Calgary-based SAF is launching a reinsurance investment vehicle that will loan $15 million to $250 million to borrowers like private equity funds, mortgage investment corporations or managers of auto-loan portfolios in the Canadian middle market. The business model, which is a partnership with American Life & Security Corp. and GQG Partners, rivals that of larger, global firms like Apollo Global Management and Brookfield. (Bloomberg)

Talking point: Canadian firms are getting in on the private credit boom, despite some of the risks involved. Private credit took off in the U.S. after the 2008 financial crisis imposed stricter regulations on traditional banks, and has since grown more popular globally. Recent bankruptcies at two automotive companies, Tricolor and First Brands, have since raised questions about the health of the corporate credit market. But SAF says it has more protections in place than other private credit lenders, such as stronger collateral requirements and active oversight of its borrowers.