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Mosaic Insurance Group, led by Oybek Nosirovich Khalilov , is thrilled to participate in the Solvency II training program at Hilton Tashkent City.
This essential program will enhance our understanding of regulatory frameworks and risk management strategies, strengthening our ability to serve clients with precision and security.
In an exclusive interview, Miraziz Khidoyatov, Deputy General Director of Mosaic Insurance Group (MIG), shares insights into the company’s rapid expansion in Uzbekistan’s insurance sector. Since its launch in 2021, MIG has specialized in commercial lines, catering to critical industries through a portfolio that includes property, construction-installation, and liability insurance. A key highlight of 2023 was achieving an 80 billion soum gross insurance premium, marking a 330% growth from the previous year. With a focus on reinsurance, MIG now offers international reinsurance for up to $2.5 million per risk. Khidoyatov emphasizes the company’s commitment to supporting Turkish businesses operating in Uzbekistan and their vision of establishing Mosaic as the leading foreign insurance firm in Central Asia.
The Baden-Baden Reinsurance Meeting 2024 was a remarkable experience for our team at Mosaic Insurance Group! We engaged in meaningful discussions and explored new opportunities with leading industry players such as ConnectUW, Beazley, Cyber Insurance, Howden UK, Trust Re, Hannover Re, ITEG (RE)Insurance Brokers, WTW Germany, Socar Broker Türkiye, Newpoint Broker UK (Nick Pomeroy), Viziyon Re, Ins Broker Türkiye, Saga Broker Türkiye, IUC Sigorta, Aspira Broker, and many more.
The event was a great platform for strengthening our existing relationships and building new partnerships, setting the stage for exciting growth in the months ahead. Stay tuned for more updates as we continue driving innovation in the reinsurance space!
Oybek Nosirovich Khalilov Asal Temirkhodjaeva Miraziz Khidoyatov
Day 1 of the Baden-Baden Reinsurance Meeting 2024 was a success for the MIG team with Oybek Nosirovich Khalilov, Asal Temirkhodjaeva and Miraziz Khidoyatov. We had productive meetings with industry experts, including Socar Broker Türkiye, Newpoint Broker UK, Viziyon Re, Ins Broker Türkiye, Saga Broker Türkiye, IUC Sigorta, Aspira Broker, and many more. We’re excited to announce the establishment of new partnerships that will enhance our capabilities and expand our global reach.
Stay tuned for more updates as we continue to build exciting partnerships and drive innovation in the reinsurance world!
In a recent interview, Oybek Khalilov, CEO of Mosaic Insurance Group (MIG), shared insights on the company’s rapid growth and the unique opportunities in Central Asia’s insurance market. Founded in 2021 and based in Uzbekistan, MIG has seen a remarkable 600% average annual growth in Gross Written Premium. With a B1 rating from Moody’s, backed by strong reinsurance partners and an A++ local rating, MIG stands out as the only Western-styled insurer in the region, providing international standards of governance and transparency. Khalilov emphasized the company’s commitment to filling the insurance void left by global insurers after the 2008 financial crisis, serving both local markets and international reinsurance. With plans to have 50% of GWP from international reinsurance by 2024, MIG is poised to expand its influence while maintaining a strong focus on risk management and capital adequacy.
The Energy & Construction (Re)Insurance Conference 2024 in Dubai brought together key industry leaders to explore future trends and challenges in managing risks across the energy and construction sectors. Among the notable participants was Oybek Nosirovich Khalilov, CEO of Mosaic Insurance Group. His involvement in the event highlighted his commitment to staying at the forefront of industry best practices. Over the course of the three-day intensive program, Oybek engaged in specialized training sessions focused on risk transfer, claims handling, risk engineering, and valuations, all crucial for managing the complex exposures in the global energy sector.
At the conclusion of the conference, Oybek Khalilov was awarded a certification of attendance, acknowledging his dedication to professional development and his active participation in the discussions that shape the future of energy and construction (re)insurance. This certification also reinforces his connection to UIBInstitute’s alumni network, which offers ongoing access to insights and updates in the field.
In an interview with Farkhod Usmanov, Internal Auditor at Mosaic Insurance Group, three key topics are discussed — digitalization in insurance, business transparency, and fraud prevention. Mr. Usmanov emphasizes that the implementation of digital solutions not only automates processes and improves customer service but also ensures transparency for both clients and regulatory authorities. With the help of modern technologies and a unified platform, Mosaic Insurance Group successfully minimizes risks and builds greater trust with its clients.
When an insurance claim arises, it is crucial that the settlement process is both swift and transparent. Azamat Khaidarov, Insurance Claims Manager at Mosaic Insurance Group, emphasizes that each phase—from filing a claim to disbursing compensation—is meticulously monitored to ensure optimal protection of the client’s interests.
“Our objective is to streamline the claims process, making it as seamless as possible for our clients. We go beyond merely collecting documentation; we conduct a thorough evaluation of each claim to guarantee equitable compensation. Our claim management system enables us to capture the entire lifecycle of a case, recognize patterns, and develop more effective insurance solutions moving forward,” Mr. Azamat explains.
Through this meticulous approach to handling insurance claims, Mosaic Insurance Group not only delivers exceptional service but also fosters a sense of security and confidence in our clients about their future.
Mr. Oybek Khalilov envisions a promising future for Uzbekistan’s insurance industry, emphasizing its critical role in mitigating losses and bolstering economic stability. With over 30 years of international experience, he highlights the growing frequency of catastrophic events like floods and earthquakes, which could result in annual losses of up to $2 billion, or 2.7% of GDP.
MIG proudly announces that it has earned a B1 IFSR rating from Moody’s Investors Service, a testament to its strong financial health and operational excellence. This international recognition underscores MIG’s balanced product mix, profitable performance, and robust reinsurance strategies.
Key Factors Supporting the B1 Rating:
Balanced Product Mix: MIG maintains a well-diversified portfolio between commercial and retail lines, ensuring stability and resilience across various market segments.
Profitable Performance and Reinsurance: MIG’s profitable performance is bolstered by strategic reinsurance partnerships with strong international players, significantly reducing potential underwriting losses.
Strong Capital Adequacy: MIG showcases strong capital adequacy relative to its insurance risk, reflecting a solid financial foundation.
Management Excellence: MIG’s management team is dedicated to meticulous risk selection and technical pricing, further enhancing its credit strength. The company’s unwavering focus on these aspects has been a pivotal factor in securing the B1 rating.
Local and International Recognition: MIG is the only insurer in Uzbekistan with 100% American capital. It boasts the highest local rating of A++ from the Uzbekistan Agency Ahbor Rating, highlighting its unparalleled reputation in the domestic market. Additionally, MIG is recognized by the National Regulator NAPP as a benchmark company, setting industry standards in governance and business transparency.
Commitment to Compliance and Transparency: MIG adheres to both local regulations and global standards of governance, earning the trust of regulators, clients, and business partners. This commitment to full compliance and transparency has been instrumental in building a strong, reputable brand.
Experienced Team: MIG’s team comprises the most experienced professionals in the market, with backgrounds at AIG and over 20 years of experience in the insurance and reinsurance industry. This deep expertise is a cornerstone of MIG’s success and industry leadership.
Future Growth and Expansion. Looking ahead, MIG is poised for further growth and diversification. The company plans to:
MIG’s strategic vision and commitment to excellence continue to drive its success, making it a formidable player in the global insurance and reinsurance industry.
