The Promina Insurance Group is technically no more. As of today, its businesses and operations are transferred to Suncorp.

The $7.9 billion transaction has helped turn the Queensland bancassurance entity into the nation’s second-largest insurer and sixth-largest bank.

But it may not stop there. CEO John Mulcahy says he can’t rule out further acquisitions once the extensive integration process is complete. The company is even considering similar transactions that could effectively double its present size.

He told the ABC’s Inside Business program there will be further consolidation across financial services, particularly in banking and wealth management.

“And we’ll have to wait and see what the opportunities are as we go into the medium term,” he said. “We’ve got a number of opportunities for small and medium-sized (acquisitions), and potentially large ones, that we will continue to monitor and analyse at the centre of the organisation.”

Any new acquisition is likely to be in banking and wealth management, at least in the short term. Mr Mulcahy says earlier consolidation in the insurance industry means there are slim pickings for a big company on the hunt for mergers and acquisitions.

He is looking at more conventional methods to overtake Australian market leader IAG. “We will be number one just by organic growth and strong performance as we combine these organisations.”

Mr Mulcahy is keeping quiet about his new executive team. He says all managers from Suncorp and Promina will need to prove their worth to the new organisation over the next few weeks.

“We’re going through a very formal process that would involve analysis of each individual’s strengths, an interview process and a discussion with the board. We’ll do that with a sense of urgency, and we will end up with the best team.”