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AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Repwest Insurance Company (Repwest) (Phoenix, AZ). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. 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 categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The rating upgrades reflect continued stabilization of loss reserve development on the company’s legacy excess workers’ compensation business, as well as the company’s consistently favorable surplus generation. Organic capital growth has reflected the company’s improved underwriting performance and