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. 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 SOPAC has applications pending at this time in the European Union, Puerto Rico, and the Federated States of Micronesia. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. 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. Excellent financial security. 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. 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. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. That is our promise to you. (. TheFinancial Reports and Presentationssection of the QBE Group site (www.group.qbe.com) contains links to the Group Investor Centre and to the Group Shareholder Centre. Rating Suspended - usually due to insufficient information. Exceptional security. 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. These descriptions of coverage are abbreviated and are subject to the terms, conditions, and exclusions of the actual policy, which forms the contract between the insured and the insurance company. Date: February 24, 2023. The group of insurers includes the following companies: u Denotes AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. 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. Unlikely to be affected by change. Yes, Pacific Specialty Insurance Company is an insurance company. Strong ability ot meet obligations. Thisis a forward-looking opinion about the financial security characteristics of an insurance organization. This press release relates to Credit Ratings that have been published on AM Bests website. 2020. This web site needs javascript enabled to work properly. 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. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. 15659. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. Without insurance, those costs would be compounded by employee medical expenses and missed wages. marketing@pacificspecialty.com, Customer Support: 800-303-5000 Very poor security. Thank You! 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. 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. 14 likes. Not rated. Very weak. But opting out of some of these cookies may have an effect on your browsing experience. A+ from Standards & Poor's - stable outlook affirmed June 20, 2019. login or create your free member profile, This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. You also have the option to opt-out of these cookies. No opinion is expressed about the firm's financial condition. 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. Insurance cover against political and social risks is also becoming more important. Working a bit harder to reach a higher standard. AM Best has provided ratings & analysis on this company since 1928. The entitys risk-adjusted capitalization declined from the prior year due to a significant dividend in 2020 but remains assessed at the adequate level. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. 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. Please note that consolidated data records or branch companies are indented below their respective legal entity. Good. 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). Lowest security. Thank You! 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. - Protection for any business-owned or leased commercial vehicle. Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. Exceptionally strong. Interpretation. 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 For over 30 years, we've been listening a little closer. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. 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). Marginal financial security. Injuries cost small businesses in lost productivity. 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. No. AM Best Affirms Credit Ratings of Park Assurance Company. Uncertain ability to meeto obligations. Very strong ability to meet obligations. Currently able to meet obligations. Fagatogo Square Suite 210 Pago Pago, AS 96799 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. 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). A+ Rated Life Insurance Companies 2022. Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. 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. Questionable security. No opinion is expressed about the firm's financial condition. the topmost entity of the corporate structure. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. View additional news, reports and products for this company. Strong ability to meet obligations. Excellent. 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. Fortegra is a wholly owned subsidiary of publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. 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. Under supervision of insurance regulators. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Possibly susceptible to future impairment. PO Box 997868 the full functionality of the web site. - Professional liability insurance, more commonly known as errors and omissions (E&O insurance), is a special type of coverage that protects your company against claims that a professional service you provided caused your client to suffer financial harm due to mistakes on your part (errors) or because you failed to perform some service (omissions). General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Covering the Pacific and Select Markets around the World! 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. 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southern pacific insurance corporation am best rating