Slaughter and May and Latham & Watkins are advising as a major Canadian private equity firm makes a $1.8 billion equity investment into an insurance startup.

Onex Partners V fund, which currently has $31 billion of assets under management and is part of Toronto-based private equity firm Onex Corporation, is investing in specialist insurance property and casualty company Convex Group, alongside a consortium of co-investors.

Of the total figure, about $1.6 billion has already been funded. According to an announcement by Onex, the fund has invested $750 million, with another $780 million added from co-investors, including PSP Investments, and $50 million from the Convex management team.

Latham is advising the consortium on the transaction, and Slaughters is leading for Bermuda-based Convex.

The Latham team is headed by City corporate partner Mike Bond, who also advised Onex Corporation on its £1.35 billion purchase of British caravan holiday parks operater Parkdean Resorts in 2016.

Slaughters, meanwhile, is fielding a team led by corporate partners Martin Hattrell and Murray Cox. The team worked alongside Convex's general counsel Robina Malikon the transaction.

Last year, Slaughters took a role advising on the £3.24 billion sale of Standard Life Aberdeen's insurance business to FTSE 250 insurer Phoenix Group.