30-year mortgage uptake lifts Sagen business, but claims hit earnings
Growing uptake of 30-year insured mortgages is changing Sagen MI Canada’s business mix, with the longer amortizations contributing to higher premiums written in the second quarter. At the same time, rising claims weighed on the mortgage insurer’s earnings. Total premiums written rose 8% year over year to $281 million, driven primarily by $276 million in…