Australian Reinsurance Pool Corporation (ARPC) chief underwriting officer Michael (Mike) Pennell will retire later this year, ending more than two decades with the organisation, according to a media release on Thursday.
Pennell joined ARPC in July 2003 and oversees the corporation’s underwriting function, including its retrocession programme. He has been closely involved in the design and ongoing administration of the Terrorism Reinsurance Pool since the organisation’s early years, and later led work tied to the establishment and implementation of the Cyclone Reinsurance Pool.
In 2017, Pennell received the Public Service Medal in the 2017 Australia Day Honours List for “outstanding public service in the development of the terrorism insurance scheme”.
Before joining ARPC, he worked as property treaty manager at Gen Re in Sydney and previously held client management and product roles at Swiss Re.
“Mike’s contribution to ARPC and to Australia’s public reinsurance capability has been extraordinary. His leadership, professionalism and commitment to purpose have helped shape both the terrorism and cyclone reinsurance pools and strengthened Australia’s resilience to catastrophic events,” chief executive Christopher Wallace said.
With the announcement, the corporation said it has commenced recruitment for a new chief underwriting officer as part of a planned succession.
The update comes as ARPC has finalised its 2026 terrorism retrocession programme, securing a reduced A$2bn (US$1.38bn) limit with a higher A$500m deductible.
