The Australian Reinsurance Pool Corporation is looking for a new chief underwriting officer before the retirement of Michael Pennell later this year.

Mr Pennell has been at the corporation for more than two decades, and helped design and administer the terrorism reinsurance pool and establish the cyclone pool.

He has been integral to maintaining insurer and reinsurer confidence and ensuring the effective operation of both schemes, ARPC CEO Christopher Wallace says.

“Mike’s contribution to ARPC and to Australia’s public reinsurance capability has been extraordinary,” Mr Wallace said.

“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.

“As we commence a planned succession process, ARPC remains focused on continuity, stability and maintaining confidence across all our stakeholders.”

Mr Pennell is a past chair of the Australian and New Zealand Institute of Insurance and Finance’s Reinsurance Faculty Advisory Board and a member the Reinsurance Rendezvous organising committee.

He won an ANZIIF service award in 2024 and was given a Public Service Medal in the 2017 Australia Day Honours for “outstanding public service in the development of the terrorism insurance scheme”.