Sagen MI Canada

What Sagen MI Canada does

Sagen MI Canada Inc. is Canada's largest private-sector mortgage default insurance provider, offering default insurance on residential mortgages originated by Canadian lenders and brokers. The company was founded in 1995 (formerly Genworth Canada), rebranded to Sagen in October 2020, and is headquartered in Oakville, Ontario. It is 100% Canadian-owned, with Brookfield Business Partners holding the controlling interest via the 2020 take-private transaction. The company is publicly traded on the TSX under the symbol MIC and issues preferred share dividends.

The product portfolio comprises 15 named mortgage insurance programs covering first-time buyers with as little as 5% down (Homebuyer 95), new immigrants (New to Canada), self-employed borrowers (Business for Self Alt. A), investment properties, vacation/secondary homes, second mortgages, energy-efficient housing, construction progress advances, purchase-plus-improvements, and family-plan financing. The Homeowner Assistance Program (HOAP) is a dedicated loss-mitigation service that has helped approximately 66,700 qualified homeowners retain their homes, with a 90% success rate. The technology stack centers on the MySagen lender portal (24/7 electronic application submission, 6am-1am ET electronic adjudication), the HOAP Portal for workout requests, and the comprehensive Underwriting Policies and Standards (UPS) guidelines framework.

The revenue model is anchored by one-time mortgage insurance premiums calculated on an LTV-tiered basis (ranging from 0.60% to 5.85% depending on LTV, product, and property type), with non-refundable premiums typically added to the mortgage. Distribution is B2B through regional account managers, lenders, and mortgage brokers, supplemented by a direct-to-consumer HOAP channel for distressed borrowers. Capital is raised through debt markets (notably a $200M unsecured debenture private placement in May 2023) and preferred share instruments. Q3 2025 net income was $119M (CAD), down $27M year-over-year due to lower revenue and investment income.

Name

Sagen MI Canada

Legal name

Sagen MI Canada Inc.

Website

https://www.sagen.ca/

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

Sagen MI Canada is Canada's largest private-sector mortgage default insurance provider, offering a comprehensive portfolio of insured lending products distributed through lenders and brokers nationwide. Founded in 1995 and headquartered in Oakville, Ontario, the company also administers the Homeowner Assistance Program for borrowers facing financial hardship.

Ownership category

akta.pro rank

Product category

Mortgage Insurance

NAICS

Real Estate Credit (522292), Other Nondepository Credit Intermediation (52229)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Private Mortgage Insurance (PMI) — Lender-Paid (LPMI) (FSALAJAB)

akta.pro secondary industries

Mortgage Default Insurance & Loss Mitigation Services (Claims, Recoveries, MI Servicing) (FSALAJAH), Loss Mitigation & Home Retention Servicing (Modifications/Forbearance/Repayment Plans) (FSALAEAG)

Keywords

• Mortgage default insurance
• Residential mortgage insurance
• Homebuyer mortgage products
• Lender insurance services
• Homeowner assistance programs

Headquarters

HQ city

Oakville

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mortgage Insurance Premiums: Sagen earns premiums for providing default mortgage insurance on residential mortgages. Premiums are calculated based on the loan-to-value ratio and may be added to the mortgage. Premium rates range from 0.60% to 5.85% depending on LTV and product type.
2. Debenture Financing: Company issued $200 million of unsecured debentures through private placement for redeeming, refinancing, or repaying existing debt and for liquidity and capital management.
3. Preferred Share Dividends: Company declared preferred share dividend of $0.3375 payable on December 31, 2025.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Sagen MI Canada provides private default mortgage insurance on Canadian residential mortgages, enabling lenders to offer low-down-payment home financing. The company distributes its products exclusively through lenders and mortgage brokers, with electronic application processing via the MySagen portal and 24/7 connectivity. In addition to core mortgage insurance, Sagen operates the Homeowner Assistance Program (HOAP) to help borrowers in financial hardship avoid foreclosure.

Product overview

Sagen MI Canada is a mortgage insurance provider offering a comprehensive portfolio of mortgage insurance products for lenders and brokers across Canada. The core products include Homebuyer 95 Program for first-time buyers with 5% down, New to Canada Program for immigrants, and Business for Self (Alt. A) for self-employed borrowers. Additional products cover specialized needs including Investment Property Program, Family Plan Program, Vacation/Secondary Homes, Self-Directed RRSP, Second Mortgage, Portability Feature, Energy Efficient Housing, Progress Advance, Purchase Plus Improvements, and Refinance for Secondary Suites. The company also provides HOAP (Homeowner Assistance Program) as a service to help homeowners facing financial hardship. The Underwriting Policies and Standards (UPS) document provides the regulatory framework for all products.

Differentiator

Problem solved

Functional benefit

Brands

• HOAP (Homeowner Assistance Program): A program dedicated to helping qualified homeowners weather short-term financial hardships without losing their homes.
• MySagen

Products and services

• Homebuyer 95 Program Default mortgage insurance enabling qualified first-time borrowers to become homeowners with as little as a 5% down payment on properties up to 95% LTV for 1-2 units. Sold to Canadian lenders and brokers.
• New to Canada Program Default mortgage insurance for individuals who have recently immigrated or relocated to Canada, enabling them to purchase property with as little as 5% down payment. Distributed through lenders and brokers.
• Refinance for Secondary Suites Insured refinancing product that enables lenders to offer refinancing to homeowners adding secondary suites to their properties. Sold to Canadian lenders.
• Investment Property Program Default mortgage insurance for qualified borrowers to purchase an additional investment property with as little as 20% down. Sold to Canadian lenders and brokers.
• Family Plan Program Default mortgage insurance that helps customers buy a home for immediate family members with good credit who do not meet standard GDSR/TDSR requirements. Sold to Canadian lenders and brokers.
• Vacation/Secondary Homes Program Default mortgage insurance enabling customers to purchase a second home at an affordable monthly payment with just 5% down. Sold to Canadian lenders and brokers.
• Self-Directed RRSP Program Mortgage default insurance that allows self-directed RRSP/RRIF funds to be used for non-arm's length mortgage investments. Sold to Canadian lenders and brokers.
• Borrowed Down Payment Program Mortgage default insurance that makes it possible for borrowers who cannot save a required down payment to start building equity by borrowing the down payment. Sold to Canadian lenders and brokers.
• Second Mortgage Program Mortgage default insurance providing a Second Mortgage to be registered against the property up to 95% combined LTV on a purchase. Sold to Canadian lenders and brokers.
• Portability Feature Allows Sagen-insured borrowers to port their existing mortgage default insurance to a new mortgage, helping them save on costs. Sold to Canadian lenders and brokers.
• Business for Self (Alt. A) Program Default mortgage insurance for self-employed borrowers who manage their finances responsibly, available without traditional income verification. Sold to Canadian lenders and brokers.
• Energy Efficient Housing Program Mortgage default insurance that rewards home buyers purchasing energy-efficient homes or making energy-saving renovations with premium savings. Sold to Canadian lenders and brokers.
• Progress Advance Program Mortgage default insurance for residential home builders and individual home buyers, providing insured progress advances while a property is being built. Sold to Canadian lenders and brokers.
• Purchase Plus Improvements Program Mortgage default insurance that helps qualified home buyers roll home improvement costs into their mortgage with as little as 5% down. Sold to Canadian lenders and brokers.
• Homeowner Assistance Program (HOAP) Service program helping Sagen-insured homeowners weather short-term financial hardships without losing their homes. Solutions include deferred payments, increased amortization, and partial payment plans, submitted via the HOAP Portal.

Quantifiable outcome

• 66,700 homeowners kept their homes through HOAP assistance
• +1 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Environics ResearchcoreStrategic or Co-development Partner · 1 January 2025Sagen collaborated with Environics Research for the 2025 Homeowner Trends & Financial Fitness Study, providing market research on Canadians' homeownership attitudes and financial fitness.
• Canadian Association for Financial EmpowermentcoreStrategic or Co-development Partner · 1 January 2025Sagen collaborated with the Canadian Association for Financial Empowerment for the 2025 Homeowner Trends & Financial Fitness Study.
• Homeowner Protection Office (HPO)coreOthers · 1 January 2024In BC and Alberta, new home and condominium applications must be covered by a 3rd party warranty provider recognized by the Homeowner Protection Office.
• Habitat for Humanity QuebecminorOthers · 1 January 2023Sagen participated in the Meaning of Home writing contest celebration with Habitat for Humanity Quebec, awarding grants to Habitat organizations.
• Children's Aid Foundation of CanadaminorOthers · 1 January 2023Sagen volunteers helped pack comfort kits for the Ted and Loretta Rogers Foster Care Comfort Kit Program supporting children in welfare.
• Mortgage Professionals CanadacoreOthers · 1 January 2023Sagen offers professional development workshops accredited by Mortgage Professionals Canada. Learning opportunities help mortgage professionals grow their business.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Canada Guaranty Mortgage Insurance Company: Direct private-sector competitor in Canadian residential mortgage default insurance. Both compete for the same low-down-payment insured volume and sell exclusively through lender/broker channels in Canada.

Broad incumbents

• Canada Mortgage and Housing Corporation (CMHC): Crown corporation providing government-backed mortgage default insurance in Canada. Operates the dominant share of insured mortgages and competes head-to-head with Sagen for lender relationships, while also setting policy parameters that affect Sagen's market.
• Genworth Financial, Inc. Former parent of Sagen when the business operated as Genworth Canada. Today it is a US-focused PMI and long-term care insurer; comparable as the most direct functional analogue for default-insurance underwriting in the US market.
• MGIC Investment Corporation: US private mortgage insurance company. Comparable along business model (lender-paid PMI on low-down-payment mortgages) and underwriting cycle dynamics, though it operates in the US housing market rather than Canada.
• Radian Group Inc. US private mortgage insurance and mortgage risk-services provider. Closely comparable to Sagen on product economics (premium rates by LTV, master policies with lenders), with added risk-services diversification that Sagen may explore over time.
• Essent Group Ltd. US private mortgage insurance provider writing business through lender partners. Directly comparable on insurer economics and capital-light operating model, serving as a benchmark for Sagen's potential ROE trajectory.
• Arch Mortgage Insurance Company: US mortgage insurance arm of Arch Capital Group. Comparable as a private PMI competitor within a larger financial-services parent (similar to Sagen's relationship with Brookfield), including distribution and reinsurance economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/SagenCanada
• Instagraminstagram.com/sagencanada
• Xx.com/sagen

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sagen MI Canada