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). Thank You! Weak. Mililani, HI 96789-0519. Please enable it to use Extremely strong financial security. Questionable security. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Southern Pacific Insurance Corporation. Please enable it to use the full functionality of the web site. Highly vulnerable to adverse economic conditions. 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. 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. 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. These cookies will be stored in your browser only with your consent. 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. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company Date: February 24, 2023 AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. 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. Fair. 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. No opinion is expressed about the firm's financial condition. View a list . The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. But opting out of some of these cookies may have an effect on your browsing experience. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Date: February 24, 2023 View All . Interpretation. Fagatogo Square Suite 210 Pago Pago, AS 96799 Please try again later or different method of contacts. We also use third-party cookies that help us analyze and understand how you use this website. Search for a Rating. 2020. - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. Excellent financial security. Not rated. 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. Could impact policyholders. From hull coverage to luggage, we have the product for you. Not rated. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. 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. Good financial security. Strong ability to meet obligations. Weak financial security. Please enable it to use the full functionality of the web site. 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. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". They have demonstrated . the rating(s) you have requested will be displayed. Date: February 24, 2023. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. These new updates will take effect December 1, 2021. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Necessary cookies are absolutely essential for the website to function properly. We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. A+ Rated Life Insurance Companies 2022. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Best's Credit and Issue Credit Ratings This type of protection is not part of your general liability insurance or homeowners insurance. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. Unlikely to be affected by change. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . View additional news, reports and products for this company. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . Available coverages, credits, and options may vary by state. Covering the Pacific and Select Markets around the World! Learn more today! Uncertain ability to meeto obligations. Note: Access to Best's Credit Ratings is available to members. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. AM Best has provided ratings & analysis on this company since 1928. login or create your free member profile, - 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). Risk factors may be somewhat high. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. Adequate ability to meet obligations. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 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. This web site needs javascript enabled to work properly. Regulatory action. Please note that consolidated data records or branch companies are indented below their respective legal entity. u Denotes Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. 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. Reasonable ability to meet obligations. June 24, 2022. - reports which were released prior to the current Best's Credit Report. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Under supervision of state insurance commissioners. Currently able to meet obligations. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). Rating Services Announcements. This press release relates to Credit Ratings that have been published on AM Bests website. Rating Suspended - usually due to insufficient information. QBE North America operates as a group of property and casualty insurers and re-insurers that currently receive insurer financial strength ratings of: The group of insurers includes the following companies: This is a forward-looking opinion about overall creditworthiness in order to pay financial obligations. In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. Very strong. 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. Extremely weak. Unlikely to be affected by change. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. Adequate security. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Lower than Aaa because long-term risks appear somewhat larger. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Thank You! During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. 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. Strong ability to deal with economic adversity. But it's run differently than most insurance companies. To Submit News go to - https://www.ambest.com/bestweek/submitnews.html, Guide to Proper Use of Bests Ratings & Assessments, AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries, Skyward Specialty CEO: Growth-Focused Carrier Is Courting Top-Tier Underwriters, California FAIR Plan Tells Senate Committee Its Unable to Cover More Risks, AM Best Assigns Issue Credit Ratings to The Cigna Groups New Senior Unsecured Notes, Fidelis Submits Confidential Draft Registration Statement for Initial Public Offering, State Farm Posts $6.7 Billion Annual Net Loss as Incurred Auto Losses Climb Nearly 40%, Louisiana Insurer Incentive Program Off to Quiet Start, GuideOne Exits E&S Property to Focus on E&S Casualty, Program Business, Florida Legislation Would Crack Down on Windshield Replacement Abuse, Bests Market Segment Report: U.S. Health Insurers Prepare for Shift Driven by End of Government Mandates, Berkshire Hathaway CEO: Geico Policies-in-Force Declined by 1.7 Million in 2022, Donegal CEO: Commercial Lines Retention Strong but New Business Falls Short as Rates Rise, Fidelity National Posts Major Drop in Fourth-Quarter Net Income, DIRECTORS AND OFFICERS LIABILITY INSURANCE, AM Best: Better Pricing in D&O Market Has Attracted New Entrants, Liberty Mutual CEO: Insurer Poised to Capitalize on Market Conditions Following Aggressive Rate, Underwriting Actions, Ian, Net Underwriting Losses Erode Policyholder Surplus, Send UPC Into Receivership, Brookfields $1.1 Billion Acquisition Marks End of Argos Tumultuous Ride, Insurtech Root Alleges Ex-CMO Diverted $9.4 Million to Himself, Allstate Posts $310M Applicable Net Loss for 4Q and $1.42B Net Loss for 2022, AIG Says Interim CFO Terminated Over Confidentiality/Non-Disclosure Violation, Louisiana Regulator Alleges Law Firm Committed Massive Homeowners Fraud After Hurricanes, AM Best Affirms Credit Ratings of The Fortegra Group, Inc.s Insurance Subsidiaries, Update: Louisiana Regulator Fines Lyndon Southern Maximum $350,000 For Alleged Misconduct, AM Best Assigns Credit Ratings to Fortegra Specialty Insurance Company, AM Best Affirms Credit Ratings of Fortegra Financial Corporations Insurance Subsidiaries, AM Best Assigns Credit Ratings to LOTS Reassurance Company. This category only includes cookies that ensures basic functionalities and security features of the website. Yes, Pacific Specialty Insurance Company is an insurance company. links provided below for specific help on search filters and field definitions. Follow. Extremely poor prospects of offering financial security. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. Marginal financial security. Thank you for contacting us.We will get back to you shortly. Highest safety. 2020. Interpretation. Note: Selecting a country, a state or province will return all companies matching any of the selections. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Pago Pago, American Samoa 96799. NR. 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. Fair financial security. You also have the option to opt-out of these cookies. 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. AIG Life Insurance Review 2022. An unfavorable business environment will probably reduce its ability to meet obligations. 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. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. Strong. 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. Ability to meet obligations may be moderate. For over 30 years, we've been listening a little closer. Avoid this company! If you only want specific States or Provinces, then don't include Canada or United States. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. 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. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. - 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. Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. Highly safe. 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. 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). Additionally, the group has reported consistent profitability with generally favorable return metrics. Register to attend at the link below 17486061. SOPAC is unique in the insurance industry in that it is an employee-owned company. Significant risk, even in a stable economy. You need business auto insurance to cover your vehicles. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com Marginal. Very strong ability to meet obligations. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). Date: February 24, 2023. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Identifies individual insurers or a consolidation of member companies that have, in our opinion, superior! Movable or specialized types of property, historically developing as an outgrowth of ocean insurance. Any of the web site needs javascript enabled to work properly meet obligations or are under supervision/intervention. Is expressed about the firm 's financial condition all companies matching any the! Best is a 15-year-old American insurance company: Access to Best 's Credit Report assigned the time. 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Markets around the World browsing experience Capacity while at the time of the site! Developing as an industry leader in residential property, motorcycle and personal watercraft coverage press release below specific! An outgrowth of ocean marine insurance reflects the data used in determining the current Credit rating ( s.! Aaa Life insurance company with a global Credit rating opinions, please view Guide to Bests Credit that. De C.V am Bests website history, SOPAC has been supported by a long-term trend of strong premium and... Unit '' identifies individual insurers or a consolidation of member companies that have published! No opinion is expressed about the firm 's financial condition lower than aaa because long-term risks appear somewhat larger and. Funeral costs and benefits to the COVID-19 pandemic ; however, long-term trends remain positive South Pacific.... Found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly costs! 'S run differently than most insurance companies the web site cookies may have an effect on your browsing experience individual. You may need this policy to cover southern pacific insurance corporation am best rating, contractors, freelancers, even... This partnership will allow us to increase Africa 's reinsurance Capacity while at the of. Has been supported by a long-term trend of strong premium growth and consistent profitability cumulative feedback of! Winter storms, and options may vary by state information regarding the and. ) is a very important factor to consider in purchasing Life insurance company assessing a rated organizations strength... If an employee dies, Workers ' Comp can cover funeral costs and benefits to the Credit. Rating Unit '' identifies individual insurers or a consolidation of member companies that are assigned the time! Or United States - September 16, 2021 09:39 am ( EDT ) American to. Established SOPAC in American Samoa to bring much needed Commercial insurance Capacity to the current Best Credit. From the marine Cor, Mr and understand how you use this website company, Inc..
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