A Lloyd's spokeswoman, Jane Vidler, said the published reports had accurately reflected the conclusions of the insurance investigators. According to The Sun, they found that "the pathological results do not exclude other possibilities but similarly they do not exclude suicide and we believe that the evidence towards that theory is more compelling than any other cause."

Mr. Rich told The Evening Standard newspaper, "My report basically states that at the moment I do not have sufficient evidence to substantiate a claim under the policy."

Ms. Vidler said: "In this case, there will be no payout. The ball is now in the family's court to prove that he died of accidental causes." A group of Lloyd's syndicates and a United States company, Continental Insurance, underwrote the $:20 million policy.

According to the newspaper accounts, Dr. West's autopsy report found tearing and bleeding of the muscles in the back of Mr. Maxwell's left shoulder.

Dr. West's report examined several possible explanations for the injury to the 290-pound man, including an accidental fall overboard. But, his report went on, "One sees this pattern of injury on occasions in individuals who kill themselves as a result of falling from high buildings. Whilst some will jump or let themselves topple over a balcony or out of a window, others will actually ease themselves over the edge and hold on for a time with one or both hands before letting go."