Genworth MI Canada Inc. Comments on Recently Announced Mortgage Insurance Changes

Press Release:

On October 3, 2016, the Minister of Finance announced a number of changes designed to reinforce the Canadian housing finance system. Building on measures announced in late 2015, the Government will:

  • Bring consistency to mortgage insurance rules by standardizing eligibility criteria for high- and low-ratio insured mortgages, including a mortgage rate stress test;
  • Improve tax fairness by closing loopholes surrounding the capital gains tax exemption on the sale of a principal residence; and,
  • Consult on how to better protect taxpayers by ensuring that the distribution of risk in the housing finance system is balanced.

“Today’s announcement by the Minister of Finance demonstrates that housing and the housing finance system remains a top priority for the Government,” said Stuart Levings, President and CEO of Genworth Canada. “As a key stakeholder, we remain committed to responsible lending practices, while helping first-time homebuyers achieve the dream of homeownership.”

Key changes to the mortgage insurance rules are described below.

Applying a Mortgage Rate Stress Test to All Insured Mortgages

Effective October 17, 2016, all insured homebuyers must qualify for mortgage insurance at an interest rate that is the greater of their contract mortgage rate or the Bank of Canada’s conventional five-year fixed posted rate, which is currently 4.64%. This requirement is already in place for high-ratio insured mortgages with variable interest rates or fixed interest rates with terms less than five years. To qualify for mortgage insurance, debt-servicing ratios cannot exceed the maximum allowable levels of 39% and 44%, for Gross Debt Service ratio and Total Debt Service ratio, respectively.

Changes to Low-Ratio Mortgage Insurance Eligibility Requirements

Effective November 30, 2016, mortgage loans that lenders insure using portfolio insurance and other discretionary low loan-to-value mortgage insurance must meet the eligibility criteria that previously only applied to high-ratio insured mortgages. New criteria for low-ratio mortgages to be insured will include the following requirements:

  1. A loan whose purpose includes the purchase of a property or subsequent renewal of such a loan;
  2. A maximum amortization length of 25 years;
  3. A maximum property purchase price below $1,000,000 at the time the loan is approved;
  4. For variable-rate loans that allow fluctuations in the amortization period, loan payments that are recalculated at least once every five years to conform to the original amortization schedule;
  5. A minimum credit score of 600 at the time the loan is approved;
  6. A maximum Gross Debt Service ratio of 39 per cent and a maximum Total Debt Service ratio of 44 per cent at the time the loan is approved, calculated by applying the greater of the mortgage contract rate or the Bank of Canada conventional five-year fixed posted rate; and,
  7. A property that will be owner-occupied.

Impact of Changes Related to Mortgage Rate Stress Tests and Low-Ratio Mortgage Insurance Eligibility Requirements

Based on year-to-date 2016 data, we estimate that a little over one third of transactionally insured mortgages, predominantly for first time homebuyers, would have difficulty meeting the required debt service ratios and homebuyers would need to consider buying a lower priced property or increase the size of their down payment.

Furthermore, approximately 50% to 55% of our total portfolio new insurance written would no longer be eligible for mortgage insurance under the new Low Ratio mortgage insurance requirements.

Any impact on future premiums written may be partly offset by premium rate increases, in response to the higher capital requirements resulting from the Office of the Superintendent of Financial Institutions’ draft advisory entitled “Capital Requirements for Federally Regulated Mortgage Insurers” as noted in Genworth MI Canada’s press release dated September 23, 2016.

Forthcoming Consultation on Lender Risk Sharing

About Genworth MI Canada Inc.

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 customer service excellence, innovative processing technology, and a robust risk management framework. For more than 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 June 30th, 2016, Genworth Canada had $6.4 billion total assets and $3.6 billionshareholders’ equity. Find out more at

SOURCE Genworth MI Canada

Economical Insurance-sponsored Relay For Life events raise $1.35 million for Canadian Cancer Society

The Canadian Cancer Society reported today that more than $1.35 million was raised at 10 Relay For Life events sponsored by Economical Insurance.

As a presenting sponsor, Economical Insurance accepted the Relay baton and went the distance by contributing $109,500 to support Relay For Life at nine events in Ontario and one event in Quebec. In June, hundreds of participants at these events raised funds to support lifesaving research and support services for people living with cancer and their families.

“At Economical, how we operate reflects our values and who we are as a company,” said Karen Gavan, President and Chief Executive Officer, Economical Insurance. “Many of us have experienced cancer in some way, and for Economical to help fund cancer research is important to us as an employer and insurance provider.”

Since 2000, Economical Insurance has been involved in the fight against cancer by supporting Relay For Life and other Society fundraising initiatives in Ontario.

“It’s thanks to Economical Insurance and our other valued partners, that we are able to host our Relay For Life events that generate significant funds for our organization,” says Susan Drodge, Director of Corporation and Community Partnerships for the Canadian Cancer Society in Ontario. “The need for support has never been greater. Driven by an aging and growing population, the number of cancer cases in Canada is expected to increase by 40% within 15 years, which will increase the demand for our research and support programs.”

About Relay For Life
Relay For Life is the Canadian Cancer Society’s signature fundraiser walk and a chance for communities to save lives by going the distance. Money raised through Relay For Life funds promising cancer research, community support services and other important work so that fewer Canadians are touched by cancer.

About the Canadian Cancer Society
The Canadian Cancer Society is a national community-based organization dedicated to preventing cancer, saving lives and supporting people living with cancer through research funding, services and advocacy. We are Canada’s largest charity fighting all types of cancer and leading authority on cancer statistics and information. To learn more, call 1 888 939-3333 or visit

About Economical Insurance
Founded in 1871, Economical is one of Canada’s leading property and casualty insurers, with $2.0 billion in premiums during 2015 and$5.4 billion in assets as at June 30, 2016. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Economical Financial, and Family Insurance Solutions.

SOURCE Canadian Cancer Society (Ontario Division)

Economical Insurance provides $17,000 to raise awareness of prostate cancer in Atlantic Canada

Economical Insurance provides $17,000 to raise awareness of prostate cancer in Atlantic Canada

Press Release:

During their lifetime, one in eight Canadian men will be diagnosed with prostate cancer, including an estimated 24,000 this year alone, according to Prostate Cancer Canada. In 2016, some 4,100 are estimated to die from the most commonly diagnosed cancer among Canadian men.

“We want to help men over 40 understand that their best chance of surviving prostate cancer is early detection,” said Karen Kaminska, Regional Vice-President, Sales and Distribution, Atlantic Canada for Economical Insurance, one of Canada’s leading providers of home, auto and business insurance. “We’re proud to sponsor the annual Wake Up Call Breakfast events in Saint John on September 29,Halifax on October 12, Moncton on October 26 and Cape Breton on November 2.”

“We are so grateful to Economical Insurance for stepping up to the plate again this year to help us stage these important events to get men talking about prostate cancer and the importance of early detection,” says Peter Mallette, Executive Director of Prostate Canada Cancer, Atlantic Region. “One in eight Canadian men will be diagnosed with prostate cancer in their lifetime, but sadly over 80 per cent of men are not aware of their chances of developing this disease.”

Since 2001, Wake Up Call Breakfast events across Canada have attracted more than 26,000 business professionals and raised more than $3 million to fund Prostate Cancer Canada’s research, education and survivorship initiatives.

About Prostate Cancer Canada
Prostate Cancer Canada is the leading national foundation dedicated to the prevention of the most common cancer in men through research, advocacy, education, support and awareness. As one of the largest investors in prostate cancer research in Canada, Prostate Cancer Canada is committed to continuous discovery in the areas of prevention, diagnosis, treatment, and support. For more information please visit or follow us on Twitter @PCCAtlantic or Facebook at Prostate Cancer Canada.

About Economical Insurance
Founded in 1871, Economical is one of Canada’s leading property and casualty insurers, with $2.0 billion in premiums during 2015 and$5.4 billion in assets as at June 30, 2016. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Economical Financial, and Family Insurance Solutions.

SOURCE Economical Insurance

Sonnet Adds Personal Auto Coverage to Industry Leading Online Insurance Experience

Press Release:

Sonnet, Canada’s smart new insurance done completely online, has set out to redesign the insurance customer experience by combining best-in-class digital standards with deep industry expertise. Now offering personal home and auto coverage, Sonnet gives Canadians a transparent, simple and understandable insurance experience.

Ease and Simplicity
Through an understanding of shifting customer expectations, advanced third-party data, sophisticated analytics and IT infrastructure, Sonnet’s easy online experience is re-writing underwriting. The streamlined digital experience, using plain language, is executed through industry-leading technology, data and insights.

“Every component of the Sonnet solution adds to a simplified customer experience on the front-end,” said Russell Voutour, Vice President, Enterprise Architect & Technology Strategy at Sonnet. “Our use of agile development, big data and real-time analytics has captured global attention in the insurance industry and already sets us apart.”

Fast, Fair, Clear
In addition to a simplified quote and bind process, Sonnet offers full self-service capabilities for customers. This includes the opportunity to get multiple quotes or make changes to a policy online at any time. While Sonnet customers can manage their insurance products and services with absolute self-sufficiency and convenience, licensed customer service agents are available by phone, online chat or email to support the process.

“This is an unparalleled digital insurance experience for Canadians,” said Carolyn Beatty, Vice President, Operations at Sonnet. “We’re optimistic that we can win the hearts and minds of Canadians by changing everything about the customer experience.”

The combination of proven technology, data and analytics, and an innovative spirit supports the consumer demand for the right insurance coverage at a competitive price.

Launched in 2016, Sonnet Insurance Company (Sonnet) is a federally regulated insurance company. Our mission is to provide Canadians with an easy, transparent, and customized way to buy home and auto insurance online. Experience insurance that is fast, fair and clear at, and say hello on Twitter, Instagram, Facebook and LinkedIn.

SOURCE Sonnet Insurance

MEDIA ADVISORY – Drugs and Driving: Expert Panel Discussion

AURORA, ON, Sept. 19, 2016 /CNW/ – As the federal government contemplates how to legalize marijuana, Canadians themselves, while generally favourable to the idea, are growing concerned about the details. Media are invited to attend a panel discussion about drug-impaired driving and how the legislation of marijuana will impact it – a hot-button topic across the country. Those who cannot attend are invited to watch the presentation streamed live.

Please join us in person or via this link – – on Wednesday, September 21 at 5:30pm ET, at the Toronto Reference Library – 789 Yonge Street, Toronto, for our expert panel discussion about drug-impaired driving in Canada.

Earlier this year, State Farm released survey results that highlighted Canadians’ concerns about drug-impaired driving. The survey found that more than 60 per cent of respondents believe the legal system is unprepared to deal with people who drive under the influence of prescription drugs and marijuana. And, close to the same number think there will be an increase in impaired driving if and when marijuana becomes legal. It’s clear that people are worried about how drug-impaired driving impacts road safety.

The panel discussion will touch on subjects like how will drug-impaired driving be measured, should it be treated similarly to alcohol? The economic and social impacts, and how legalized marijuana use will affect road safety.

Space is extremely limited. To ensure you have a spot, please RSVP as soon as possible.


Drugs and Driving: Expert Panel Discussion



Toronto Reference Library – Elizabeth Beeton Room (please use main entrance off Yonge Street)  

789 Yonge Street, Toronto, M4W 2G8


Wednesday, September 21st

5:30 p.m. to 7:30 p.m. – Discussion to start promptly at 6:00 p.m. and ends at 7:00 p.m. Media interviews to take place afterwards


Snack and refreshments to be provided



  • Robyn Robertson, President & CEO, Traffic Injury Research Foundation
  • Pamela Fuselli, Vice President, Knowledge & Stakeholder Relations, Parachute
  • Doug Beirness, Impaired Driving Expert, Canadian Centre on Substance Abuse
  • Clint Stibbe, Traffic Services Media Officer, Toronto Police Service 


The event is sponsored by State Farm


®State Farm and related trademarks and logos are registered trademarks owned by State Farm Mutual Automobile Insurance Company, used under licence by Certas Home and Auto Insurance Company and certain of its affiliates.

©Copyright 2016, Certas Home and Auto Insurance Company.

SOURCE State Farm Canada

For further information: Robert Ayre, Media Profile,, 416-342-1818; Ginger Shewell,, 416-342-1802

State Farm Canada

Rogers Insurance Acquires Top Talent as Appointed Director of Finance

Rogers Insurance Ltd. is pleased to announce that Catherine Rogers has joined the Rogers team as the Director of Finance effective August 31st, 2016. Catherine is a valuable asset to the organization; her extensive experience in the insurance industry will play a critical role in the growth and development of Rogers Insurance.

The majority of Catherine’s career was spent as the Executive Vice President, Chief Financial Officer, and Chief Administrative Officer for Western Financial Group Ltd.  Catherine worked with Western since its inception in 1996 and held various executive positions over the company’s 18 years of business, greatly contributing to the company that Western is today.

Catherine provides Rogers Insurance with comprehensive financial leadership and direction: leveraging her expertise in strategy, finance, team development, corporate development, acquisitions, and investor relations.  We look forward to working with Catherine and are proud to have her on our team.

Catherine is a dynamic individual who will also be an important cultural fit for Rogers. She volunteers with multiple organizations including Habitat for Humanity and the Calgary Food Bank. Her free time is spent playing golf and tennis with friends and family, including her two children, Robert and Samantha.

Rogers Insurance Ltd. Is Based in Calgary, AB with nine offices across the country and over 400 employees. One of the largest independent brokerages in Canada, Rogers provides commercial insurance, home and auto insurance, life and benefits, and group insurance. Rogers is employee-owned, and proud to be the most award-winning brokerage in Canada. Rogers is a member of the Canadian Broker Network (CBN) and Intersure, giving it affiliated offices across Canada, the US, and Mexico.

SOURCE Rogers Insurance Ltd.

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