Genworth MI Canada Inc
Genworth MI Canada Inc
Sector: Financial
Description
Genworth MI Canada Inc, which has now rebranded itself as Sagen MI Canada Inc, is a private residential mortgage insurance company.
In April 2021, Brookfield Business Partners LP and its institutional partners acquired all the company's outstanding common shares according to a previously announced plan of arrangement.
The shares previously trading under the ticker 'MIC' subsequently were delisted from the Toronto Stock Exchange (TSX).
The preferred shares, i.e., Class A Series 1, trade under the ticker 'MIC.PR.A' on TSX.
Sagen MI Canada Inc started its private mortgage business operations in 1995 in Canada.
The company, then known as Genworth MI Canada Inc, went public in 2009.
Sagen MI Canada operates through Genworth Financial Mortgage Insurance Company Canada, a wholly-owned subsidiary.
It provides mortgage default insurance to residential mortgage lenders and claims to make homeownership more accessible and feasible for Canadians.
The company, operating as Sagen™, offers various mortgage and investment property options, related services and programs for homebuyers across Canada.
Through its Homebuyer 95 program, the company claims to provide a five per cent down payment option for qualified borrowers.
Sagen MI Canada reportedly helps immigrated or relocated people under the New to Canada program.
Other products and services include:
• Investment property
• family plan
• vacation/secondary homes
• self-directed RRSP
• borrowed down payment
• second mortgage
• probability feature
• business for self
• energy-efficient housing program
In addition, the company provides 'Progress Advance Program' and 'Purchase Plus Improvement Program' for residential home builders and individual buyers.
Homeowner Assistance Program (HOAP) launched by Sagen reportedly helps qualified homeowners tackle short-term financial hardships without losing properties.
Sagen MI Canada Inc says it generates revenue from investments and insurance premiums. In addition, major investments are in investment-grade corporate debt or government debt, the company claims.
The mortgage insurance company exclusively has its business operations in Canada, including nearly half of its policies in Ontario and remaining in the provinces of Alberta, British Columbia, and Quebec.
Peers
AD.UN
Alaris Equity Partners Income Trust
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FSZ
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Great-West Lifeco