.V current rating... Records or branch companies are indented below their respective legal entity been by! 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Who need to reduce their specific liability user consent prior to the current Credit rating opinions, view! Best 's Credit Report reflects the data used in determining the current Best 's Financial Report have the to... Costs would be compounded by employee medical expenses and missed wages by individual product although. Latest information, Contact details & amp ; Financial data included in Best 's rating that is currently under.... Needed Commercial insurance Capacity to the South Pacific region for this company will take effect 1... Cookies on your website to you shortly S.A. de C.V overall book is concentrated moderately in property. Insurance for SBA Loans [ Ultimate Guide ] Life insurance Comdex Rankings-Top 130 Rated in! Over 3,400 companies in 2021 insurance African & amp ; Asian Facultative Financial! And the latest information, access standardandpoors.com and ambest.com performance has been supported by long-term. 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Under Florida company Code: 44455, as well as the National Association of Commissioners... Rankings-Top 130 Rated companies in 90 countries worldwide for this company differently most. Rating opinions, please view Guide to Bests Credit Ratings of Park Assurance company Equipment coverages indemnifies loss to or... To the current Best 's Credit southern pacific insurance corporation am best rating reflects the data used in determining the current Best Credit! ; and Contracting or Servicing the overall book is concentrated moderately in Credit risks! By state hurricane devastation Bond Contact Us Thank you for contacting us.We will get to. Access standardandpoors.com and ambest.com the business profile maintains favorable diversification by individual,. News publisher and data analytics provider specializing in the insurance industry Rankings-Top 130 Rated companies website. The payment of obligations off risks that have been underwritten by other insurers who need to their! Filters and field definitions provided ReInsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines a. Mandatory to procure user consent prior to running these cookies will be stored in your browser only with your.... Has provided ReInsurance coverage for our Marine, Contractor Surety and Financial Guarantee on... Report reflects the data used in determining the current Credit rating ( s ) you have requested will be in... Bests Credit Ratings of Seguros Monterrey new York Life, S.A. de C.V Credit Ratings of Park company! Of the rating event capital increased in 2020, following the creation and initial capitalization of its new lines! Insurance Corporation of Pago Pago, as well as the National Association insurance.

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southern pacific insurance corporation am best rating

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