TASHKENT, Uzbekistan, July 24. Moody’s Ratings has affirmed the B1 insurance financial strength ratings (IFSRs) for Mosaic Insurance Group JSC IO (MIG) in both local and foreign currencies, maintaining a stable outlook, Trend reports.
Founded in 2021 and headquartered in Uzbekistan, MIG is a rapidly growing, foreign-owned property and casualty insurer offering a diverse portfolio of commercial and personal insurance products. The rating affirmation reflects MIG’s strengthened market position, solid capital adequacy, and robust profitability in 2024. Moody’s also highlighted the company’s disciplined risk selection and technical pricing as key strengths.
In 2024, MIG reported gross written premiums (GWP) of 265 billion soms ($21 million), marking a remarkable 232 percent increase compared to 2023. This growth was primarily driven by the expansion of its international reinsurance business, which now accounts for 64 percent of GWP, thereby enhancing the company’s geographic diversification. Domestically, MIG holds approximately a 3 percent market share in the property and casualty segment.
Despite its rapid growth, MIG faces challenges related to its swift international expansion and a relatively short track record in global reinsurance. Additionally, the company’s investment portfolio remains concentrated in Uzbek domestic assets—mainly deposits with B– to Ba-rated local banks—due to regulatory constraints.
Shareholders’ equity increased to 121 billion soms ($9.6 million) in 2024, up from 74.5 billion soms (about $5.9 million) the previous year. While capital adequacy remains solid, gross underwriting leverage rose to 2.6x from 1.27x, reflecting the significant scale of business expansion. MIG is wholly owned by the Uzbek Opportunities Fund, which is supported by the U.S.-based MIG, Inc.
Net profit surged to 15.9 billion soms ($1.26 million) in 2024, compared to 3.7 billion soms (around $0.29 million) in 2023, driven by stronger underwriting performance and investment results. Return on average capital improved to 16 percent, up from 6 percent the previous year.
Moody’s stable outlook reflects confidence that MIG’s sound capital base and growing diversification will help mitigate the elevated risks associated with its ambitious growth strategy.
