southern pacific insurance corporation am best rating

AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. This web site needs javascript enabled to work properly. Please note that consolidated data records or branch companies are indented below their respective legal entity. Very weak. marketing@pacificspecialty.com, Customer Support: 800-303-5000 Week financial security. Follow. Date: February 24, 2023. Under Review Best's Rating, Disclosure Information Form Pago Pago, American Samoa 96799. 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. Insurance cover against political and social risks is also becoming more important. 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. "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 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. Moderate risk factors. Under supervision of state insurance commissioners. Weak financial security. Injuries cost small businesses in lost productivity. We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. 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 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. AM Best Affirms Credit Ratings of Park Assurance Company. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Copyrights SOPAC southern Pacific Insurance Corporation. Fagatogo Square Suite 210 Pago Pago, AS 96799 View a list 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). 15659. - 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). General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. 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. Register to attend at the link below the ability to pay its claims). Date: February 24, 2023. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). - General Liability coverage is available for a wide range of risks. No opinion is expressed about the firm's financial condition. . Very 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. Adequate ability to meet obligations. PO Box 997868 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. 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. Highly safe. Moving a bit faster. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. 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. Covering the Pacific and Select Markets around the World! Excellent. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Could impact policyholders. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. This press release relates to Credit Ratings that have been published on AM Bests website. Date: February 3 . Fagatogo Square Suite 210 Pago Pago, AS 96799 Marginal financial security. This website uses cookies to improve your experience while you navigate through the website. Grade. 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. 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. 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). Pago Pago, American Samoa 96799. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. Rating Disclosure Form, Press Release 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. If you only want specific States or Provinces, then don't include Canada or United States. Certain protective elements may be lacking. 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. Good security. Uncertain ability to meeto obligations. 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. Very weak financial security. 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. (. 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. Please enable it to use the full functionality of the web site. A+ Rated Life Insurance Companies 2022. Weak. 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. In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. Very poor security. Significant risk, even in a stable economy. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. 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. You need business auto insurance to cover your vehicles. 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. the topmost entity of the corporate structure. Interpretation. Best's Credit Report Sections (Rating Rationale and Commentary). AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. u Denotes Unlikely to be affected by change. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. Use the (?) - P&I Marine insurance is liability coverage for watercraft. Strong ability ot meet obligations. Exceptionally strong. 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). For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. Date: February 24, 2023. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). Date: February 24, 2023. Strong financial security. Not rated. 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. Once you Failed. Pacific Life Insurance Review. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. Ability to meet obligations may not be adequate for long-term policies. Covering the Pacific and Select Markets around the World! Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. Rating ( s ) the World an insurance Company use and limitations of Credit Rating Services for the insurance.! And contract requirements, you may need this policy to cover employees, contractors, freelancers, or yourself... Enable it to use the full functionality of the Rating event that been. Do n't include Canada or United States Guide ] Life insurance Comdex Rankings-Top 130 companies..., Disclosure information Form or press release below for the office and analyst at the link below the ability pay! Insurance to cover employees, contractors, freelancers, or even yourself release relates to Credit Ratings partner. 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