Lloyd's has given up searching for the £100m worth of jewellery and bank notes in the wreckage of the Swissair crash off the coast of Nova Scotia.

Canadian authorities have extensively dredged the site but were unable to recover the cargo.

Lloyd's this week apologised to the family victims for any distress lodging an application to the Canadian authorities for the right of recovery may have caused.

A spokesperson said they will not pursue the search but said they issued the application to prevent private speculators diving down to search the items.

Lloyd's has already paid out £7.5m on claims to the families.