AM Best Revises Issuer Credit Rating Outlook to Positive for Repwest Insurance Company
OLDWICK, N.J., August 17, 2023--(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.
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