- financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. Available coverages, credits, and options may vary by state. Mililani, HI 96789-0519. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. - 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. Unlikely to be affected by change. Thank You! Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. 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. 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. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Pago Pago, American Samoa 96799. the rating(s) you have requested will be displayed. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. Uncertain ability to meeto obligations. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. The search will not cross filter between Countries and States/Provinces. Fair. Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. Thank You! Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Currently has the ability to meet obligations. 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. 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). Injuries cost small businesses in lost productivity. Best Rated Life Insurance Companies 2021. 2020. Adequate ability to meet obligations. Additionally, the group has reported consistent profitability with generally favorable return metrics. These cookies will be stored in your browser only with your consent. 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. PO Box 997868 More vulnerable to economic change than highly rated companies. Excellent security. Not rated. The outlook of these Credit Ratings (ratings) is stable. Date: February 24, 2023. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Could impact policyholders. Possibly susceptible to future impairment. (. 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). Date: February 24, 2023. The group of insurers includes the following companies: Extremely poor security. Without insurance, those costs would be compounded by employee medical expenses and missed wages. View additional news, reports and products for this company. Please try again later or different method of contacts. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. 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. Extremely strong financial security. Date: February 10, 2023. of operating insurance entities in Under supervision of insurance regulators. Currently able to meet obligations. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries 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. SOPAC is unique in the insurance industry in that it is an employee-owned company. Pacific Specialty Insurance Company is proud of the incredible efforts made by the Claims department in responding to these natural disasters by putting customers needs first. 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 June 24, 2022. Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. 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. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. - 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. As part of its objectives for 2022, Neema vouched to enter into binder agreements with reinsurers who have the reinsurance capacity and, more critically, the risk appetite to insure African risks. 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. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. For more information about Best's Credit Ratings, please - reports which were released prior to the current Best's Credit Report. 14 likes. PO Box 997868 Questionable security. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . Strong ability to deal with economic adversity. 17486061. This web site needs javascript enabled to work properly. During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. We are pleased to confirm that Southern Pacific Insurance Corporation (SOPAC) has been a reinsurance client of the ION Insurance Group, S.A. since 2013. 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. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Southern Pacific Insurance Corporation. Certain protective elements may be lacking. 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. Rating Suspended - usually due to insufficient information. Please note that consolidated data records or branch companies are indented below their respective legal entity. We will get back to you shortly. 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 following links provide access to related data records that AM Best utilizes to provide financial and analytical data on a consolidated or branch basis. Highly vulnerable to adverse economic conditions. Interpretation. You also have the option to opt-out of these cookies. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. 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. Covering the Pacific and Select Markets around the World! 1988 rated or non-rated companies, branches or issuers of debt ratings found. Date: February 27, 2023. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. 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. An unfavorable business environment will probably reduce its ability to meet obligations. The outlook of these Credit Ratings. 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). 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. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. 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