Canada Guaranty Mortgage Insurance Company

What Canada Guaranty Mortgage Insurance Company does

Canada Guaranty Mortgage Insurance Company is a federally regulated private mortgage default insurer headquartered in Toronto, Canada, founded in its current form in April 2010 when a Canadian investor group comprising Ontario Teachers' Pension Plan and Smith Financial Corporation acquired the Canadian operations of AIG United Guaranty. The company is the only 100% Canadian-owned private mortgage insurer and serves as the third entrant in a market historically dominated by a duopoly (CMHC and Genworth). Its core business is providing mortgage default insurance to Canadian residential mortgage lenders, enabling high-loan-to-value lending to first-time buyers, new Canadians, self-employed borrowers, and others unable to make a 20% down payment.

The product suite comprises nine core mortgage default insurance products (Downpayment Advantage, Flex 95 Advantage, Lifestyle Advantage, Low Doc Advantage, Maple Leaf Advantage, Progress Draw Advantage, Purchase Advantage Plus, Refinance to Add Secondary Suites, Rental Advantage), two programs (Energy-Efficient Advantage, Portable Advantage), and supporting digital resources. Underwriting is processed through a proprietary online portal called Vantage, used by lenders to submit applications, track status, and manage insured mortgage portfolios. Distribution is B2B-only, executed through direct relationships with major Canadian banks (including Scotiabank and BMO), credit unions, and mortgage brokerages (First National, CMLS, MCAP), supported by a national field organization of Account Executives across British Columbia, Prairies, Ontario, Quebec, and Atlantic Canada, plus an accredited Training Centre.

The revenue model is one-time mortgage insurance premiums quoted in Canadian dollars and tiered by loan-to-value ratio, down payment amount, and amortization period, with standard premium rates publicly disclosed. Since inception the company has cumulatively insured over $255 billion in residential mortgage volumes across more than 1.3 million Canadians. The leadership team under President and CEO Andy Charles — who has led the business since 2005 — includes a Chief Operating Officer with 25+ years of financial services experience (Maria Pimenta), a Chief Risk Officer drawn from BMO's consumer credit risk leadership (Curtis Gergley-Garner), and a CFO with PwC and insurance background (Ben Eaves). The firm has recently added wildfire catastrophe modeling capability through a partnership with AISIX Solutions and has been recognized as a Great Place to Work and Best Workplaces in Canada.

Name

Canada Guaranty Mortgage Insurance Company

Legal name

Canada Guaranty Mortgage Insurance Company

Website

https://canadaguaranty.ca

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Canada Guaranty Mortgage Insurance Company is a federally regulated, 100% Canadian-owned private mortgage default insurer headquartered in Toronto. It provides residential mortgage default insurance to Canadian banks, credit unions, and brokerages, enabling low-down-payment home purchases across a suite of nine insurance products processed via its proprietary Vantage underwriting portal.

Ownership category

akta.pro rank

Product category

Mortgage Default Insurance

NAICS

Credit Intermediation and Related Activities (522)

SIC

Insurance Carriers, Nec (6399)

akta.pro primary industry

Mortgage Default Insurance & Loss Mitigation Services (Claims, Recoveries, MI Servicing) (FSALAJAH)

akta.pro secondary industries

Ancillary/Default Services Management (Property Preservation/Insurance Claims/Inspections) (FSALAEAL), Pool/Portfolio Mortgage Insurance (Bulk & Flow Coverage) (FSALAJAF)

Keywords

• Mortgage default insurance
• Mortgage insurance underwriting
• Lender risk management
• Homeowner insurance products
• Residential mortgage insurance

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Mortgage Insurance Premiums: Canada Guaranty generates revenue through one-time insurance premiums charged on insured mortgages. Premium rates are based on the loan-to-value ratio, amortization period, and product type. Eligible borrowers can purchase homes with down payments as low as 5% with mandatory mortgage default insurance protecting lenders against borrower default.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Canada Guaranty Mortgage Insurance Company provides mortgage default insurance to Canadian lenders, protecting them against borrower default on residential mortgages with loan-to-value ratios above 80%. The company underwrites and administers a comprehensive suite of insurance products covering first-time buyers, self-employed borrowers, new Canadians, second homes, refinances, and rental properties, allowing eligible borrowers to purchase homes with down payments as low as 5%. Canada Guaranty distributes its insurance products exclusively to financial institutions and mortgage professionals, using the proprietary Vantage portal for application submission and management.

Product overview

Canada Guaranty Mortgage Insurance Company offers a comprehensive suite of mortgage default insurance products designed for various borrower segments. The core portfolio includes nine specialized insurance products: Downpayment Advantage, Flex 95 Advantage (for borrowed down payments), Lifestyle Advantage (for second homes), Low Doc Advantage (for self-employed borrowers), Maple Leaf Advantage (for new Canadians), Progress Draw Advantage (for new construction), Purchase Advantage Plus, Refinance to Add Secondary Suites, and Rental Advantage. These are complemented by two programs: Energy-Efficient Advantage (offering refunds for qualifying energy improvements) and Portable Advantage (enabling insurance transfer between properties). The company also provides digital tools including Mortgage Payment Calculator, Insurance Premium Calculator, and a proprietary Vantage online portal for lenders to submit and manage applications. Additional resources include the Training Centre (with industry-accredited courses), Underwriting Guidelines, and the Homeownership Solutions Program for borrowers facing financial hardship.

Differentiator

Problem solved

Functional benefit

Brands

• Vantage: Online portal for lenders and mortgage professionals to submit applications and manage mortgage insurance.

Products and services

• Downpayment Advantage Mortgage default insurance product that helps borrowers meet down payment requirements for home purchases financed through Canada Guaranty-insured lenders.
• Flex 95 Advantage Mortgage default insurance product allowing borrowers to use borrowed funds for their down payment when purchasing a home.
• Lifestyle Advantage Mortgage default insurance product designed for borrowers purchasing a second home or vacation property.
• Low Doc Advantage Mortgage default insurance product tailored for self-employed borrowers who may have difficulty documenting traditional income.
• Maple Leaf Advantage Mortgage default insurance product for new immigrants who have recently arrived in Canada.
• Progress Draw Advantage Mortgage default insurance product for new construction homes financed through progressive draw structures.
• Purchase Advantage Plus Comprehensive mortgage default insurance product for standard home purchases.
• Refinance to Add Secondary Suites Mortgage default insurance product for refinancing existing mortgages to add secondary suites to properties.
• Rental Advantage Mortgage default insurance product for borrowers purchasing properties with rental components.
• Energy-Efficient Advantage Program offering refunds for energy-efficient improvements to qualifying insured properties.
• Portable Advantage Program allowing mortgage insurance to be transferred from one property to another across Canada.
• Vantage Underwriting Portal Proprietary online portal system for lenders and mortgage professionals to submit applications, check status, and manage mortgage insurance transactions.

Quantifiable outcome

• Over 1.3 million Canadians insured since inception
• +1 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Canada Mortgage and Housing Corporation (CMHC): CMHC is Canada's Crown corporation mortgage insurer and the market-leading mortgage default insurer. It offers identical mortgage default insurance products and is the dominant competitor that Canada Guaranty entered the market to disrupt, ending the longstanding CMHC-Genworth duopoly.
• Sagen: Sagen (formerly Genworth Canada) is one of Canada's two other federally approved private mortgage default insurers and historically the largest private competitor. It offers a directly overlapping product suite for low-down-payment mortgages in Canada, sharing the same lender customer base.
• Arch Mortgage Insurance Company Canada: Arch MI Canada is the Canadian subsidiary of Arch Capital Group and operates as one of three federally approved private mortgage default insurers in Canada, offering the same core mortgage default insurance products to the same lender base.

Broad incumbents

• Essent Group: Essent Group is a US-listed private mortgage insurer offering mortgage default insurance and related services. Its underwriting technology investments, lender-channel distribution, and product structure closely mirror Canada Guaranty's approach, although at greater scale in the US.
• MGIC Investment Corporation: MGIC is a major US-based private mortgage insurer offering substantially the same product (mortgage default insurance for low-down-payment loans) at much larger scale in the United States. Its business model and underwriting approach are directly comparable to Canada Guaranty's, although it operates in a different geography.
• Radian Group: Radian is one of the largest US private mortgage insurers with a comparable single-premium mortgage default insurance product and lender-channel distribution model. While larger and US-focused, Radian's product economics and underwriting discipline directly parallel Canada Guaranty's business.
• NMI Holdings (National Mortgage Insurance): National Mortgage Insurance is a US private mortgage insurer providing mortgage default insurance on residential loans with low down payments. Its customer base (US lenders) and product offering are directly analogous to Canada Guaranty's lender-focused model.

Others

• Equitable Bank: Equitable Bank is a Canadian Schedule I bank where Stephen Smith (co-owner of Canada Guaranty via Smith Financial Corporation) is the largest shareholder. It is not a direct competitor but a related party whose mortgage origination volume and lender relationships are connected to Canada Guaranty's customer base.
• Fairstone Bank of Canada: Fairstone is Canada's largest non-bank consumer finance lender. Andy Charles (Canada Guaranty's CEO) serves as Chair of its Conduct Review Committee. It is an ecosystem participant and connected party rather than direct mortgage insurance competitor, but reflects the management team's broader financial services network.
• Swiss Re: Swiss Re is a major global reinsurer that has historically provided reinsurance capacity to mortgage insurers including Canada Guaranty. It is an ecosystem participant rather than direct competitor, but relevant for understanding capital structure and risk transfer dynamics.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CanadaGuaranty
• LinkedInlinkedin.com/company/canada-guaranty-mortgage-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Canada Guaranty Mortgage Insurance Company