The Australian Reinsurance Pool Corporation (ARPC) is the government-backed organization that manages the national reinsurance program designed to support the availability and affordability of insurance in Australia. The company announced that its chief underwriting officer, Michael (Mike) Pennell, will retire later this year after a long and influential career in reinsurance.
Pennell has been closely involved with ARPC since its inception and plays a central role in shaping the organization’s direction and capabilities. He has been instrumental in the development, management and ongoing improvement of terrorism reinsurance pools for more than two decades.
In recent years, he also played a leading role in the establishment and implementation of the Cyclone Reinsurance Pool, further strengthening Australia’s approach to managing complex risk exposures.
His technical knowledge, strong industry connections and dedication to serving the public interest have helped maintain the confidence of insurers and reinsurers while ensuring the effective implementation of both programs. Pennell’s leadership is particularly important during a period of changing terrorism risk conditions, changing global reinsurance conditions and the early rollout of Cyclone Pools.
His contributions have had a significant and lasting impact on ARPC and the wider communities and businesses that rely on its work. In recognition of his achievements, Pennell was awarded a Public Service Medal in the 2017 Australia Day Honors List in recognition of his outstanding public service in developing the terrorism insurance framework.
ARPC said it would formally recognize his service as he nears retirement. The organization has also begun the process of appointing a successor, aiming to ensure continuity and stability through a structured transition.
The incoming Chief Underwriting Officer will be responsible for overseeing the Terrorism and Cyclone Reinsurance Pool under the Terrorism and Cyclone Insurance Act 2003, while leading underwriting operations, treaty management and contributing to modeling and pricing efforts that support national resilience and insurance accessibility.
ARPC Chief Executive Dr Christopher Wallace added: “Mike’s contribution to ARPC and Australia’s public reinsurance capabilities has been exceptional. His leadership, professionalism and commitment to purpose have helped shape the terrorism and cyclone reinsurance pools and strengthen Australia’s ability to respond to catastrophic events.
“As we begin the planned succession process, ARPC remains focused on continuity, stability and maintaining the confidence of all stakeholders.”
