Australian Reinsurance Pool Corporation (ARPC) has announced that its Chief Underwriting Officer, Mr Michael Pennell, will retire later this year following a distinguished career in reinsurance and more than two decades of service to ARPC and the Australian community.
Since ARPC’s earliest years, Mr Pennell has made pivotal contributions, such as being instrumental in the design, administration and evolution of the Terrorism Reinsurance Pool and, more recently, providing central leadership in the establishment and implementation of the Cyclone Reinsurance Pool.
His technical expertise, deep industry relationships and commitment to public purpose were integral to maintaining (re)insurer confidence and ensuring the effective operation of both schemes.
In recognition for his service, Mr Pennell was awarded the Public Service Medal in the 2017 Australia Day Honours List for “outstanding public service in the development of the terrorism insurance scheme”.
To ensure a planned and orderly succession, ARPC has commenced recruitment for its next Chief Underwriting Officer.