Mr Kyd was in the thick of developments as the modern market emerged, having begun 47 years ago as a junior with the broking firm of Hartley Cooper. He entered Lloyd’s in 1965 on behalf of CE Heath and later Nicholson Chamberlain Coles, which was taken over as the Aon group grew rapidly.

Among his clients is the greatest household name of all: the Panama Canal. He and his colleagues in London place a package that includes cover for loss of revenue, which would allow for payments in the event of business interruption caused by a blockage or partial blockage of the great waterway. Specialists from Aon in the US are among advisers to the Canal authority on insurance issues.

With the Canal expansion project getting under way, there will be a further key role for the insurance sector: there have already been comprehensive studies that provide the authority with a risk management plan, with particular emphasis on construction risks, and a lender risk assessment.