The architect of reform at Lloyd’s, former chairman Sax Riley, died suddenly on Friday. Mr Riley, 62, the immediate past chairman of Lloyd’s, retired last year. He was a previous CEO of Sedgwick.

The Lutine Bell, which signals important news to the market, was rung yesterday afternoon as a sign of respect.

CEO Nick Prettejohn said that “those who knew and worked with Sax will be shocked and devastated by this news. He was held in high regard and affection.

“His chairmanship of Lloyd’s brought historic reform and outstanding leadership through the difficult times after the tragedy of 9/11.”