Alexander “Sandy” David Ross, a key figure at JMD Ross Insurance Brokers and one of the last remaining Australian Lloyd’s Names, has died aged 84.

Mr Ross joined JMD Ross soon after his brother Tim and became an equity partner and director in 1990.

He served on the board for more than 27 years, then continued to support the business as a consultant for almost a decade.

JMD Ross CEO John Duncan says Mr Ross was a “stalwart of the insurance industry” whose vision and expertise helped shape the company.

"Sandy established our corporate and international desks and was instrumental in transforming JMD Ross from a high street insurance broker into the respected middle market practice we are today,” Mr Duncan said.

“His passion for insurance, particularly Lloyd’s of London, was legendary.”

Mr Ross served for many years as chairman of the Australian Association of Lloyd’s Members and was one of the last remaining Australian Lloyd’s Names.

For much of Lloyd’s history, the market’s underwriting capacity rested on the Names – individuals who backed risks with their personal wealth on an unlimited liability basis.

But losses totalling $8 billion from 1988 to 1992 put great strain on that system and from 1994 the market moved to a corporate capital structure.