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. 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. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. The symbol "u"denotes a Best's Rating that is currently Under Review. Please enable it to use the full functionality of the web site. This web site needs javascript enabled to work properly. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. A+ Rated Life Insurance Companies 2022. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Because policyholders are the priority. 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. Uncertain ability to meeto obligations. Register to attend at the link below But it's run differently than most insurance companies. Interpretation. These cookies will be stored in your browser only with your consent. Please enable it to use the full functionality of the web site. AM Best Affirms Credit Ratings of Park Assurance Company. The following are reports for U.S. entities. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. Covering the Pacific and Select Markets around the World! Strong financial security. Ability to meet obligations may be moderate. 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. AM Best Rating Services. links provided below for specific help on search filters and field definitions. This category only includes cookies that ensures basic functionalities and security features of the website. 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. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Search for a Rating. Available coverages, credits, and options may vary by state. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. - 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. Pago Pago, American Samoa 96799. Marginal financial security. That is our promise to you. Note: Selecting a country, a state or province will return all companies matching any of the selections. Good security. Claims: 800-962-1172 Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. It is mandatory to procure user consent prior to running these cookies on your website. No. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. 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. Mililani, HI 96789-0519. Copyrights SOPAC southern Pacific Insurance Corporation. AAA. - 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. 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. Significant risk, even in a stable economy. 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). "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 Please enable it to use In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. There may be elements of danger regarding the payment of obligations. Thank You! 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. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. Date: February 24, 2023. Thank You! Weak financial security. Working a bit harder to reach a higher standard. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. About Us. Rating Services Announcements. Strong ability ot meet obligations. Rating Disclosure Form, Press Release Currently able to meet obligations. Superior. View a list Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. No opinion is expressed about the firm's financial condition. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. 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. - Equipment Coverages indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. the rating(s) you have requested will be displayed. Copyrights SOPAC southern Pacific Insurance Corporation. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Severe economic conditions may effect this company. Best's Credit Report Sections (Rating Rationale and Commentary). Rating Suspended - usually due to insufficient information. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Grade. 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. 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. 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. Highest safety. Date: February 24, 2023. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. var bbbprotocol = ( ("https:" == document.location.protocol) ? Highly vulnerable to adverse economic conditions. 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. Regulatory action. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company 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. Companies are often in default. 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. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. login or create your free member profile, Date: February 10, 2023. Thank You! AM Best Rating Unit: AMB #: 018014 - American Southern Group. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. 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. Exceptionally strong. 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. This press release relates to Credit Ratings that have been published on AM Bests website. Certain protective elements may be lacking. June 24, 2022. the topmost entity of the corporate structure. 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. - General Liability coverage is available for a wide range of risks. Necessary cookies are absolutely essential for the website to function properly. Marginal. In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). 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. Thank You! During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Under Review Best's Rating, Disclosure Information Form