AM Best Affirms Credit Ratings of Repwest Insurance Company
OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—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), as well as its continued organic surplus growth through improved underwriting performance and solid net investment income. The company has steadily increased net underwriting income since refocusing on its core business providing commercial inland marine products to insure 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 and continued expansion in the self-storage and self-moving space, where it offers a variety of products and services.
The stable outlooks reflect AM Best’s expectation that Repwest’s risk-adjusted capitalization will remain at the strongest level, supporting the very strong assessment of balance sheet strength, and that the company will sustain its consistently strong operating performance.
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 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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Joni Cerbone
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