Sagen MI Canada Inc. (MIC.PR.A) | Investing | Discussion forum

Reading the recent forum post about MCAN https://www.highinterestsavings.ca/forum/investing/mcan-mortgage-corp-stock-tsxmkp/

I thought some might find the following interesting, or at least could make for a discussion, especially given recent news about changes to mortgage insurance in Canada.

Sagen MI (previously known as Genworth Financial Mortgage Insurance Company Canada) is a Canadian private sector residential mortgage insurer that issues Class A Preferred Shares, Series 1: 100% of the companies Class A (non-preferred shares) are owned by Brookfield Business Partners LLP and are no longer listed on the TSX since 2021 when the preferred shares became available.
Yeah, I know it's odd especially for a perpetual preferred share, but anyways.

Some AI generated details on case you're interested.

What it does
Sagen MI Canada Inc. offers mortgage default insurance to Canadian mortgage lenders, helping to make homeownership more accessible.

Where it operates
Sagen MI Canada Inc. operates exclusively in Canada, with roughly half of its policies in Ontario and the remainder in other provinces.

Stock exchange listing
Sagen MI Canada Inc.'s Class A Preferred Shares, Series 1 are listed on the TSX.

Dividend yield
The annual dividend yield for Sagen MI Canada Inc.'s Class A Preferred Shares, Series 1 is targeted to be 5.40%. Dividends are paid quarterly on the last day of March, June, September, and December. However as they are 0.3375 quarterly the yield is currently around the prime rate of 6.45%

As rates drop I imagine the stock price should (in theory rise) as it already has done, while the yield will of course fall.

Low liquidity of course, so buyer beware, but makes for an interesting alternative investment in current landscape IMO.