Sagen MI Canada Inc. (T:MIC)
Business Focus: Property Insurance
| Sector: Financials | Industry: Property & Casualty Insurance |
| See Regulatory Filings on SEDAR | |
| Company Contact | |
| Address: | 2060 Winston Park Dr Suite 300 OAKVILLE ON L6H 5R7 |
| Tel: | 1-905-2875504 |
| Website: | https://www.sagen.ca |
| IR: | See website |
| Key People | ||
| David Nowak Chairman of the Board | Stuart Levings President, Chief Executive Officer, Director | Craig Sweeney Senior Vice President, Chief Risk Officer |
| Winsor J. Macdonell Senior Vice President, General Counsel, Secretary | Deborah McPherson Senior Vice President - Sales and Marketing | Mary-Jo Hewat Senior Vice President - Human Resources | Jim Spitali Senior Vice President - Operations |
| Business Overview |
| Sagen MI Canada Inc. is a Canada-based company, operating through its wholly owned subsidiary, Sagen Mortgage Insurance Company Canada, doing business as Sagen, which is a residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership accessible to first-time homebuyers. It has built a broad underwriting and distribution platform that provides customer-focused products and support services to Canada's residential mortgage lenders and originators. The Company underwrites mortgage insurance for residential properties in all provinces and territories of Canada and has the market share among private sector mortgage insurers. Its products and services include Homebuyer 95 Program, New to Canada Program, Investment Property Program, Family Plan Program, Second Mortgage Program, Progress Advance Program and Purchase Plus Improvements Program. |
| Financial Overview |
| For the nine months ended 30 September 2022, Sagen MI Canada Inc revenues increased 13% to C$802.4M. Net income increased 7% to C$491.3M. Revenues reflect Premiums earned increase of 10% to C$647.5M, Interest increase of 14% to C$131M. Net income was partially offset by Interest expense increase of 6% to C$29.4M (expense), Promotional and travel increase of 68% to C$1.7M (expense), Office. |
| Employees: | 260 as of Dec 31, 2021 |
| Reporting Currency: | Canadian Dollars |
| Enterprise value: | $932.20M as of Sep 30, 2022 |
| Annual revenue (TTM): | $1,063M as of Sep 30, 2022 |
| EBITDA (TTM): | $913.74M as of Sep 30, 2022 |
| Net annual income (TTM): | $651.47M as of Sep 30, 2022 |
| Free cash flow (TTM): | -$581.50M as of Sep 30, 2022 |
| Net Debt Last Fiscal Year: | $659.98M as of Sep 30, 2022 |
| Shares outstanding: | 5,003,503 as of Sep 30, 2022 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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