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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 . During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. 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. Companies are often in default. Good security. Date: February 24, 2023. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. 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. Extremely poor security. Possibly susceptible to future impairment. 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. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. 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. Week financial security. Follow. 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. Please try again later or different method of contacts. PO Box 997868 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. This press release relates to Credit Ratings that have been published on AM Bests website. View AM Best's For over 30 years, we've been listening a little closer. - General Liability coverage is available for a wide range of risks. 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. Note: Some of the classifications of the above rating companies are broken down into more levels than illustrated. 2020. Lower than Aaa because long-term risks appear somewhat larger. Moderate risk factors. login or create your free member profile, 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. This web site needs javascript enabled to work properly. Extremely strong financial security. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". 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These cookies will be stored in your browser only with your consent. The following are reports for U.S. entities. Additionally, the group has reported consistent profitability with generally favorable return metrics. . 150, Anaheim, CA 92807, License 0K06900 / National Producer No. Best's Credit and Issue Credit Ratings AM Best Affirms Credit Ratings of Park Assurance Company. You need business auto insurance to cover your vehicles. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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. Interpretation. [email protected], Customer Support: 800-303-5000 Best's Credit Report Sections (Rating Rationale and Commentary). 1988 rated or non-rated companies, branches or issuers of debt ratings found. Excellent security. 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. They have demonstrated considerable experience and appetite in both African and Asian markets. Because policyholders are the priority. Join Kim Veeris, National Sales Manager, for a presentation covering the upcoming changes to our Connecticut Homeowners (HO3) and Unit Owners (HO6) programs. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Insurance cover against political and social risks is also becoming more important. Rating Disclosure Form, Press Release June 24, 2022. 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 Susceptible to downturns in the economy. Questionable ability to meet obligations. Excellent 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 . View additional news, reports and products for this company. Without insurance, those costs would be compounded by employee medical expenses and missed wages. 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). SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. Moving a bit faster. Highest safety. 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. 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 the topmost entity of the corporate structure. Date: February 24, 2023 View All . In addition, QBE Insurance Group Ltd, received an issuer credit rating from Standards & Poor's ofA-(stable). Our relationship with SOPAChas been very satisfactory. the full functionality of the web site. You also have the option to opt-out of these cookies. Strong ability to meet obligations. Currently has the ability to meet obligations. A+ Rated Life Insurance Companies 2022. 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). 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. About Us. This web site needs javascript enabled to work properly. Exceptionally strong. 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 Date: February 24, 2023. Highly vulnerable to adverse economic conditions. Rating Services Announcements. 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. Risk factors may be somewhat high. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. AIG Life Insurance Review 2022. 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). 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. Pago Pago, American Samoa 96799. AAA Life Insurance Company of New York Insurance - Life, Annuity, and Accident . 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. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). Strong ability ot meet obligations. - P&I Marine insurance is liability coverage for watercraft. Search for a Rating. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. From hull coverage to luggage, we have the product for you. Thank You! 17486061. Grade. Poor security. 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. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. They have demonstrated . These new updates will take effect December 1, 2021. 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. Marginal. 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. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. The group of insurers includes the following companies: Please note that consolidated data records or branch companies are indented below their respective legal entity. Strong. This web site needs javascript enabled to work properly. 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. Insurance company Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company 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). 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. Unlikely to be affected by change. Moderate risk factors. Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. Criteria used:Company Names starting with "A" . Could impact policyholders. But it's run differently than most insurance companies. 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. links provided below for specific help on search filters and field definitions. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. 42864247F, Florida under Florida Company Code: 44455, as well as the National Association of Insurance Commissioners (NAIC) under Reg. This website uses cookies to improve your experience while you navigate through the website. 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. Not rated. Not rated. Necessary cookies are absolutely essential for the website to function properly. Unlikely to be affected by change. 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. Fagatogo Square Suite 210 Pago Pago, AS 96799 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. [email protected] Head of Sales, Asia-Pacific P. +61 3 96312154 [email protected] Date: February 27, 2023. More vulnerable to economic change than highly rated companies. An unfavorable business environment will probably reduce its ability to meet obligations. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. Under supervision of insurance regulators. 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