A westbound CTrain drives the elevated track coming out of downtown Calgary on August 7, 2025. Photo by Brent Calver/Postmedia

SAF Group is charging into a corner of private credit long dominated by Apollo Global Management Inc. and Brookfield Corp. , launching an insurance-backed investment vehicle to fuel lending to borrowers starved of flexible financing. If followed by others, the move could help redraw the contours of the Canadian private credit market.

The Calgary-based firm, led by Ryan Dunfield, has partnered with American Life & Security Corp., a Nebraska-based life annuity provider, and the private capital solutions unit of GQG Partners, a US$172 billion global investment manager, to create a reinsurance vehicle that gives it control of about $2 billion to $2.5 billion. T

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