The Segrave Trophy is awarded to the British national who demonstrates "Outstanding Skill, Courage and Initiative on Land, Water and in the Air". The trophy is named in honour of Sir Henry Segrave, the first person to hold both the land and water speed records simultaneously. The award was established by Segrave's wife, Lady Doris, who was "determined to carry on his legacy". The trophy, designed by sculptor Gilbert Bayes, is awarded by the Royal Automobile Club. It has been awarded in most years since 1930; it is not presented if, in the opinion of the committee, no achievement has been sufficient to deserve the award. Past sponsors of the trophy include Castrol, Ford Motor Company and Aston Martin.

Sir Henry O'Neal de Hane Segrave was an early British pioneer in land speed and water speed records. Segrave, who set three land and one water record, was the first person to hold both titles simultaneously and the first person to travel at over 200 miles per hour (320 km/h) in a land vehicle. He died in an accident in 1930 shortly after setting a new world water speed record on Windermere in the Lake District, England. The Segrave Trophy was established to commemorate his life.