A.M. Best Upgrades Issuer Credit Ratings of Oxford Life and Christian Fidelity Life; Assigns Ratings to Dallas General Life

Business Wire, Jan 31, 2008

OLDWICK, N.J. -- A.M. Best Co. has upgraded the issuer credit ratings (ICR) to "bbb " from "bbb" and affirmed the financial strength ratings (FSR) of B (Good) of Oxford Life Insurance Company (Oxford Life) (Arizona) and Christian Fidelity Life Insurance Company (Christian Fidelity) (Texas). A.M. Best also has affirmed the FSR of B (Good) and the ICR of "bbb-" of North American Insurance Company (Wisconsin). In addition, A.M. Best has assigned an FSR of B (Good) and an ICR of "bbb " to Dallas General Life Insurance Company (Dallas General) (Texas). The outlook for all ratings is stable.

The companies are all subsidiaries of AMERCO (Reno, NV) (NASDAQ: UHAL), which is the parent of U-Haul International, Inc., the largest moving and storage operator in the United States.

Despite AMERCO's difficulties of a few years ago, Oxford Life has maintained profitable operating results, increased capitalization, restructured its investment portfolio to reduce risk exposure and improve investment yield. Additionally, its parent has improved financial flexibility and stability, allowing the overall strength of Oxford Life to be enhanced.

Over the past few years, the group has reported profitable operating results, aided by very good profitability from its Medicare supplement business. The company continues to focus its business strategy on the senior market. Positive gains and a reduction in its below investment grade holdings have also contributed to the group's strengthened capital position.

In early 2006, Christian Fidelity acquired Dallas General to strategically complement its Medicare supplement sales with a branding affiliation in Texas. Together, these companies produce a sizeable volume of business in the rural markets of Texas. Dallas General has benefited from the financial, managerial and strategic support of its parent.

A.M. Best believes the group will continue to encounter challenges in growing its book of Medicare supplement, life insurance and annuity businesses as it faces continuing competition.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.