Canada Guaranty Mortgage Insurance Company

Office address: 1 Toronto Street, Suite 400 Toronto, ON M5C 2V6
Year established: 2010
Company type: insurance
Employees: 141
Expertise: mortgage default insurance
Parent company: group formed by the Ontario Teachers’ Pension Plan and National Mortgage Guaranty Holdings Inc.
CEO and key people: Andy Charles, President and CEO
Financing status: formerly PE-backed

Canada Guaranty is a 100% Canadian-owned private mortgage insurer. Since its inception in 2010, the company has been committed to providing exceptional service, personalized support, and flexible solutions to lenders, mortgage professionals, and home buyers across the country.

The company is headquartered in Toronto with regional account executives across Canada.

History of Canada Guaranty

Canada Guaranty was established in April 2010 when a Canadian private investor group, made up of the Ontario Teachers’ Pension Plan and National Mortgage Guaranty Holdings Inc., acquired AIG United Guaranty Mortgage Insurance Company Canada. This acquisition marked the creation of the only 100% Canadian-owned private mortgage insurance company.

Products and Services of Canada Guaranty

Canada Guaranty’s products and services can be classified under three programs:

  • Purchase Programs: these include options for low down payments, catering to new immigrants, home improvements, new construction, self-employed borrowers, and investment or second home properties. Each program is designed to accommodate different borrower profiles and their unique financial situations.
  • Portability Programs: aimed at providing flexibility for existing borrowers, these programs allow the transfer of Canada Guaranty-insured mortgages across different properties within Canada, facilitating easier relocation or property changes
  • Energy-Efficient Program: this program encourages and supports the purchase or renovation of energy-efficient homes, offering benefits to those who invest in environmentally sustainable properties.

These offerings reflect Canada Guaranty's commitment to providing adaptable and comprehensive solutions in the mortgage insurance sector.

Culture at Canada Guaranty

Canada Guaranty’s culture is built around providing solutions and service excellence to mortgage and lending partners throughout Canada. It emphasizes the importance of decision-making, customer relationships, and industry knowledge.

The company operates under 3 organizational pillars:

  • Service Excellence: Canada Guaranty’s workforce is dedicated to delivering excellent customer service to its mortgage and lending partners
  • Prudent Risk Appetite: partnerships with top vendors combined with the use of analytics and underwriting results in borrowers following through on their loans
  • Financial Strength: Canada Guaranty is 100% Canadian-owned with a strong fiscal foundation

About Canada Guaranty President and CEO Andy Charles

Andy Charles has been the President and CEO of Canada Guaranty since 2010. He was also President and CEO of Canada Guaranty’s predecessor organization, AIG United Guaranty, from 2005-2010.

Under Charles’ leadership, Canada Guaranty has insured over 350,000 Canadians, representing $68 billion in residential mortgage volumes.

Charles’ career spans nearly 40 years in the financial services industry, having been part of organizations such as American Express and CIBC. His contributions to the mortgage industry were recognized with his induction into the Canadian Mortgage Hall of Fame in 2012.

The future at Canada Guaranty

Canada Guaranty is set to continue its growth and influence in the Canadian mortgage industry. It is committed to providing excellent products and services to home buyers, lenders, and brokers – today and in the years to come.

Smith Financial completes Home Capital purchase

The acquisition of the lending giant has cleared its final hurdle

Canadian mortgage and title insurers to launch new association

A number of mortgage and title insurers signed a letter of intent Friday to formalize their commitment to launching a new industry association.

AIG United Guaranty comes under Canadian ownership, gets new name

The name AIG United Guaranty is no longer after the Ontario Teachers' Pension Plan, along with other investors, successfully completed the acquisition of the private mortgage insurer and renamed it Canada Guaranty Mortgage Insurance Company.