AM Best Affirms Credit Ratings of Repwest Insurance Company

Rhea-AI Summary

AM Best has affirmed Repwest Insurance Company's Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of 'a' (Excellent), with a stable outlook. These ratings highlight Repwest's strong balance sheet and operational performance, driven by solid risk-adjusted capitalization and profitable underwriting results. The company benefits from U-Haul's leading market position and growth in self-storage and self-moving services. Repwest provides commercial inland marine products, ensuring goods stored in various U-Haul offerings.

Positive

• Affirmed Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of 'a' (Excellent).
• Stable outlook for credit ratings.
• Strong balance sheet and operational performance.
• Profitable underwriting results and consistent net investment income.
• Market leader position of U-Haul supports growth.

Negative

• Limited business profile.

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Repwest Insurance Company (Repwest) (Phoenix, AZ). The outlook of these Credit Ratings (ratings) is stable. Repwest is a wholly owned subsidiary of AMERCO [NASDAQ: UHAL], a publicly traded holding company that is also the parent of U-Haul International, Inc. (U-Haul).

These 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 supported by the company’s risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Organic capital growth at Repwest reflects its profitable underwriting results and consistent net investment income, which has been generated by a portfolio of long term bonds, equities, mortgages and real estate assets. Repwest’s growth continues to benefit from the position of U-Haul as a market leader and continued expansion in the self-storage and self-moving space. Through various programs, Repwest provides commercial inland marine products to insure customer goods stored in a U-Haul truck, trailer, self-storage unit or mobile storage unit.

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220817005637/en/

Joni Cerbone, CPA

Senior Financial Analyst

+1 908 439 2200, ext. 5726

joni.cerbone@ambest.com

Rosemarie Mirabella

Director

+1 908 439 2200, ext. 5892

rosiemarie.mirabella@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jeff Mango

Managing Director,

Strategy & Communications

+1 908 439 2200, ext. 5204

jeffrey.mango@ambest.com

Source: AM Best

FAQ

What is the current Financial Strength Rating of Repwest Insurance Company?

Repwest Insurance Company has a Financial Strength Rating of A (Excellent).

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

The Long-Term Issuer Credit Rating for Repwest Insurance Company is 'a' (Excellent).

What is the outlook of Repwest's Credit Ratings?

The outlook of Repwest's Credit Ratings is stable.

How does U-Haul influence Repwest Insurance Company's performance?

U-Haul's market leadership and growth in self-storage and self-moving services benefit Repwest's performance.

What does AM Best's rating signify for Repwest Insurance Company's investors?

AM Best's ratings signify strong financial stability and operational performance, which is favorable for investors.