About Us. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Distressed. Copyrights SOPAC southern Pacific Insurance Corporation. Regulatory action. "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 Interpretation. Very poor security. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). This website uses cookies to improve your experience while you navigate through the website. Excellent. Extremely weak. Please enable it to use the full functionality of the web site. Register to attend at the link below 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). Strong ability ot meet obligations. There may be elements of danger regarding the payment of obligations. SOUTHERN PACIFIC INSURANCE CORPORATION branch Company Number 42864247F Status Active In Good Standing Incorporation Date 18 December 2017 (about 5 years ago) Company Type Business Corporation (Non-Louisiana) Jurisdiction Louisiana (US) Branch Branch of out-of-jurisdiction company Registered Address 113 BLUE RIDGE RD DERIDDER, LA 70634 United States Extremely poor prospects of offering financial security. You also have the option to opt-out of these cookies. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. Strong ability to deal with economic adversity. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. 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. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. - Protection for any business-owned or leased commercial vehicle. 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. 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. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Currently able to meet obligations. Could impact policyholders. 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. u Denotes Rating Services Announcements. Available coverages, credits, and options may vary by state. Highly vulnerable to adverse economic conditions. The symbol "u"denotes a Best's Rating that is currently Under Review. Covering the Pacific and Select Markets around the World! Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. For over 30 years, we've been listening a little closer. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. Excellent security. View AM Best's Use the (?) 2020. Learn more today! 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It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . of operating insurance entities in They have demonstrated . But opting out of some of these cookies may have an effect on your browsing experience. Very strong ability to meet obligations. Certain protective elements may be lacking. - reports which were released prior to the current Best's Credit Report. Currently has the ability to meet obligations. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Under Review Best's Rating, Disclosure Information Form Because policyholders are the priority. In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. Risk factors may be somewhat high. Not rated. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. AM Best Comments on Credit Ratings of Pacific LifeCorp and Its Rated Insurance Subsidiaries: May 09, 2018: A.M. Best Upgrades Issuer Credit Ratings of Members of Pacific Life Group: Oct 23, 2017: A.M. Best Assigns Issue Credit Rating to Pacific Life Insurance Company's Forthcoming Surplus Notes: Jan 06, 2017 - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. 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 AM Best Rating Services. 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. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Fair. 14 likes. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. 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). 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. Under supervision of state insurance commissioners. Pacific Life Insurance Review. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. 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 . Note: Selecting a country, a state or province will return all companies matching any of the selections. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. We also use third-party cookies that help us analyze and understand how you use this website. 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. Copyrights SOPAC southern Pacific Insurance Corporation. No opinion is expressed about the firm's financial condition. 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. 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. Poor security. Please note that consolidated data records or branch companies are indented below their respective legal entity. Ability to meet obligations may not be adequate for long-term policies. 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. Date: February 24, 2023. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. 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. Please enable it to use Moderately weak. 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. We will get back to you shortly. Very strong. Lower than Aaa because long-term risks appear somewhat larger. The group of insurers includes the following companies: 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. Highly safe. Thank you for contacting us.We will get back to you shortly. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. 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. Thank You! 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. During its history, SOPAC has been accepted as approved reinsurance security by numerous African insurance companies. 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 . 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