Sagen MI Canada (OTCMKTS:GMICF) is a leading provider of private residential mortgage default insurance in Canada. Headquartered in Toronto, Ontario, the company offers mortgage insurers to Canadian financial institutions, protecting lenders against borrower default on high-ratio home loans. By transferring the risk associated with low‐down‐payment mortgages, Sagen MI Canada enables borrowers to purchase homes with down payments as low as 5% of the property’s value.
The company’s core product suite includes primary mortgage default insurance, bulk insurance for pools of mortgages, and reinsurance solutions for other insurers. These offerings help banks, credit unions, and other mortgage originators manage credit risk, supporting stable lending practices across Canada’s housing market. Sagen MI Canada works closely with its lender partners to structure insurance policies that comply with the Office of the Superintendent of Financial Institutions (OSFI) guidelines.
Originally established as Genworth MI Canada in 1995, the company operated as a subsidiary of U.S.-based Genworth Financial until a consortium led by institutional investors acquired its Canadian mortgage insurance business in 2016. Following the acquisition, the business was rebranded as Sagen MI Canada, reflecting its independence and renewed focus on the Canadian market. Since then, the firm has continued to evolve its underwriting processes and risk-management framework to support changing market conditions and regulatory requirements.
Serving homebuyers and lenders from coast to coast, Sagen MI Canada plays a pivotal role in Canada’s housing finance system. The firm’s expertise in mortgage insurance and deep understanding of regional housing dynamics enable it to deliver tailored coverage across diverse markets. Governed by an experienced board of directors and senior management team, Sagen MI Canada remains committed to fostering responsible homeownership while safeguarding the interests of its lender partners.
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