UK media reports have linked Suncorp CEO Patrick Snowball with the chairman’s job at UK insurer Direct Line Group.

Mr Snowball, who was previously CEO of Aviva UK, is rumoured to be on a shortlist of four for the position, along with his former boss, ex-Aviva Group CEO Richard Harvey, former Royal & SunAlliance Group CEO Andy Haste, and former UK Financial Services Secretary Lord Myners.

Before joining Suncorp Mr Snowball launched a failed private equity-backed bid for Direct Line Group – which was then known as Royal Bank of Scotland Insurance – and he was reportedly to take on the chairmanship of the insurer had the bid been successful.

Reports in London last week say the new Direct Line chairman is likely to be in place by mid-year and Mr Snowball has made no secret of his ambition to one day head a major UK insurer.

A Suncorp spokesman declined to comment on the speculation, but pointed to the announcement in August last year extending Mr Snowball’s tenure at Suncorp indefinitely, which included an acknowledgement by Mr Snowball “of his intention to remain with Suncorp until at least 2015”.

Mr Snowball, who has a six-month notice period, was previously employed at Suncorp on a fixed term contract ending on August 31 2013.

If Direct Line does plump for Mr Snowball it will be at considerable cost. Under the terms of his new deal with Suncorp, if he is still with the group on September 1 this year he will be granted a long-term incentive in the form of rights to company shares worth $4 million.

But the agreement states that his ability to vest those share rights is subject to performance hurdles to be assessed in September 2015, and should Mr Snowball leave the company prior to August 31 2014, any long-term incentive awards not exercised will be forfeited.