Follow Up On Steve Smith & AIGUG

Today’s FP article was somewhat ambiguous on Stephen Smith’s involvement in the new United Guaranty.  The story noted that:  “The pension giant (OTPP) said it had teamed up with Stephen Smith” to make its investment in AIGUG.

Here is further clarification on that point from AIG…

  • “Mr. Stephen Smith was part of this investment group.”
  • He “is a Toronto investor who made this investment through his family holding company National Mortgage Guaranty Holdings Inc and not through First National Financial.”
  • “First National Financial was not part of the private investment group that was led by Ontario Teachers'.”

Smith has impressive credentials.  He is the President and Co-founder of First National Financial LP. He also sits on multiple corporate boards, and was Ernst & Young’s 2007 Ontario Financial Services Entrepreneur of the Year.

While one might assume that having First National’s President behind the new United Guaranty is a big positive, AIG United Guaranty says “it will have to continue to earn the business from all lenders including First National today and in the future as well.”

More Stories
OSFI stress test announcement
Homebuyers to Face More Stringent Mortgage Stress Test After June 1
Copy link