Sagen MI Canada Inc. (T:MIC)
Business Focus: Property Insurance
| Sector: Financials | Industry: Property & Casualty Insurance |
| 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 | ||
| Stuart Levings President, Chief Executive Officer, Director | Edward Orlik Senior Vice President, Chief Information Officer | Craig Sweeney Senior Vice President, Chief Risk Officer |
| Winsor J. Macdonell Senior Vice President, General Counsel, Secretary | Jim Spitali Senior Vice President - Sales and Marketing | Mary-Jo Hewat Senior Vice President - Human Resources |
| 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, Energy Efficient Housing Program and Purchase Plus Improvements Program. |
| Financial Overview |
| For the six months ended 30 June 2023, Sagen MI Canada Inc revenues decreased 1% to C$384.3M. Net income decreased 11% to C$213.1M. Revenues reflect Premiums earned decrease of 9% to C$315.9M, Insurance finance expense decrease of 35% to -C$31.3M, General investment expenses decrease of 49% to -C$6.4M. Net income also reflects Other operating expenses increase of 17% to C$18.9M (expense). |
| Employees: | 250 as of Dec 31, 2022 |
| Reporting Currency: | Canadian Dollars |
| Enterprise value: | $815.08M as of Jun 30, 2023 |
| Annual revenue (TTM): | $926.58M as of Jun 30, 2023 |
| EBITDA (TTM): | $753.48M as of Jun 30, 2023 |
| Net annual income (TTM): | $526.03M as of Jun 30, 2023 |
| Free cash flow (TTM): | $473.12M as of Jun 30, 2023 |
| Net Debt Last Fiscal Year: | $480.62M as of Jun 30, 2023 |
| Shares outstanding: | 5,009,590 as of Jun 30, 2023 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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