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CEO contract renewed

Australia’s terrorism reinsurance scheme, Australian Reinsurance Pool Corporation (ARPC), is pleased to announce that its Board has renewed ARPC Chief Executive Dr Christopher Wallace’s appointment under the Terrorist Insurance Act 2003. Dr Wallace has served as ARPC CEO since November 2013.

“The Board’s unanimous view is that Dr Wallace’s leadership of ARPC has been of a very high calibre,” says ARPC Chair Ms Joan Fitzpatrick. “The Board welcomes the appointment of Dr Wallace on an ongoing basis to prepare the scheme to meet future needs.”

Dr Wallace guided ARPC through the 2015 Triennial Review of the scheme by Treasury, led ARPC’s response to the Northern Australia Insurance Premiums Taskforce and oversaw the relocation of ARPC’s operations from Canberra to Sydney. He has also focused on increasing awareness of the value of the scheme across the insurance, commercial property and government sectors.

“I feel privileged to continue to lead ARPC which has an important role in underpinning the economic resilience of Australian business in the face of a Declared Terrorist Incident (DTI),” says Dr Wallace.

Looking ahead, Dr Wallace says his top priorities include the successful implementation of the 2015 Triennial Review recommendations which will extend the scheme’s coverage and ensure the scheme’s financial sustainability.

“I will also work to increase awareness of physically destructive computer crime risks (cyber terrorism) with a view to its future inclusion in the scheme and will look to develop a terrorism risk loss mitigation rebate in partnership with the commercial property sector.”