RENO, Nev., May 7, 2014 /PRNewswire/ -- AMERCO (Nasdaq: UHAL) announced today A.M. Best, the world's oldest and most authoritative insurance rating and information source, has upgraded the financial strength rating to A- (Excellent) from B++ (Good) and issuer credit ratings to "a-" from "bbb+" of its subsidiary Oxford Life Insurance Company (Oxford Life). This rating also applies to Oxford Life's subsidiary, Christian Fidelity Life Insurance Company. A.M. Best also affirmed the financial strength rating of B++ (Good) and issuer credit ratings of "bbb" of another Oxford Life subsidiary, North American Insurance Company. The outlook for all ratings is stable.
"This rating action by A.M. Best is the result of a strong focus on our value proposition to meet the needs of our target customer segment in a cost effective manner. Continued execution of our business plan will result in long-term values for insureds, producers, team members, and owners," stated Mark A. Haydukovich, President of Oxford Life.
Oxford Life and its subsidiaries focus on providing products and services that promote the financial security of the rapidly growing senior market. With a keen understanding of this market, Oxford Life saves its policyholders and producers time and money through processing and underwriting efficiencies. This strategy has continued Oxford Life's profitable growth with consolidated statutory revenue over $325 million and conservative assets that exceed $1.1 billion.
Founded in 1965, Oxford Life Insurance Company and its subsidiaries specialize in providing value-enhanced life, annuity and Medicare supplement products designed to meet the unique needs of the middle segment of the senior market through independent marketing organizations and general agents.