December 16, 2005 by Canadian Underwriter
AIG United Guaranty Canada, which will be open and licensed in 2006, has named Andy Charles as president.
The company is an affiliate of AIG United Guaranty, which provides mortgage guaranty insurance designed to increase home ownership. Beginning in 2006, AIG United Guaranty Canada plans to offer Canadian consumers additional choice by providing mortgage default insurance products for financial institutions, mortgage brokers, and secondary capital markets.
“The Canadian market is a key strategic opportunity for AIG United Guaranty, the second-largest mortgage default insurance market in the world,” Doug Rivenburgh, the senior vice president of international operations, says. “Andy’s proven leadership expertise and track-record in the mortgage market will enable AIG United Guaranty Canada to build a successful mortgage insurance company.”
A former CIBC executive, Charles has led two mortgage business units. When Charles was president of HLC Home Loans Canada, the mortgage brokerage division grew to become one of the country’s largest brokerage companies. Additionally, he had leadership responsibility for developing the President’s Choice Financial mortgage business.
The mortgage insurance subsidiaries of AIG United Guaranty provide mortgage guaranty insurance service to financial institutions worldwide, helping to minimize reliance on government fiscal support through private-sector risk management.
Mortgage insurance coverage on low-down-payment loans protects a lender against losses due to homeowner default.