Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through superior customer service, a robust risk management framework and innovative processing technology. For almost two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system.
As at September 30, 2013, Genworth Canada had $5.6 billion total assets and $3.0 billion shareholders' equity.
Heart, Integrity and Excellence—are the values we embrace at work each day. They guide our decisions, define our relationships and are fundamental to our success with all our stakeholders.
- Leading private mortgage insurer with strong market presence and scale
- Long-standing customer relationships with some of the largest Canadian lenders built on differentiated service offerings
- Disciplined underwriting practices across multiple products and geographies
- Robust and prudent risk management practices
- Impressive long-term track record of growth and profitability
- Seasoned management team with depth of experience and knowledge
Canada has had an active private mortgage insurance industry since 1964, when MICC commenced operations. Genworth Canada’s history in the Canadian mortgage insurance industry dates back to 1995:
- 1995: Genworth Financial (when it operated as part of General Electric) acquired certain assets and hired certain employees from MICC to establish its Canadian private mortgage business. The Company operated as part of General Electric for almost a decade.
- 2004: General Electric completed an initial public offering of Genworth Financial (NYSE:GNW). Genworth Canada remained an indirect wholly-owned subsidiary of Genworth Financial.
- 2009: Genworth MI Canada Inc. completed its initial public offering and began trading on the TSX under the “MIC” symbol. Genworth Financial in the United States remains a majority shareholder owning 57.5% of the common shares of Genworth Canada.