Suncorp has nabbed CommInsure’s head of wholesale risk, Michael Back, to head its group risk business.
Back has been head of wholesale risk at CommInsure since 2005. He will join Suncorp as executive manager, group risk, in December, reporting to Suncorp executive general manager, life risk, John Croswell.
Back has more than 20 years' industry experience, including roles at AMP, Colonial and NSP Buck.
A statement from Suncorp said Back oversaw both market share and profit growth at CommInsure during his time with the group, with Suncorp Life group executive Geoff Summerhayes saying Back would play “a vital role” building on Suncorp’s position in the group risk market.
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.