AM Best Upgrades Issuer Credit Rating of Repwest Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--Sep 12, 2024--

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Repwest Insurance Company (Repwest) (Phoenix, AZ). In addition, AM Best has revised the Long-Term ICR outlook to stable from positive, while 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, neutral business profile and appropriate enterprise risk management.

The upgrade of the Long-Term ICR reflects the continued favorable operating results driven by the diversification by product and geography across the United States while leveraging U-Haul’s national brand and market position.

The ratings are supported by Repwest’s risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Organic capital growth has reflected the company’s consistent underwriting performance and solid net investment income generated by a portfolio of long-term bonds, equity, mortgages and real estate investments. The company has increased net underwriting income steadily in recent years and has generated solid combined ratios that have outperformed the industry benchmark consistently. Repwest’s growth benefits from U-Haul’s position as a market leader and continued expansion in the self-storage and self-moving space, where it offers a variety of products and services. The company’s core business provides 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.

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’sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide 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 viewGuide 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, visitwww.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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CONTACT: Joni Cerbone

Senior Financial Analyst

+1 908 882 1690

joni.cerbone@ambest.comChristopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.comRosemarie Mirabella

Director

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rosemarie.mirabella@ambest.comAl Slavin

Senior Public Relations Specialist

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al.slavin@ambest.com

KEYWORD: NEW JERSEY EUROPE UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: AM Best

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