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Weak. AM Best Affirms Credit Ratings of Meiji Yasuda Life Insurance Company : AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of "aa-" (Superior) of Meiji Yasuda Life Insurance Company (Meiji Yasuda) (Japan). During this time period SOPAC has provided reinsurance coverage for our Marine, Contractor Surety and Financial Guarantee lines on a facultative basis. Our relationship with SOPAChas been very satisfactory. This rating comes despite a claim heavy 2017, due to wildfires, winter storms, and hurricane devastation. Significant risk, even in a stable economy. Under supervision of insurance regulators. 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 Pioneer Property & Casualty Insurance Company has 30 total employees across all of its locations and generates $14.70 million in sales (USD). marketing@pacificspecialty.com, Customer Support: 800-303-5000 Sharon Ng, Principal Officer of Neema commented: "Being a growing and ambitious company, we strive to be a leading underwriting management agency. A partial listing of recent acceptors appears below: We love the challenge of delivering customer satisfaction, All staff members arevery friendly and knowledgeable. Currently able to meet obligations. Please enable it to use the full functionality of the web site. 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 . Company Name: Southern Pacific Insurance Corporation Established: 2007 Address: P.O. Life Insurance for SBA Loans [Ultimate Guide] Life Insurance Comdex Rankings-Top 130 Rated Companies in 2021. login or create your free member profile, Yes, Pacific Specialty Insurance Company is an insurance company. 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. 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. This web site needs javascript enabled to work properly. These cookies do not store any personal information. You also have the option to opt-out of these cookies. 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. 9 Best No-Lapse Guarantee Universal Life (GUL) Insurance Companies. the full functionality of the web site. 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. In the insurance industry, the A.M. Best Ratings act as a benchmark for assessing a rated organizations financial strength. The following are reports for U.S. entities. Not rated. 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. Currently has the ability to meet obligations. 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. The outlook of these Credit Ratings (ratings) is stable. The symbol "u"denotes a Best's Rating that is currently Under Review. - 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. Distressed. June 24, 2022. 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. Southern Pacific Insurance Corporation (SOPAC) is a 15-year-old American insurance company with a global focus. Injuries cost small businesses in lost productivity. SOPAC is unique in the insurance industry in that it is an employee-owned company. Adequate ability to meet obligations. Fagatogo Square Suite 210 Pago Pago, AS 96799 Good financial security. Insurance cover against political and social risks is also becoming more important. Adequate security. More vulnerable to economic change than highly rated companies. 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. 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. Under Review Best's Rating, Disclosure Information Form The term "Rating Unit" identifies individual insurers or a consolidation of member companies that are assigned the same Best's Credit Rating. Our top classes of business include apartments, condominiums, dwellings, hotels/motels, lessor's risk, offices, restaurants, grocery stores, shopping centers, warehouses, mini/self storage units, and artisan contractors. Date: February 24, 2023. 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 Mililani, HI 96789-0519. Certain protective elements may be lacking. Over time, SOPAC's market focus has expanded to include the Caribbean, Mainland US, Europe, Africa, the Middle East, Central Asia, and South America. Questionable ability to meet obligations. Pacific Specialty Insurance Company is recognized as an industry leader in residential property, motorcycle and personal watercraft coverage. - Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. Very weak. Interpretation. Date: February 24, 2023 View All . Extremely poor prospects of offering financial security. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Date: February 24, 2023. Best's Credit Report Sections (Rating Rationale and Commentary). 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. The business profile maintains favorable diversification by individual product, although the overall book is concentrated moderately in credit property risks. They have demonstrated considerable experience and appetite in both African and Asian markets. Additionally, the group has reported consistent profitability with generally favorable return metrics. No opinion is expressed about the firm's financial condition. Highly safe. the topmost entity of the corporate structure. Pago Pago, American Samoa 96799. Extremely strong financial security. 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 Regulatory action. Assurance of punctual payment of obligations is small over the long run. Working a bit harder to reach a higher standard. A+ Rated Life Insurance Companies 2022. 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. 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. The groups total capital increased in 2020, following the creation and initial capitalization of its new surplus lines entity, Fortegra Specialty. Find company research, competitor information, contact details & financial data for SOUTHERN PACIFIC INSURANCE CORPORATION of Pago Pago. Strong ability to meet obligations. Superior. Interpretation. AAA. Ability to meet obligations may be moderate. - 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). 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. AM Best is a global credit agency, news publisher and data analytics provider specializing in the insurance industry. These new updates will take effect December 1, 2021. This partnership will allow us to increase Africa's reinsurance capacity while at the same time expand our geographical footprint.". Fair financial security. Thank you for contacting us.We will get back to you shortly. Pago Pago, American Samoa 96799. Date: February 24, 2023. 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. Extremely poor security. Strong financial security. 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Policies usually include collision and damage coverage as well as coverage for property and personal damage to others. 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. Unlikely to be affected by change. In addition, SOPAC supports extensive Surety markets in the United Kingdom (UK) and New Zealand within the parameters of regulatory compliance in those jurisdictions. visit our Ratings & Analysis Center. Please enable it to use the full functionality of the web site. Grade. 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. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Weak financial security. Date: February 10, 2023. 033813: AAA Southern New England Other Corporate - Property/Casualty (Holding Company) US: Rhode Island: 083796: AAI Limited Insurance - Property . Rating Suspended - usually due to insufficient information. 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. Sopac is unique in the insurance industry, the A.M. Best Ratings act as a benchmark assessing. Insurance capacity to the South Pacific region also have the option to opt-out of these cookies will allow us increase... 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