- reports which were released prior to the current Best's Credit Report. Fagatogo Square Suite 210 Pago Pago, AS 96799 Date: February 10, 2023. the rating(s) you have requested will be displayed. 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. AAA. AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V. This web site needs javascript enabled to work properly. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. 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. Regulatory action. Thank You! AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries Get the latest business insights from Dun & Bradstreet. Currently able to meet obligations. u Denotes In school, a report card provides visual, tangible feedback on an individuals success in a subject or specific area. 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 Week financial security. 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. If you only want specific States or Provinces, then don't include Canada or United States. Insurers in any of these ratings viewed as having poor ability to meet obligations. More susceptible to economic change that highly rated companies. Please enable it to use the full functionality of the web site. 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. Fair financial security. Highly vulnerable to adverse economic conditions. Southern Pacific Insurance Corporation. Distressed. Date: February 24, 2023. PO Box 997868 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. Comments are requested on the draft updates for Best's Credit Rating Methodology (BCRM) and the criteria procedure "Available Capital and Holding Company Covering the Pacific and Select Markets around the World! 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. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. 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. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. From hull coverage to luggage, we have the product for you. "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 Exceptional security. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. Excellent security. These new updates will take effect December 1, 2021. Date: February 24, 2023. 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 A.M. Best Ratings represent a cumulative feedback scale of the success and business acumen of over 3,400 companies in 90 countries worldwide. 2020. Lower than Aaa because long-term risks appear somewhat larger. Strong ability ot meet obligations. https://register.gotowebinar.com/register/639294962347314189, psic@pacificspecialty.com Failed. 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. Without insurance, those costs would be compounded by employee medical expenses and missed wages. Questionable security. Very strong. Adequate security. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. This website uses cookies to improve your experience while you navigate through the website. Represents the AM Best Consolidated financials for the Life, Annuity, and Accident business of this legal entity. Once you Available coverages, credits, and options may vary by state. No opinion is expressed about the firm's financial condition. 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). Covering the Pacific and Select Markets around the World! For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. Yes, Pacific Specialty Insurance Company is an insurance company. Rating Suspended - usually due to insufficient information. the full functionality of the web site. Good financial security. Date: February 24, 2023. 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. Superior. Strong financial security. The search will not cross filter between Countries and States/Provinces. - reports which were released prior to the current Best's Financial Report. The financial strength of an insurance company is a very important factor to consider in purchasing life insurance or annuities . 150, Anaheim, CA 92807, License 0K06900 / National Producer No. Very strong ability to meet obligations. Necessary cookies are absolutely essential for the website to function properly. Extremely poor prospects of offering financial security. 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! Could impact policyholders. Assurance of punctual payment of obligations is small over the long run. Thank You! Not rated. Marginal financial security. Fagatogo Square Suite 210 Pago Pago, AS 96799 SOPAC is registered and/or authorized in numerous jurisdictions including American Samoa under Business License No. Very weak. Rating Services Announcements. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. More vulnerable to economic change than highly rated companies. Moderately weak. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. 17486061. 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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). 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. 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. 15659. 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. 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. Date: February 24, 2023. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. To protect the private owner and smaller commercial operations, we offer full protection designed to fit your exact needs. 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. 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