- Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. Strong ability ot meet obligations. Avoid this company! - 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. Our relationship with SOPAChas been very satisfactory. Strong. Interpretation. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. . Insurance company Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. 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). 1988 rated or non-rated companies, branches or issuers of debt ratings found. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. - P&I Marine insurance is liability coverage for watercraft. Reasonable ability to meet obligations. 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. 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. Very poor security. Date: February 24, 2023. 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. 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. Date: February 24, 2023. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. 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. Ability to meet obligations may be moderate. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. 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. 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. Note: Access to Best's Credit Ratings is available to members. About Us. Southern Pacific Insurance Corporation. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. Necessary cookies are absolutely essential for the website to function properly. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Marginal financial security. Register to attend at the link below The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. Good security. the full functionality of the web site. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. Strong ability to deal with economic adversity. These new updates will take effect December 1, 2021. Pacific Life Insurance Review. Severe economic conditions may effect this company. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. Very strong ability to meet obligations. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. PO Box 997868 For more information about Best's Credit Ratings, please This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . Unlikely to be affected by change. Under Review Best's Rating, Disclosure Information Form Excellent. No. This web site needs javascript enabled to work properly. Thank You! 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. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 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. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. 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. Pago Pago, American Samoa 96799. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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. Provided me a quote and then withdrew it when I queried the terms. Date: February 24, 2023 View All . links provided below for specific help on search filters and field definitions. Susceptible to downturns in the economy. Under supervision of state insurance commissioners. 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 Covering the Pacific and Select Markets around the World! Not rated. 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. Moderate risk factors. Exceptionally strong. Strong 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. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company The symbol "u"denotes a Best's Rating that is currently Under Review. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. 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. There may be elements of danger regarding the payment of obligations. More vulnerable to economic change than highly rated companies. Extremely strong financial security. login or create your free member profile, 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Thank You! AIG Life Insurance Review 2022. Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. This category only includes cookies that ensures basic functionalities and security features of the website. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Possibly susceptible to future impairment. Fagatogo Square Suite 210 Pago Pago, AS 96799 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. Assurance of punctual payment of obligations is small over the long run. Yes, Pacific Specialty Insurance Company is an insurance company. QBE North America operates as a group of property and casualty insurers and re-insurers that currently receive insurer financial strength ratings of: A from A.M. Best - stable outlook affirmed July 5, 2019. 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. Good financial security. Use the (?) 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. Excellent security. 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 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). 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. Grade. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. 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