Snowball shakes up Suncorp

Former Aviva UK chief executive Patrick Snowball has restructured the management at his new firm Suncorp, according to reports in the Australian press.

Snowball, who took over as chief executive of Australian financial institution Suncorp last month, has made two new senior appointments in its insurance division.

Personal insurance boss Bernadette Inglis has been replaced by Mark Milliner, the current commercial insurance boss.

Anthony Day, a former Zurich Insurance executive and currently in charge of intermediated distribution, is replacing Milliner to head commercial.

Snowball is also expected to appoint a new chief financial officer, chief risk officer and head of human resources in the near future.

It was reported that Snowball has met analysts and investors, as well as regulators and government respresentatives since starting the job

He has also conducted a strategic review of the business with a group of five former colleagues, including former RSA UK chief executive Bridget McIntyre.

Snowball is set to address shareholders for the first time about Suncorp's future at the annual meeting in Brisbane on Wednesday, The Australian reported.

This follows a 40% fall in 2009 profit from $583m to $348m, and a dividend cut of more than half.

There were also weak returns from the insurance business, the largest in Australia, which was hit by a series of natural disasters.