Top City firms have said they are “deeply saddened” as they confirmed two associates of British technology tycoon Mike Lynch are among those missing on the yacht that sank off the coast of Sicily.

Morgan Stanley International chairman Jonathan Bloomer and Clifford Chance lawyer Christopher Morvillo, and both their wives, are all missing following the incident.

Rescue crews are also searching for Mr Lynch and his daughter Hannah.

The yacht, named Bayesian, sank during intense storms off the coast of Palermo in the early hours of Monday.

Aki Hussain, group chief executive of Hiscox, where Mr Bloomer is non-executive chairman, issued a statement as the search continues.

Mr Hussain said: “We are deeply shocked and saddened by this tragic event.

“Our thoughts are with all those affected, in particular our chair, Jonathan Bloomer, and his wife Judy, who are among the missing, and with their family as they await further news from this terrible situation.”

Mr Bloomer is a prominent businessman who holds a number of boardroom roles following an extensive career in financial services.

He was the chief executive of global finance group Prudential between 2000 and 2005, and is currently chair of Morgan Stanley International, as well as Hiscox and  property business SDL.

Furthermore, Mr Bloomer was named in court records as a board member and chair of the audit committee of Autonomy, the software company founded by Mr Lynch.

He held the chairman role from 2010, where he was responsible for overseeing the firm’s financial reporting and governance.

Earlier this year, Mr Lynch was cleared of charges alleging he orchestrated a fraud and conspiracy leading up to the sale of Autonomy to US firm Hewlett Packard (HP) for £8.6 billion.

Mr Bloomer was among those to give evidence as a defence witness for Mr Lynch while media reports suggest the pair are close friends.

Meanwhile, Mr Morvillo, a partner at law firm Clifford Chance and who is also reported to be missing, represented Mr Lynch during the long-running criminal fraud trial where he was eventually cleared of all charges.

A spokeswoman for Clifford Chance said: “We are in shock and deeply saddened by this tragic incident.

“Our thoughts are with our partner, Christopher Morvillo, and his wife Neda who are among the missing.

“Our utmost priority is providing support to the family as well as our colleague Ayla Ronald, who together with her partner, thankfully survived the incident.

“Our thoughts extend to the other passengers and crew, and all those affected.

“We have no further comment at this time. We, and the families, ask that their request for privacy is honoured during this period.”

The search for the missing passengers and crew on board the superyacht resumed on Tuesday.

Fifteen of the 22 passengers and crew onboard – including Mr Lynch’s wife, Angela Bacares – were rescued after escaping onto a lifeboat.