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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 16, 2019 12:07 PM (EDT)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Repwest Insurance Company (Repwest) (Phoenix, AZ). 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 Credit Ratings (ratings) reflect Repwest’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
These rating actions reflect Repwest’s continued progress in restoring its balance sheet strength and risk-adjusted capital and the long-standing improvements in operating performance since refocusing on its core business in 2003 and the adoption of more conservative loss assumptions and reserve strengthening in 2011. Since then, Repwest’s legacy excess workers compensation reserves have stabilized and Repwest continues to produce consistently favorable results with no drag from its old legacy business (discontinued in 2003). These ratings reflect Repwest’s reserve stability and its continued focus on its core moving and storage business, which is expected to produce underwriting results that outperform the industry.
The positive outlooks reflect AM Best’s expectation the company will continue to generate stronger than average earnings, which in turn will continue to lend to further capital generation and a more fortified balance sheet position. Consistency and sustainability across all of Repwest’s core lines of business are expected.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.