AM Best Revises Issuer Credit Rating Outlook to Positive for Repwest Insurance Company

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AM Best has revised the Long-Term Issuer Credit Rating outlook of Repwest Insurance Company to positive and affirmed its Financial Strength Rating of A (Excellent). Repwest is owned by U-Haul Holding Company and benefits from U-Haul's market leadership and expansion in the self-storage and self-moving space. The ratings reflect Repwest's strong balance sheet, operating performance, and risk management.

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Repwest Insurance Company (Repwest) (Phoenix, AZ). The outlook of the FSR is stable. Repwest is owned by its ultimate parent, U-Haul Holding Company [NYSE: UHAL], which is also the parent of U-Haul International, Inc. (U-Haul), North America’s leading “do-it-yourself” household moving and self-storage operator.

The Credit Ratings (ratings) reflect Repwest’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The ratings are also supported by the company’s risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as its continued organic surplus growth through consistent underwriting performance along with solid net investment income. The company has steadily increased its net underwriting income since refocusing on its core business providing commercial inland marine products to insured customer goods, whether they are stored in a U-Haul truck, trailer, self-storage unit or mobile storage unit. Repwest’s growth continues to benefit from the position of U-Haul as a market leader, with continued expansion in the self-storage and self-moving space, where it offers a variety of products and services.

The positive Long-Term ICR outlook reflects AM Best’s expectation that the diversification by product and geography across the United States will continue to drive favorable operating results, while leveraging Repwest’s affiliation with U-Haul’s national brand and market position.

This press release relates to Credit Ratings that have been published on AM Best’s website. 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 Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Joni Cerbone

Senior Financial Analyst

+1 908 882 1690

joni.cerbone@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Rosemarie Mirabella

Director

+1 908 882 2125

rosemarie.mirabella@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com

Source: AM Best

FAQ

What is the Long-Term Issuer Credit Rating of Repwest Insurance Company?

The Long-Term Issuer Credit Rating of Repwest Insurance Company is positive.

What is the Financial Strength Rating of Repwest Insurance Company?

The Financial Strength Rating of Repwest Insurance Company is A (Excellent).

Who owns Repwest Insurance Company?

Repwest Insurance Company is owned by U-Haul Holding Company.

What is U-Haul Holding Company's stock symbol?

U-Haul Holding Company's stock symbol is NYSE: UHAL.

What is the business profile of Repwest Insurance Company?

Repwest Insurance Company provides commercial inland marine products to insured customer goods stored in U-Haul trucks, trailers, self-storage units, or mobile storage units.

What are the key factors supporting Repwest Insurance Company's ratings?

The ratings are supported by Repwest's strong balance sheet, operating performance, limited business profile, appropriate risk management, and risk-adjusted capitalization at the strongest level.

How does Repwest Insurance Company benefit from its affiliation with U-Haul?

Repwest Insurance Company benefits from U-Haul's position as a market leader and its expansion in the self-storage and self-moving space, which drives Repwest's growth and favorable operating results.

What is the outlook for Repwest Insurance Company's operating results?

AM Best expects that the diversification by product and geography across the United States will continue to drive favorable operating results for Repwest Insurance Company.

Where can I find more information about AM Best's ratings?

You can find more information about AM Best's ratings on their website.

Where is AM Best headquartered?

AM Best is headquartered in the United States.