Other Private Equity/Strategic Investments
Brookfield unit to acquire 31% in India Mortgage Guarantee Corporation
Sagen MI Canada is to acquire about 31% stake in India Mortgage Guarantee Corporation (IMGC) in a primary funding round. With this, Sagen will become the second largest shareholder (after Enact Holdings, Inc.). The proceeds will support the enhancement of operational and technological capabilities while maintaining a robust risk management framework. IMGC gives mortgage guarantees to home loan providers against borrowers' payment defaults. Its current shareholders include Enact Holdings, National Housing Bank (NHB), International Finance Corporation (IFC) and Asian Development Bank (ADB). It has guaranteed over 70,000 home loans amounting to more than INR 15,000 crore through its partnership with 19 lenders. Sagen, which is the largest private-sector residential mortgage default insurer in Canada, is owned by a group entity of Brookfield Asset Management.
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