Now renowned for using "contract certainty" to sell Kinnect, Iain Saville used to take a more sentimental approach to marketing the Lloyd's connectivity platform.

Kinnect's executive chairman once told the market that it had to sign up to the system otherwise Nick Prettejohn, Lloyd's chief executive, would be "forced to resign".

Few found this a persuasive business argument. As one wag puts it, a new chief executive would be a lot cheaper than the £50m spent on Kinnect to date.