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150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Extremely strong financial security. 2020. - reports which were released prior to the current Best's Credit Report. 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 Follow. Rating Disclosure Form, Press Release The search will not cross filter between Countries and States/Provinces. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Date: February 24, 2023. You need business auto insurance to cover your vehicles. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself. Adequate ability to meet obligations. Date: February 27, 2023. Regulatory action. Mililani, HI 96789-0519. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. Adequate security. Once you AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. Marginal 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. links provided below for specific help on search filters and field definitions. PO Box 997868 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. 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 visit our Ratings & Analysis Center. 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. Susceptible to downturns in the economy. For more information about Best's Credit Ratings, please 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. Moderately weak. . Grade. Distressed. Date: February 3 . If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. The group of insurers includes the following companies: Rating Services Advanced Rating Search Recent Rating Activity Industry Research Credit Ratings Performance Assessments Country Risk Information Get a Best's Credit Rating Regulatory Information Information Services BestLink Lowest security. 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. 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. 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. Southern Pacific Insurance Corporation info@sopacins.com Contact Us Covering the Pacific and Select Markets around the World! The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. - 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. 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. View AM Best's Insurance cover against political and social risks is also becoming more important. 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 . Pacific Life Insurance Review. Exceptionally strong. Strong ability to deal with economic adversity. Please enable it to use the full functionality of the web site. Highly vulnerable to adverse economic conditions. - Protection for any business-owned or leased commercial vehicle. Currently able to meet obligations. 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. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. Very strong. - 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. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. PO Box 997868 This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. View additional news, reports and products for this company. Due to technical issues we are unable to send email this time. Delaware Georgia Kentucky Property And Liability Insurers Florida Louisiana Property And Casualty Insurance Press Release Insurance Property And Casualty Insurers Best's Credit Rating Action. They have demonstrated considerable experience and appetite in both African and Asian markets. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Marginal. Based on AM Best's analysis, 050799 - Pacific Mutual Holding Company is the AMB Ultimate Parent and identifies Date: February 24, 2023. Fax: 714-998-3158, 5515 E. La Palma Ave. Ste. Ability to meet obligations may be moderate. These new updates will take effect December 1, 2021. 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. Covering the Pacific and Select Markets around the World! Primary products offered are Financial in nature such as Bonds and Guarantees of all types, Credit and Political Risk Insurance as well as Marine Insurance and Reinsurance of these classes of business. 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. 2020. Pago Pago, American Samoa 96799. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. Week financial security. the topmost entity of the corporate structure. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. Fair financial security. Extremely poor prospects of offering financial security. This web site needs javascript enabled to work properly. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). 17486061. Very weak financial security. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Strong financial security. Injuries cost small businesses in lost productivity. - reports which were released prior to the current Best's Financial Report. AIG Life Insurance Review 2022. 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. Moderate risk factors. Use the (?) Lower than Aaa because long-term risks appear somewhat larger. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. But opting out of some of these cookies may have an effect on your browsing experience. the ability to pay its claims). But it's run differently than most insurance companies. Weak. This website uses cookies to improve your experience while you navigate through the website. Not rated. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com (. Excellent. Register to attend at the link below General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Thank You! That is our promise to you. Date: February 24, 2023. Under supervision of insurance regulators. 2020. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. The symbol "u"denotes a Best's Rating that is currently Under Review. 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. Assurance of punctual payment of obligations is small over the long run. this structure. 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. An unfavorable business environment will probably reduce its ability to meet obligations. 15659. Use the (?) Date: February 10, 2023. 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. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Currently has the ability to meet obligations. PO Box 997868 Possibly susceptible to future impairment. For over 30 years, we've been listening a little closer. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Best's Credit Report Sections (Rating Rationale and Commentary). We have found SOPAC to be a responsive and reliable reinsurance partner and recommend them highly. 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 View a list Additionally, the group has reported consistent profitability with generally favorable return metrics. 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. 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. Uncertain ability to meeto obligations. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). 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. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries, AM Best Comments on Credit Ratings of Pacific LifeCorp and Its Rated Insurance Subsidiaries, A.M. Best Upgrades Issuer Credit Ratings of Members of Pacific Life Group, A.M. Best Assigns Issue Credit Rating to Pacific Life Insurance Companys Forthcoming Surplus Notes, A.M. Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries, A.M. Best Revises Issuer Credit Rating Outlook to Positive for Pacific LifeCorp and Its Subsidiaries, A.M. Best Affirms Ratings of Pacific LifeCorp and Its Subsidiaries. Copyrights SOPAC southern Pacific Insurance Corporation. - P&I Marine insurance is liability coverage for watercraft. 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. Please enable it to use the full functionality of the web site. SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. 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. 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. Provided me a quote and then withdrew it when I queried the terms. Fagatogo Square Suite 210 Pago Pago, AS 96799 Could impact policyholders. Very weak. 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. Date: February 24, 2023. Strong. Risk factors may be somewhat high. - General Liability coverage is available for a wide range of risks. 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 meet obligations. This category only includes cookies that ensures basic functionalities and security features of the website. Thank you for contacting us.We will get back to you shortly. Companies are often in default. Reasonable ability to meet obligations. 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. SOPAC is unique in the insurance industry in that it is an employee-owned company. 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. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing.
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