Canada Guaranty Mortgage Insurance Benefits

Archive for 2010

Canada Guaranty Launches New Tool for Mobile Users

TORONTO (May 5, 2010): Canada Guaranty Mortgage Insurance Company launched a new tool to provide mortgage and lending professionals with mobile access to product and underwriting information.

With a commitment to providing industry partners with the tools to succeed, Canada Guaranty recognizes that today’s leading professionals are spending more time out of the office than ever before.

“In a fast-paced world, having information at your fingertips is essential to offering better service to your clients. Canada Guaranty’s new online tool was developed with the mobile professional in mind. Whether in the office or on the road, important product and underwriting information can now be accessed more quickly through a mobile device,” said Brian Bell, Vice President, Marketing and Product Development.

To see how Canada Guaranty is taking mortgage insurance and making it better for mobile users, please visit: www.canadaguaranty.ca/mobile  

About Canada Guaranty Mortgage Insurance Company

Canada Guaranty Mortgage Insurance Company is owned by a private Canadian investor group, comprised of the Ontario Teachers’ Pension Plan and National Mortgage Guaranty Holdings Inc. Headquartered in Toronto and supported by the leading Canadian financial strength and diversification of its ownership group, Canada Guaranty is the second largest private mortgage insurer in Canada. Dedicated to meeting the diverse needs of homebuyers across the country, Canada Guaranty offers mortgage and lending professionals a comprehensive range of mortgage default insurance products for loans above 80% loan-to-value, as well as low loan-to-value products that assist with capital and liquidity management. 

For more information, please visit: www.canadaguaranty.ca

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For more information:

Brian Bell
Vice President, Marketing and Product Development
Canada Guaranty

Direct: 416.640.8933
brian.bell@canadaguaranty.ca

Canadian Investor Group Completes Acquisition of AIG’s Canadian Mortgage Insurance Company

Canadian company rebranded as Canada Guaranty Mortgage Insurance Company

TORONTO (April 19, 2010):  An investor group, led by the Ontario Teachers’ Pension Plan (Teachers’) and including National Mortgage Guaranty Holdings, Inc., has completed the acquisition of AIG United Guaranty Mortgage Insurance Company Canada from American International Group, Inc. (AIG). The terms of the transaction were not disclosed.

The mortgage insurance company has been rebranded to Canada Guaranty Mortgage Insurance Company and will continue to serve the Canadian mortgage insurance market from its headquarters in Toronto.

“We’re pleased to be involved in Canada Guaranty as it enters a new era,” said Erol Uzumeri, Senior Vice-President of Teachers’ Private Capital. “Under the leadership of a talented management team and with the backing of two strong and committed financial sponsors, we believe the company is well-positioned for growth in an attractive market.” 

“Today’s launch of Canada Guaranty benefits lenders, mortgage professionals and consumers by fostering a competitive market dynamic and creating new choice in mortgage default insurance providers,” said Andrew Charles, President and Chief Executive Officer of Canada Guaranty. “Our company’s commitment to customer service excellence, our experienced team of professionals and the financial strength of the Ontario Teachers’ Pension Plan positions our organization for long-term growth and success.”  

Canada Guaranty Mortgage Insurance Company is the second largest private mortgage insurance provider in Canada with assets of C$270 million and total equity of C$118 million as of December 31, 2009.

About the investor group

The Ontario Teachers’ Pension Plan is an independent organization responsible for investing the pension fund and administering the pensions of Ontario’s 289,000 active and retired teachers. National Mortgage Guaranty Holdings, Inc. is a family owned private holding company of Mr. Stephen Smith.

Teachers’ Private Capital, the private investment department of the Ontario Teachers’ Pension Plan, is one of the world’s largest private equity investors, having participated as a long-term investor in numerous management buyouts in Canada, the United States and Europe. Current investments of Teachers’ Private Capital include: Acorn Care & Education, Alliance Laundry Systems, Aquilex Corporation, General Nutrition Centers, Inc., GCAN Insurance, Maple Leaf Sports & Entertainment, Serta and Simmons. Teachers’ Private Capital provides long-term, flexible capital and support to high-quality management teams seeking to grow and add value to their businesses over time.

For more information visit www.otpp.com or www.teachersprivatecapital.com or www.canadaguaranty.ca.

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For more information:                       

Deborah Allan
Director, Communications 
Ontario Teachers’ Pension Plan

Direct: 416.730.5347                                                          
deborah_allan@otpp.com

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Brian Bell
Vice President, Marketing and Product Development 
Canada Guaranty

Direct: 416.640.8933  Mobile: 416.561.0895                                                           
brian.bell@canadaguaranty.ca

United Guaranty Canada Acquired by Canadian Owners

TORONTO (January 5, 2010):  A private investor group, in which Ontario Teachers’ Pension Plan (“Teachers’”) is the lead sponsor, has entered into a definitive agreement to acquire American International Group, Inc.’s (“AIG”) Canadian mortgage insurance business, AIG United Guaranty Mortgage Insurance Company Canada (“United Guaranty Canada”). Terms of the transaction were not disclosed.

“We believe the mortgage insurance industry in Canada to be an attractive market, and that United Guaranty Canada is well positioned to grow its market position,” said Erol Uzumeri, Senior Vice-President, Teachers’ Private Capital. “The company has a strong management team, and Teachers’ is prepared to support the growth of the business.”

United Guaranty Canada, headquartered in Toronto, is the second largest private mortgage insurance provider in Canada with assets of C$274 million and total equity of C$127 million as of September 30, 2009.

The transaction is subject to the fulfillment of customary closing conditions and receipt of regulatory approval.

About Teachers’ Private Capital

Teachers’ Private Capital is one of the world’s largest private equity investors. It is the private investment department of the Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada. The Ontario Teachers’ Pension Plan is an independent corporation responsible for investing the fund and administering the pensions of Ontario’s 284,000 active and retired teachers. For more information visit www.otpp.com.

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For more information:

Deborah Allan

Director, Communications

(416) 730-5347

deborah_allan@otpp.com

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