Federal Treasurer Peter Costello has announced the appointment of industry veteran John Trowbridge to the three-member executive of the Australian Prudential Regulation Authority (APRA).

He replaces Steve Somogyi, whose contract officially ends on June 30, but who has already taken up the position of COO at Melbourne’s RMIT University.

Mr Costello says he is pleased the APRA executive group will continue to have a member who can bring considerable direct industry experience to its deliberations and operations.

Mr Trowbridge is one of the best-known actuaries in the country. He is a former Group Executive for General Insurance at Suncorp Metway, and most recently was a director of Munich Reinsurance Australasia.

Mr Costello says the Government appreciates the important contribution that Mr Somogyi has made to the development and growth of APRA over the past three years.

The appointment has been generally well received by the industry peak bodies. Investment and Financial Services Association CEO Richard Gilbert says Mr Trowbridge brings to the position considerable depth, expertise and experience in funds management and life insurance.