Rating Disclosure Form, Press Release 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 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. About Us. 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. The symbol "u"denotes a Best's Rating that is currently Under Review. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. This web site needs javascript enabled to work properly. Use the (?) The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. Uncertain ability to meeto obligations. Please enable it to use Fair financial security. Fagatogo Square Suite 210 Pago Pago, AS 96799 PO Box 997868 Thank you for contacting us.We will get back to you shortly. var bbbprotocol = ( ("https:" == document.location.protocol) ? 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. 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. Excellent. For information on the proper use of Bests Credit Ratings, Bests Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Bests Ratings & Assessments. Very strong financial security. 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. Highly vulnerable to adverse economic conditions. Date: February 24, 2023. Please note that consolidated data records or branch companies are indented below their respective legal entity. 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. Date: February 24, 2023. Good financial security. 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. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. - Protection for any business-owned or leased commercial vehicle. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. Pago Pago, American Samoa 96799. A+ Rated Life Insurance Companies 2022. Highly safe. The search will not cross filter between Countries and States/Provinces. This web site needs javascript enabled to work properly. Thank You! Reasonable ability to meet obligations. 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. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. Copyrights SOPAC southern Pacific Insurance Corporation. 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. this structure. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Mililani, HI 96789-0519. Learn more today! The outlook of these Credit Ratings. Date: February 27, 2023. AM Best Affirms Credit Ratings of Park Assurance Company. Please enable it to use the full functionality of the web site. Ability to meet obligations may not be adequate for long-term policies. 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. 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. AAA. PO Box 997868 Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. Fair. Marginal financial security. Excellent financial security. An unfavorable business environment will probably reduce its ability to meet obligations. the full functionality of the web site. 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). Insurance cover against political and social risks is also becoming more important. Moderate risk factors. Very strong ability to meet obligations. This web site needs javascript enabled to work properly. In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. Companies are often in default. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). 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. 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. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. No opinion is expressed about the firm's financial condition. Best Rated Life Insurance Companies 2021. Certain protective elements may be lacking. Adequate ability to meet obligations. This category only includes cookies that ensures basic functionalities and security features of the website. 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. - 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. 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. Poor security. Strong ability to meet obligations. 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. That is our promise to you. 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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. - reports which were released prior to the current Best's Credit Report. AIG Life Insurance Review 2022. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. Southern Pacific Insurance Corporation. links provided below for specific help on search filters and field definitions. Provided me a quote and then withdrew it when I queried the terms. 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 Good security. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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. . View additional news, reports and products for this company. Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. Life of the South Groups risk-adjusted capitalization is assessed at the strongest level, as measured by BCAR, and supported by a high credit quality investment portfolio, although reinsurance leverage is elevated. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). Could impact policyholders. Extremely poor security. . About Us. If you only want specific States or Provinces, then don't include Canada or United States. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Failed. Moderate risk factors. Excellent security. It is mandatory to procure user consent prior to running these cookies on your website. Search for a Rating. Insurers in any of these ratings viewed as having poor ability to meet obligations. 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. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. 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. Very poor security. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. This press release relates to Credit Ratings that have been published on AM Bests website. 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 June 24, 2022. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. Very weak financial security. Risk factors may be somewhat high. 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. Good financial security. 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. Exceptional security. 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. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). the rating(s) you have requested will be displayed. 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. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. Questionable ability to meet obligations. links provided below for specific help on search filters and field definitions. The group of insurers includes the following companies: Very strong ability to meet obligations. 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. Weak financial security. 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. Severe economic conditions may effect this company. Note: Access to Best's Credit Ratings is available to members. You also have the option to opt-out of these cookies. Working a bit harder to reach a higher standard. 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 . Thank You! No. Distressed. View AM Best's - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. 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). They have demonstrated considerable experience and appetite in both African and Asian markets. 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. 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. Covering the Pacific and Select Markets around the World! Individual or Business Insurance?Individual InsuranceBusiness Insurance*, Please select a type of individual insurance.Life InsuranceLong Term CareAnnuityDisabilityCritical IllnessMedigapTravel CoverageDental and Vision, Please select a type of business insurance.Life InsuranceDisabilityCritical IllnessGroup Life & LTD Insurance, Copyright 2023 South Pacific Insurance, PO Box 893519 Once you Date: February 3 . Date: February 24, 2023. AM Best Affirms Credit Ratings of Park Assurance Company. Follow. Not rated. These new updates will take effect December 1, 2021. 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. Under Review Best's Rating, Disclosure Information Form Pacific Life Insurance Review. Very strong. Under supervision of insurance regulators. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. Possibly susceptible to future impairment. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . 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. Not rated. They have demonstrated . 2020. Because policyholders are the priority. - 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. Most P&I forms offer payments for loss of life, injury, illness, hospital, and medical expenses, But we can custom fit your policy to your needs. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries Stable outlook affirmed June 20, 2019 and the latest information, access standardandpoors.com and ambest.com above companies... 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