We will get back to you shortly. Thank you for contacting us.We will get back to you shortly. See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. Unlikely to be affected by change. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. 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. Additionally, the group has reported consistent profitability with generally favorable return metrics. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Insurers in any of these ratings viewed as having poor ability to meet obligations. 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 Not rated. Use the (?) 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. 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. Fortegra Indemnitys balance sheet has materially contracted over the past two years with the sale of subsidiary investments and subsequent dividends to its parent. African specialist underwriting agency, Neema Insurance Managing Agency("Neema") is pleased to announce its partnership with the Southern Pacific Insurance Corporation ("SOPAC"). More vulnerable to economic change than highly rated companies. Pago Pago, American Samoa 96799. - P&I Marine insurance is liability coverage for watercraft. Questionable ability to meet obligations. 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Good financial security. Moving a bit faster. There may be elements of danger regarding the payment of obligations. AAA. - General Liability coverage is available for a wide range of risks. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". 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. 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. But it's run differently than most insurance companies. Unlikely to be affected by change. If you only want specific States or Provinces, then don't include Canada or United States. Moderate risk factors. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. AIG Life Insurance Review 2022. Rating Suspended - usually due to insufficient information. Learn more today! 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. Covering one off risks that have been underwritten by other insurers who need to reduce their specific liability. Companies are often in default. Fagatogo Square Suite 210 Pago Pago, AS 96799 Pago Pago, American Samoa 96799. Under supervision of insurance regulators. Highly safe. General classes of business include Mercantile; Manufacturing or Processing; Habitational; and Contracting or Servicing. Ability to meet obligations may be moderate. Home About Us Insurance African & Asian Facultative ReInsurance Financial Statement Surety Bond Contact Us Thank you for the Request. They have demonstrated . In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. We, as a company, will continue to improve in the areas that require more focus and will remain consistent in areas where we excel. AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries As part of its objectives for 2022, Neema vouched to enter into binder agreements with reinsurers who have the reinsurance capacity and, more critically, the risk appetite to insure African risks. Insurers have either failed to meet obligations or are under regulatory supervision/intervention. Once you 2020. Southern Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). Interpretation. Good ability to meet obligations. AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company. Bests News & Research Service - September 16, 2021 09:39 AM (EDT). 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. During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Good security. of operating insurance entities in Visit the AM Best Rating Services website for a complete overview of our rating process and methodologies. The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. Weak. links provided below for specific help on search filters and field definitions. Please try again later or different method of contacts. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. 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. u Denotes 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. 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. Moderate risk factors. NR. the topmost entity of the corporate structure. Strong ability ot meet obligations. The outlook of these Credit Ratings (ratings) is stable. Due to technical issues we are unable to send email this time. 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 rating(s) you have requested will be displayed. 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). Please note that consolidated data records or branch companies are indented below their respective legal entity. 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. 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. An unfavorable business environment will probably reduce its ability to meet obligations. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Criteria used:Company Names starting with "A" . 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. You also have the option to opt-out of these cookies. 2020. 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. 14 likes. . - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Pacific Specialty Insurance Company has been recognized by A.M. Best as a business that responds congruously in the face of loss. 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