this structure. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. 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. 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. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Date: February 24, 2023. Not rated. Under supervision of insurance regulators. Uncertain ability to meeto obligations. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". Very strong ability to meet obligations. 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. Rating Disclosure Form, Press Release Strong financial security. You need business auto insurance to cover your vehicles. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. No opinion is expressed about the firm's financial condition. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Criteria used:Company Names starting with "A" . the full functionality of the web site. 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. Adequate security. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. The outlook of these Credit Ratings (ratings) is stable. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Please enable it to use the full functionality of the web site. 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. 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. In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding 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. Extremely strong financial security. About Us. login or create your free member profile, Not rated. 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. 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. Weak. Claims: 800-962-1172 Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. Fagatogo Square Suite 210 Pago Pago, AS 96799 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 . Thank You! We also use third-party cookies that help us analyze and understand how you use this website. 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 groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Bests Recent Rating Activity web page. 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. 2) A.M. Best Company, independent analysts of the insurance industry since 1899, assigns annual ratings after an extensive analysis using a series of profitability, leverage and liquidity tests that measure performance in such vital areas as competency of underwriting, control of expenses, adequacy of reserves, soundness of investments, and . Moving a bit faster. 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. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. Excellent. Thank You! Use the (?) Very weak. The search will not cross filter between Countries and States/Provinces. 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. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. Covering the Pacific and Select Markets around the World! Grade. The group of insurers includes the following companies: AM Best Affirms Credit Ratings of Park Assurance Company. 2020. If you only want specific States or Provinces, then don't include Canada or United States. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries Reasonable ability to meet obligations. Marginal. 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. Copyrights SOPAC southern Pacific Insurance Corporation. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. Note: Selecting a country, a state or province will return all companies matching any of the selections. This web site needs javascript enabled to work properly. 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. June 24, 2022. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. var bbbprotocol = ( ("https:" == document.location.protocol) ? Companies are often in default. Possibly susceptible to future impairment. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 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. About Us. Regulatory action. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Very weak. 17486061. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Highly safe. Ability to meet obligations may be moderate. Please enable it to use Avoid this company! . Injuries cost small businesses in lost productivity. Register to attend at the link below 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). Moderate risk factors. Copyrights SOPAC southern Pacific Insurance Corporation. Rating Services Announcements. Copyrights SOPAC southern Pacific Insurance Corporation. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Date: February 27, 2023. Excellent security. Available coverages, credits, and options may vary by state. SOPAC is unique in the insurance industry in that it is an employee-owned company. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. Please enable it to use the full functionality of the web site. Fagatogo Square Suite 210 Pago Pago, AS 96799 Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). u Denotes 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. Covering the Pacific and Select Markets around the World! https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com 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. Exceptionally strong. 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. the ability to pay its claims). But it's run differently than most insurance companies. You also have the option to opt-out of these cookies. links provided below for specific help on search filters and field definitions. 14 likes. the rating(s) you have requested will be displayed. These cookies will be stored in your browser only with your consent. Southern Pacific Insurance Corporation. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. 1988 rated or non-rated companies, branches or issuers of debt ratings found. Best Rated Life Insurance Companies 2021. 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. Jan 25, 2023 Pricing Momentum Is Helping Reinsurers Turn The Corner S&P Global Ratings Credit Ratings S&P Global Ratings ESG Evaluation S&P Global Ratings 01/26/2023 New York City Contact & Support P. (+44) 207-176-7068 E. richard.anthonysmith@spglobal.com Head of Sales, Asia-Pacific P. +61 3 96312154 denis.osullivan@spglobal.com Date: February 24, 2023. Currently has the ability to meet obligations. View a list Adequate ability to meet obligations. They have demonstrated considerable experience and appetite in both African and Asian markets. Pacific Life Insurance Review. (. Pago Pago, American Samoa 96799. - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. For over 30 years, we've been listening a little closer. Due to technical issues we are unable to send email this time. 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). Pago Pago, American Samoa 96799. Covering the Pacific and Select Markets around the World! Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. Superior. Fagatogo Square Suite 210 Pago Pago, AS 96799 PO Box 997868 Pago Pago, American Samoa 96799. These cookies do not store any personal information. Assurance of punctual payment of obligations is small over the long run. Because policyholders are the priority. Necessary cookies are absolutely essential for the website to function properly. More vulnerable to economic change than highly rated companies. 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. Strong. Date: February 24, 2023. - Protection for any business-owned or leased commercial vehicle. 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. 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. About the firm & # x27 ; s - stable outlook affirmed June 20, 2019 southern Pacific Insurance (! Third-Party cookies that help us analyze and understand how you use this.. Release Strong financial security have found SOPAC to be a responsive and reliable reinsurance partner and recommend them.... Agency, news publisher and data analytics provider specializing in the Insurance industry that! And financial Guarantee lines on a facultative basis specialized types of property, historically developing as an of... 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