Sagen MI Canada
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.
- Company typePrivate
- Founded1995
- HeadquartersOakville, Canada
- Headcount251–500
- GTM typeB2B
- OfferingServices
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.
Sagen MI Canada firmographics
Firmographics- 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
Sagen MI Canada industry classification
Industry- 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
Where Sagen MI Canada is headquartered
LocationHeadquarters
- HQ city
- Oakville
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Sagen MI Canada business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- 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.
- 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.
- Preferred Share Dividends: Company declared preferred share dividend of $0.3375 payable on December 31, 2025.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Homebuyer 95 Program premium rates by LTV |
| Unit Pricing | Pay-as-you-go | Business for Self (Alt. A) premium rates by LTV |
| Unit Pricing | Pay-as-you-go | Vacation/Secondary Homes Type A premium rates by LTV |
| Unit Pricing | Pay-as-you-go | Investment Property Program premium rates by LTV |
| Unit Pricing | Pay-as-you-go | Borrowed Down Payment premium rates |
| Unit Pricing | Pay-as-you-go | Second Mortgage Program premium rates |
| Unit Pricing | Pay-as-you-go | Refinance for Secondary Suites premium rates |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Sagen MI Canada product offering
Product offeringCore 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
Companies that use Sagen MI Canada
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles3 records
Sagen MI Canada technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Sagen MI Canada partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Environics ResearchcoreSagen 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 EmpowermentcoreSagen collaborated with the Canadian Association for Financial Empowerment for the 2025 Homeowner Trends & Financial Fitness Study.
- Homeowner Protection Office (HPO)coreIn 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 QuebecminorSagen participated in the Meaning of Home writing contest celebration with Habitat for Humanity Quebec, awarding grants to Habitat organizations.
- Children's Aid Foundation of CanadaminorSagen volunteers helped pack comfort kits for the Ted and Loretta Rogers Foster Care Comfort Kit Program supporting children in welfare.
- Mortgage Professionals CanadacoreSagen 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
Sagen MI Canada competitors and assessment
Company assessmentDirect 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
Sagen MI Canada social profiles
Digital presenceSagen MI Canada financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sagen MI Canada leadership team
Management profileNumber of profiles
Profiles8 records
Sagen MI Canada funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sagen MI Canada M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sagen MI Canada
What does Sagen MI Canada do?
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.
Is Sagen MI Canada a public or private company?
Sagen MI Canada is a private company. It is classified as private equity controlled and is currently operating.
When was Sagen MI Canada founded?
Sagen MI Canada was founded in 1995. It employs 251 to 500 people.
Where is Sagen MI Canada based?
Sagen MI Canada is headquartered in Oakville, Canada, in the North America region.
How does Sagen MI Canada make money?
Three revenue lines are on record. Mortgage Insurance Premiums are the primary driver. The others are debenture Financing and preferred Share Dividends.
Who are Sagen MI Canada's main competitors?
Canada Guaranty Mortgage Insurance Company is listed as a direct peer. Broad incumbents are Canada Mortgage and Housing Corporation (CMHC), Genworth Financial, Inc., MGIC Investment Corporation, Radian Group Inc., Essent Group Ltd. and Arch Mortgage Insurance Company.
Does Sagen MI Canada have an API?
No public API is recorded for Sagen MI Canada.
What industry is Sagen MI Canada in?
Sagen MI Canada's product category is Mortgage Insurance. Its primary akta.pro industry code is FSALAJAB, Private Mortgage Insurance (PMI) — Lender-Paid (LPMI), with a secondary code of FSALAJAH, Mortgage Default Insurance & Loss Mitigation Services (Claims, Recoveries, MI Servicing). Its NAICS code is 522292 and its SIC code is 6162.