The Australian Reinsurance Pool Corporation (ARPC) is seeking a new chief underwriting officer (CUO) to take over from Michael Pennell, who is due to retire later this year.
Pennell has worked for the ARPC, whose primary underwriting risks are for terrorist damages and cyclonic property losses in Northern Australia, for over two decades.
The ARPC said that “technical expertise and deep industry relationships” have been instrumental for implementing both the Terrorism Reinsurance Pool and Cyclone Reinsurance Pool as well as “maintaining re/insurer confidence and ensuring the effective operation of both schemes”.
“His contribution leaves a lasting legacy for ARPC and for the communities and businesses it serves,” the ARPC said.
The ARPC said that it would welcome internal and external candidates and the successor will be an Australian citizen who will be the “principal reinsurance authority” for the reinsurance pool.
In the role, the CUO will oversee underwriting strategy, portfolio performance and insurer engagement and play a "critical role" in "supporting government, industry and community outcomes".
ARPC’s chief executive, Christopher Wallace, said Pennell had “helped shaped both the terrorism and cyclone reinsurance pools and strengthened Australia’s resilience to catastrophic events”.
The ARPC also announced it is seeking a manager of actuarial reserving and capital, reporting to the head of actuarial.