Sir David Rowland, the driving force behind the reconstruction of the Lloyd's insurance market in the 1990s, has been made an honorary fellow of the Institute of Actuaries.

Rowland was made the chairman of the Lloyd's special Task Force in 1991, and from 1992 to 1997 he was the outright chairman of Lloyd's. He played a critical role in bringing the Lloyd's insurance market back from the brink of extinction in the early 1990s, when it faced £8bn of losses, due in part to a succession of natural disasters such as the Alpha Piper oil rig fire.

He was knighted for his services to the insurance industry in 1996. The institute uses honorary fellowships both to strengthen the profession and the way it is perceived by the public.

Ragnar Norberg, the new professor of statistics at the London School of Economics, and Henry Wynn, professor of industrial statistics at the University of Warwick, have also been made honorary fellows.