Bloomer and his wife Judy died in the sinking of the Bayesian off the coast of Sicily on Monday. Five others have now been confirmed dead, including software millionaire and Autonomy founder Mike Lynch.

Hiscox chief executive Aki Hussain said: "We are deeply shocked and saddened by Jonathan and Judy's tragic deaths. Our deepest sympathies go out to their family and friends at this devastating time.

"It was a privilege to have known Jonathan and to have benefitted from his generosity and wisdom over the last year in his role as chair of Hiscox. His deep experience across our industry and in the broader business arena, combined with his personal values, made him both an excellent chair and a person I was proud to know and work with. His advice and support were immensely valuable to me, and he will be dearly missed."