A unique England to Holland race commemorating the 200th anniversary of the loss of HMS Lutine was staged by Lloyd's last week.

The Clarion of Wight beat 22 others for the Lutine Trophy offshore race and the Lutine Cup, awarded to the first Lloyd's Yacht Club boat to cross the finishing line, went to the Lutine, skippered by Lloyd's Yacht Club secretary John Newton.

Yachtsure, a Lloyd's yacht underwriter, sponsored the event, and competed in its own vessel, Quick Hook. A number of other Lloyd's underwriters took part, including a team from St Paul.

The race retraced the last voyage of HMS Lutine in October 1799 from Great Yarmouth to Terschelling off the Dutch coast, where she foundered in a storm.

The cargo of bullion, worth £40 million today, was insured at Lloyd's and is still being hunted by salvage crews. Divers last week believe they may have found its stern.

n Lloyd's chairman Max Taylor has dismissed reports he is considering standing down early. Speaking to Insurance Times at Great Yarmouth, where he was starting the Lutine Race, he said: "I'm committed to this job, and have always considered it would take two terms to see through all the changes that are necessary. I've no intention of leaving."