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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
Tel: 1-905-2875504
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