The insurance cycle has already started turning up, according to Suncorp's Group Executive Commercial Insurance Mark Milliner.

Speaking to insuranceNEWS.com.au at the AIMS Convention in Macau last week, he said rates are rising "because they have to".

Mr Milliner briefed brokers at the conference - which brought together members of the Austbrokers and IBNA clusters for the first time - confirming that Vero will handle all commercial insurance for Suncorp and GIO will specialise in workers' compensation business.

"We're now the third-biggest commercial insurer in Australia, and it made sense to unite that business under the Vero brand," he said. "It also gives an increased risk appetite, because the merger has given us a broader base."

The GIO workers' compensation business was 20 times larger than Vero's, "and we didn't believe we could move GIO's specialised customers into the Vero brand without losing some".

At the same time, Vero had 15 times more intermediated business than Suncorp. Mr Milliner says the company will concentrate on delivering a better distribution network. "We asked brokers and they said that's what they want from us."

He says fulfilling the project will require some staff movements and now IT initiatives. "It will take us about two years."