- reports which were released prior to the current Best's Financial Report. Reasonable ability to meet obligations. 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. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . Southern Pacific Insurance Corporation. Not rated. Strong. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Grade. - 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. Exceptionally strong. Good. 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. Interpretation. 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. PO Box 997868 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. *For ratings guidelines and the latest information, access standardandpoors.com and ambest.com. 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. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. 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 search will not cross filter between Countries and States/Provinces. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. An unfavorable business environment will probably reduce its ability to meet obligations. The group reported declining premiums in 2020 due to the COVID-19 pandemic; however, long-term trends remain positive. 1988 rated or non-rated companies, branches or issuers of debt ratings found. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. A.M. Best provides credit rating services for the insurance industry and has been doing so for over 100 years. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". For over 30 years, we've been listening a little closer. Under supervision of insurance regulators. In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. 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. Certain protective elements may be lacking. Extremely poor security. Extremely strong financial security. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. Weather is inherently unpredictable, but insurance companies have the ability to react appropriately when the unthinkable happens. the topmost entity of the corporate structure. 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 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). Interpretation. 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. links provided below for specific help on search filters and field definitions. Strong ability to meet obligations. Lower than Aaa because long-term risks appear somewhat larger. Available coverages, credits, and options may vary by state. var bbbprotocol = ( ("https:" == document.location.protocol) ? View additional news, reports and products for this company. Fair financial security. Please note that consolidated data records or branch companies are indented below their respective legal entity. Strong financial security. About Us. 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. 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. Possibly susceptible to future impairment. 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 Risk factors may be somewhat high. PO Box 997868 Currently has the ability to meet obligations. 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. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. 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. Moving a bit faster. Please enable it to use the full functionality of the web site. Best Rated Life Insurance Companies 2021. Severe economic conditions may effect this company. AM Best Rating Services. Extremely poor prospects of offering financial security. Extremely strong financial security. The groups operating performance has been supported by a long-term trend of strong premium growth and consistent profitability. Date: February 24, 2023. Under supervision of insurance regulators. 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. Excellent security. The U.S. property/casualty operating subsidiaries of Fortegra include Lyndon Southern Insurance Company (Wilmington, DE), Insurance Company of the South (Athens, GA), Response Indemnity Company of California (Redondo Beach, CA), Blue Ridge Indemnity Company (Wilmington, DE) and Fortegra Specialty Insurance Company (Fortegra Specialty) (Scottsdale, AZ), and are collectively referred to as Fortegra P&C Group. Companies are often in default. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. 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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 Insurers in any of these ratings viewed as having poor ability to meet obligations. 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. This press release relates to Credit Ratings that have been published on AM Bests website. Use the (?) Adequate security. The following are reports for U.S. entities. Moderate risk factors. 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. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. You also have the option to opt-out of these cookies. Weak financial security. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. No opinion is expressed about the firm's financial condition. 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. About Us. View AM Best's 150, Anaheim, CA 92807, Copyright 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. Because policyholders are the priority. 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