Joan Fitzpatrick, Chair of Australian Reinsurance Pool Corporation, (ARPC) has today congratulated Michael Pennell, ARPC Chief Underwriting Officer, who has been awarded the prestigious Public Service Medal.
“I would like to congratulate Michael Pennell who was awarded the Public Service Medal for his outstanding public service in the development of Australia’s national terrorism reinsurance scheme,” said Joan Fitzpatrick, ARPC Chair. “Mr Pennell’s award mainly recognises his leadership in the development of ARPC’s unique blast and plume modelling capability, but it also recognises his other achievements, such as strengthening the ARPC scheme through a $3 billion annual retrocession program,” she said.
The Public Service Medal is a meritorious award that was established in 1989 and is awarded in limited numbers twice a year by the Governor-General. It is part of the official Australian system of honours and awards and was established to recognise Australian Government employees who have given outstanding service.
“I feel honoured to receive this prestigious award in recognition of my efforts to strengthen the ARPC terrorism reinsurance scheme,” said Mr Pennell. “I would also like to thank ARPC Chair Joan Fitzpatrick and ARPC CEO Dr Chris Wallace for their support and look forward to continuing to play my part in protecting Australia from the economic losses caused by terrorism catastrophe.”
In his role as ARPC Chief Underwriting Officer, Mr Pennell identified retrocession as an invaluable tool to strengthen the ARPC scheme, protect Australia’s economy and engage the insurance industry. Based on his recommendations, the 2006 Review of the Terrorism Insurance Act 2003 recommended that ARPC continue to build premiums or purchase reinsurance. This has resulted in a $3 billion retrocession program today which is reviewed annually.
Mr Pennell has also influenced industry policy, education and technological innovation through his work as an Advisory Board member for the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and as a past Advisory Board member of Macquarie University’s Natural Hazards Research Centre.
For media enquiries, please contact ARPC CEO Dr Christopher Wallace or ARPC CUO Michael Pennell on +61 2 8223-6777.