OLDWICK, N.J.–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Repwest Insurance Company (Repwest) (Phoenix, AZ). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ) and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. The outlook of these ratings is negative. These companies are owned by the group’s ultimate parent, U-Haul Holding Company [NYSE: UHAL, UHAL.B], 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 ratings of Repwest reflect the company’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 (ERM).
Repwest’s ratings are underpinned by the company’s risk-adjusted capitalization, which AM Best considers to be at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), organic surplus growth through consistent underwriting performance, solid net investment and favorably trending leverage. These positive factors are offset by a slight concentration of reserves in excess workers’ compensation (currently decreasing and in runoff). Repwest provides various property/casualty insurance products to U-Haul customers for equipment and storage, including moving protection for truck damage, cargo and storage.
The stable outlooks reflect that Repwest will maintain its overall balance sheet assessment as the company continues to deliver favorable operating results in the near term.
The ratings of Oxford Group reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.
Oxford Group’s ratings are supported by the group’s risk-adjusted capitalization, which AM Best considers to be at the very strong level, as measured by BCAR, and its generally high-quality investment portfolio with limited exposure to Schedule BA assets, below investment grade bonds and investment real estate. Investment risk is offset partially by a high allocation to mortgage loans on self-storage facilities. However, to date, these loans perform well with reasonable loan-to-value ratios and debt service coverage ratios. Pre-tax operating gains continue to be fueled by consistent and increasing net investment income historically offsetting underwriting losses. Oxford is a multi-state, multi-line writer offering multi-year guaranteed annuities, fixed annuities, final expense and Medicare supplement products.
Oxford Group’s negative outlooks reflect a remaining internal control deficiency in the areas of financial reporting and account reconciliation that were discovered in its 2023 statutory audit, which initially had several deficiencies and material weakness identified. AM Best notes these have been remediated substantially and AM Best expects a clean 2025 audit opinion, which will need to be confirmed in U-Haul’s audit opinion expected in June 2026.
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 http://www.ambest.com.
Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Christine DePalma, CPCU, ASLI
Financial Analyst
+1 908 882 1732
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Rosemarie Mirabella
Director
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Christopher Sharkey
Associate Director, Public Relations
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Al Slavin
Senior Public Relations Specialist
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