Slide 1

Free Professional Advice

Why choose Micah? Because I provide valuable professional advice and it’s FREE!

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

Slide 2

Best Rates

Let me shop the major banks and top lenders for you.

Let me negotiate the best rate. Remember I work for you, not the banks.

Slide 3

Get Approved

My approval rating is high.

With my portfolio of lenders, I can find you a program that works for you.

Slide 3

Savings

Lower rates equals thousands in savings.

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

Slide 3

Availability

When the banks are closed, I am not.

I work for you and I am at your service 7 days a week.

Blog by Micah Verceles

<< back to article list

Brookfield to take control of Canadian mortgage insurance giant in $2.4 billion deal with Genworth

Genworth Financial Inc. agreed to sell its Canadian unit to Brookfield Business Partners LP for $2.4 billion as it works to win regulatory approval for its acquisition by China Oceanwide Holdings Group Co.

Brookfield Business Partners LP will purchase 48.9 million shares, or a 57 per cent stake, at $48.86 apiece in Genworth MI Canada Inc., giving it majority control of Canada’s largest private-sector residential mortgage insurer. That’s a 5.1 per cent discount to Genworth MI’s closing price Monday.

Genworth Financial is looking to “ultimately, moving forward with our long-awaited closing of our merger with Oceanwide,” Chief Executive Officer Tom McInerney said in a statement Tuesday.

Oceanwide’s chairman Lu Zhiqiang said the company is “pleased with the quality of the buyer as well as the purchase price they have offered.”

Shares of Genworth Financial jumped 13 per cent in U.S. pre-market trading.

Genworth has been working since 2016 to close its US$2.7 billion buyout by China Oceanwide, a transaction McInerney called the “best option” as the Richmond, Va.,-based insurer grappled with soaring costs on long-term care policies. The insurer said in July that it would seek to gauge interest in the Canadian mortgage insurance unit after lack of “any substantive progress” on talks with regulators in that country for the China Oceanwide deal.

READ MORE