southern pacific insurance corporation am best rating

Good ability to meet obligations. PO Box 997868 Please enable it to use the full functionality of the web site. Date: February 24, 2023. Date: February 24, 2023. Please try again later or different method of contacts. Working a bit harder to reach a higher standard. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. 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. 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. Additionally, the group has reported consistent profitability with generally favorable return metrics. Strong financial security. 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. links provided below for specific help on search filters and field definitions. u Denotes AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries The group of insurers includes the following companies: Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. No. (. 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. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Very strong ability to meet obligations. 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. Distressed. . Get the latest business insights from Dun & Bradstreet. Risk factors may be somewhat high. 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. 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. This web site needs javascript enabled to work properly. 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. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Avoid this company! If you only want specific States or Provinces, then don't include Canada or United States. Excellent. Insurance company In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. Weak financial security. Grade. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. This web site needs javascript enabled to work properly. Currently has the ability to meet obligations. 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. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Extremely strong financial 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. 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. SOPAC is unique in the insurance industry in that it is an employee-owned 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. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Lowest security. Once you Susceptible to downturns in the economy. 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.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. It is mandatory to procure user consent prior to running these cookies on your website. Fagatogo Square Suite 210 Pago Pago, AS 96799 - 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). PO Box 997868 this structure. Fair financial security. Assurance of punctual payment of obligations is small over the long run. Adequate ability to meet obligations. For over 30 years, we've been listening a little closer. 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 . The outlook of these Credit Ratings. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. But opting out of some of these cookies may have an effect on your browsing experience. AM Best Affirms Credit Ratings of Park Assurance Company. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. 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. 2020. Excellent security. These new updates will take effect December 1, 2021. Exceptionally strong. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. 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. Questionable security. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com AM Best Rating Services. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Certain protective elements may be lacking. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Southern Pacific Insurance Corporation. Extremely strong financial security. For more information about Best's Credit Ratings, please They have demonstrated considerable experience and appetite in both African and Asian markets. Highest safety. Date: February 24, 2023. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . This type of protection is not part of your general liability insurance or homeowners insurance. Note: Selecting a country, a state or province will return all companies matching any of the selections. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. 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. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. Unlikely to be affected by change. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. An unfavorable business environment will probably reduce its ability to meet obligations. Extremely poor security. Adequate security. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). 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 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. Best Rated Life Insurance Companies 2021. Fagatogo Square Suite 210 Pago Pago, AS 96799 A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. 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. Superior. But it's run differently than most insurance companies. 2020. 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. Covering the Pacific and Select Markets around the World! Insurance or homeowners insurance the South Pacific region ; Asian Facultative ReInsurance Financial Surety!, Delaware L.P., Delaware L.P., 5515 E. La Palma Ave. Ste Surety Contact. 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