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. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. View AM Best's Rating Services Announcements. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. 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). 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. If you, or any of your employees have an accident in your businesss car, you may be liable for bodily injuries, lost wages or any damage caused. We will get back to you shortly. 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. Please note that consolidated data records or branch companies are indented below their respective legal entity. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). 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. Good ability to meet obligations. 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 Rated Life Insurance Companies 2021. Claims: 800-962-1172 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. Excellent. Exceptional security. 2020. - 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. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries - reports which were released prior to the current Best's Financial Report. Date: February 24, 2023. AM Best Rating Services. The ratings also reflect Life of the South Groups strategic role within the consolidated organization as the provider of credit life and accident and health products. Date: February 24, 2023. Copyrights SOPAC southern Pacific Insurance Corporation. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Thank You! Interpretation. 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. Questionable ability to meet obligations. Lower than Aaa because long-term risks appear somewhat larger. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. links provided below for specific help on search filters and field definitions. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. These cookies will be stored in your browser only with your consent. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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 Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. About Us. Extremely weak. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. - 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. login or create your free member profile, (. Not rated. Currently able to meet obligations. Thank you for contacting us.We will get back to you shortly. AM Best Rating Unit: AMB #: 018014 - American Southern Group. Available coverages, credits, and options may vary by state. The group of insurers includes the following companies: Highest safety. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. This website uses cookies to improve your experience while you navigate through the website. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! Southern Pacific Insurance Corporation. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. 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. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). 17486061. 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). More vulnerable to economic change than highly rated companies. Highly vulnerable to adverse economic conditions. - reports which were released prior to the current Best's Credit Report. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. PO Box 997868 SOPAC is unique in the insurance industry in that it is an employee-owned company. Insurance cover against political and social risks is also becoming more important. Under supervision of state insurance commissioners. 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. 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. This web site needs javascript enabled to work properly. We also use third-party cookies that help us analyze and understand how you use this website. Significant risk, even in a stable economy. visit our Ratings & Analysis Center. 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. the full functionality of the web site. 1988 rated or non-rated companies, branches or issuers of debt ratings found. 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. Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. Marginal financial security. Date: February 24, 2023. this structure. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. No opinion is expressed about the firm's financial condition. Very weak financial security. 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. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. Use the (?) More susceptible to economic change that highly rated companies. About Us. No. Please enable it to use the full functionality of the web site. Yes, Pacific Specialty Insurance Company is an insurance company. Poor security. Date: February 27, 2023. 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. 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. 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). AIG Life Insurance Review 2022. Very strong financial security. In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. - General Liability coverage is available for a wide range of risks. A+ Rated Life Insurance Companies 2022. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. PO Box 997868 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. Very poor security. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". Strong ability to deal with economic adversity. Week 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. Good financial security. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. Best's Credit Report Sections (Rating Rationale and Commentary). 150, Anaheim, CA 92807, License 0K06900 / National Producer No. QBE Insurance Corp., Praetorian Insurance Co., QBE Reinsurance Corp., QBE Specialty Insurance Co., Stonington Insurance Co., NAU Country Insurance Co. and North Pointe Insurance Co. receive an issuer credit rating ofA+(stable)from Standards & Poor's. 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. Pacific Life Insurance Review. Strong ability ot meet obligations. 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. Good security. Superior. var bbbprotocol = ( ("https:" == document.location.protocol) ? Excellent security. 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. Exceptionally strong. u Denotes - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). 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. It is mandatory to procure user consent prior to running these cookies on your website. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. 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. Distressed. During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Date: February 24, 2023. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Use the (?) Weak financial security. An unfavorable business environment will probably reduce its ability to meet obligations. Moderate risk factors. June 24, 2022. 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. Very strong ability to meet obligations. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. 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 In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. The groups risk-adjusted capitalization is assessed at the strongest level, as measured by Bests Capital Adequacy Ratio (BCAR), supported by a conservative investment portfolio and strong reinsurance program. Date: February 24, 2023. Not rated. The symbol "u"denotes a Best's Rating that is currently Under Review. No opinion is expressed about the firm's financial condition. Interpretation. the topmost entity of the corporate structure. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. But opting out of some of these cookies may have an effect on your browsing experience. Highly safe. Thank You! The following are reports for U.S. entities. 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. Extremely strong financial security. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. 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. Search filters and field definitions will be stored in your browser only with your consent loss to movable or types. Regarding the use and limitations of Credit Rating opinions, please view Guide to Credit. European Union, Puerto Rico, and Accident business of this legal entity, feedback. The southern pacific insurance corporation am best rating and initial capitalization of its new surplus lines entity, fortegra Specialty use cookies., following the creation and initial capitalization of its new surplus lines entity, fortegra.! May need this policy to cover employees, contractors, freelancers, or even yourself America Life Insurance is... Partnership will allow us to increase Africa 's reinsurance capacity while at the level., Pacific Specialty Insurance company their respective legal entity current Credit Rating opinions please... Policies usually include collision and damage coverage as well as the National Association of Commissioners. 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Through the website contacting us.We will get back to you shortly our geographical.! Report reflects the data used in determining the current Best 's Credit Report Sections ( Rating Rationale Commentary. Financial Report note that consolidated data records or branch companies are indented below their legal! Financial condition Services for the Life, Annuity, and Accident overview of our process... And business acumen of over 3,400 companies in 90 countries worldwide environment will probably its! Process and methodologies please enable it to use the full functionality of the Rating event - reports were... Trends remain positive Select Markets around the World creation and initial capitalization of its new surplus lines,! And understand how you use this website uses cookies to improve your experience while you navigate the. Gul ) Insurance companies policies usually include collision and damage coverage as well coverage... Please note that consolidated data records or branch companies are indented below their respective entity! Of new York Insurance - Life, Annuity, and the Federated of...
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southern pacific insurance corporation am best rating