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Australian Reinsurance Pool Corporation

ARPC protects Australian communities with sustainable and effective reinsurance for terrorism and cyclone events.

Australian Reinsurance Pool Corporation (ARPC) is a public financial corporation established under the Terrorism and Cyclone Insurance Act 2003 (TCI Act). ARPC is also subject to the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

ARPC operates a terrorism reinsurance pool that provides insurance cover for eligible terrorism losses and operates a cyclone reinsurance pool that provides insurance cover for cyclone and cyclone related flood damage to houses, small businesses, and strata.  

The Terrorism Reinsurance Pool (terrorism pool) commenced operations on 1 July 2003, and the Cyclone Reinsurance Pool commenced operations on 1 July 2022.  

The administration of both pools reflects our statutory functions as described in ARPC’s enabling legislation. Our longer-term vision is to support insurers to deliver affordable terrorism and cyclone insurance in Australia. 

In addition, we work closely with the reinsurance and insurance industries as well as Government agencies and other stakeholders to deliver our statutory functions.

Background

ARPC was established in 2003 by the Terrorism Insurance Act 2003, to provide reinsurance cover for eligible terrorism losses, involving commercial property, associated business interruption losses and public liability.

The Australian Parliament passed this legislation following the September 11, 2001, terrorist attacks in the United States after which terrorism cover was excluded from commercial and industrial property policies around the world and in Australia. 

On 30 March 2022, the Terrorism Insurance Act 2003 was amended by the passing of the Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022. The Bill received Royal Assent and became new legislation on 31 March 2022.  As a result of this legislation, the Terrorism Insurance Act 2003 became the TCI Act 2003, establishing a framework for a cyclone and cyclone-related flood damage reinsurance pool to be administered by ARPC. The Insurance Act 1973 was also amended to create a civil penalty for insurers who do not reinsure eligible cyclone risks with ARPC.

Board governance

As best practice in corporate governance, we recognise the importance of clearly articulating the roles and responsibilities of the Board.

The Board has delegated the day-to-day operations of ARPC to the Chief Executive, with the exception of responsibilities that have been retained by the Board. ARPC’s delegation policy details the responsibilities delegated to the CEO, Senior Executive team, and other roles in the organisation.

Reports and publications

View our corporate publications which are designed and produced to keep the public and stakeholders informed.

Our Board
and Leadership team

Board
Leadership

Our Board:

ARPC’s Accountable Authority consists of a Chair and six to eight part-time Members, who are appointed by the responsible Minister. ARPC has one Board Observer appointed by the responsible Minister. 

View the current members of the Board and a snapshot of their experience:

Ms Julie-Anne Schafer, Chair
LL.B. Hons, FAICD
Chair: 7 July 2023 to 6 July 2026
Acting Chair: 1 July 2023 to 6 July 2023
Term: 14 September 2021 to 6 July 2023; 7 July 2023 to 6 July 2026
Ex-officio Member, ACC and ex-officio Member, Risk Committee
Julie-Anne is a Brisbane-based non-executive director. She is currently Chair of the Peak Group and of AgCarE Services Pty Ltd, a director of ActewAGL Joint Venture Partnership Board and Icon Water Limited and its associated investment entities. In addition, she is a non executive Member the Office of the National Rail Safety Regulator and contributes to public sector oversight as Independent External Chair of the Audit and Risk Committee for the Queensland Department of Transport and Main Roads. She also participates in audit and risk governance as an independent member of the Queensland Department of Environment, Tourism, Science and Innovation.

Her previous appointments include President of the National Competition Council, Non-Executive Director of Queensland Urban Utilities, President of the Royal Automobile Club of Queensland (RACQ), and senior leadership roles in insurance governance, including Chair of RACQ Insurance, and Non-Executive Director of the Territory Insurance Office. Julie-Anne is a Fellow and facilitator with the Australian Institute of Company Directors (AICD), and a member of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF). She holds a Bachelor of Laws with Honours from the University of Queensland.
Ms Evelyn Horton, Member
BEc, MSSc (Econs), FAICD
Term: 23 April 2023 to 22 April 2026
Member, ACC
Evelyn was appointed as a part-time Member for a three-year term from 23 April 2023.

Evelyn is a non-executive director with extensive expertise in financial services, governance and risk management. Evelyn spent over a decade working at the Commonwealth Treasury, Canberra and a further 15 years in different investment banking roles. She is Commissioner of Superannuation in Tasmania, chair of Anglicare, Glebe Administration Board and a non-executive director of Tasmanian Ports Corporation.

Evelyn holds a Bachelor of Economics degree from the Australian National University, a Master of Social Sciences in Economics from the National University of Singapore and is a Fellow of the AICD.
Ms Eilis Hurley, Member
BEng, FIA, FIAA, GAICD
Term: 23 April 2023 to 22 April 2026
Member, Risk Committee
Eilis was appointed as a part-time Member for a three-year term from 23 April 2023.

Eilis has extensive experience as an insurance executive, both in Australia and the UK. She has held roles as diverse as strategy, risk, finance, and reinsurance; as well as more traditional actuarial roles spanning life and general insurance. Eilis is a non-executive director of Integrity Life and serves on several risk and audit committees across the not-for-profit sector. She holds a Bachelor of Engineering degree from University College Cork (Ireland) and is a Fellow of the Actuaries Institute and AICD.
Ms Fran Raymond, Member
Fellow Chartered Accountant (FCA), FAICD, BCom, MBA, Grad Dip in Public Policy
Term: 23 April 2023 to 22 April 2026
Chair, ACC
Fran was appointed as a part-time Member for a three-year term from 23 April 2023. She was appointed Chair of the ACC on 30 July 2024.

Fran has had considerable experience as a senior executive in government, particularly in Chief Financial Officer and Chief Operating Officer (COO) roles, including COO of ARPC. Fran currently holds audit and risk committee appointments with the Productivity Commission and the National Health and Medical Research Council and the North Central Catchment Management Authority (Victoria).

Fran holds a Bachelor of Commerce from the University of New South Wales, a Master of Business Administration from Charles Sturt University, and a Graduate Diploma in Public Policy from Flinders University. She is a Fellow of both Chartered Accountants Australia and New Zealand, and the AICD.
Mr Oscar Shub, Member
BComm, LLB
Term: 23 April 2023 to 22 April 2026
Member, ACC
Oscar was appointed as a part-time Member for a three-year term from 23 April 2023.

He is a part-time consultant with the global law firm Clyde & Co and founded their Australian legal practice as a partner. He is also a senior Member of the New South Wales Civil and Administrative Tribunal in the Occupational Division, presiding over disciplinary complaints against health practitioners for breaches of their respective codes of conduct.

Oscar also chairs the Insurance Brokers Code Compliance Committee, an independent body that monitors compliance with the Insurance Brokers Code of Practice. Previously, he spent over 25 years as a partner at Allen Arthur Robinson (now known as Allens) and has also sat on the boards of Munich Re and OzHarvest. He chaired the Australian Insurance Law Association and LEADR (renamed to the Resolution Institute). He holds Bachelor of Commerce and Bachelor of Laws degrees from the University of the Witwatersrand, in South Africa.
Mr Greg Nucifora, Member
B Com, FCA, FAICDG
Term: 7 July 2023 to 6 July 2026
Chair, Risk Committee
Greg was appointed to the Board as a part time Member for a three-year term, from 7 July 2023. He was appointed Chair of the Risk Committee on 30 July 2024.

Greg is a financial adviser based in Cairns and has extensive board experience across public, private, and not-for-profit organisations. He is a Director of Queensland Country Bank, Director and Finance & Performance Committee Chair of the Cairns and Hinterland Hospital and Health Board, Chair of the Catholic Development Fund for the Diocese of Cairns, and Chair of the Finance and Audit Risk Management Committee for Tourism Tropical North Queensland.

Greg is a qualified Chartered Accountant, holds a Bachelor of Commerce degree, is Financial Adviser Standards and Ethics Authority compliant and is a Graduate and Fellow of the AICD.
Mr Rod Whithear, Member
GradDipMgt, GAICD
Term: 7 July 2023 to 6 July 2026
Member, ACC and Member, Risk Committee
Rod was the Chief Executive and an ex-officio Commissioner of the Western Australian Insurance Commission for over a decade retiring in July 2025.

During his career he has served the Commonwealth Government for 25 years and the Western Australian State Government for 15 years. Rod was previously an Executive Director of the Western Australian Treasury responsible for State operating expenditure budgets.

He has held senior positions in the superannuation, information technology, social services, leasing and corporate finance portfolios of government. Rod holds a Graduate Diploma of Management from the Australian Graduate School of Management and is a Graduate of the AICD.
Mr Guy Thorburn, Board Observer
Bec, FIAA
Term: 26 July 2022 to 25 July 2024; 26 July 2024 to 25 July 2026
Guy is the Australian Government Actuary (AGA). The Australian Government Actuary (AGA) provides independent advice to a wide range of government departments and agencies throughout the Australian public sector.  Guy is also the Reviewing Actuary to both the NDIS and the ARPC and is a Board member of the Tuition Protection Schemes for international and domestic students. In 2022 he became a member of the Aboriginal and Torres Strait Islander Demographic Statistics Expert Advisory Group. Guy’s appointment to the role of the Australian Government Actuary followed a 30-year career in insurance, superannuation, retirement incomes. He has been an Appointed Actuary under the Life Insurance Act for over ten years. Prior to his appointment as the AGA, Guy served in senior roles as a Partner of Mercer and as a Director.

Our Leadership Team:

ARPC’s Senior Executive team is led by the Chief Executive, who is appointed by the Accountable Authority under the provisions of the TCI Act 2003. The Senior Executive team consists of skilled and experienced leaders with extensive reinsurance, insurance and public sector experience a well as strategic, operational, people, financial, risk and governance experience.

Dr Christopher Wallace
Bec (Hons), PhD (Econ), AMP (INSEAD), ANZIIF Fellow CIP, GAICD
Chief Executive

Chris Wallace is an insurance executive with experience in general insurance, workers compensation, health insurance, medical indemnity, and reinsurance. He has worked extensively in insurance leadership roles within insurers and as a consultant to the insurance industry.

Chris has leadership experience in most aspects of the insurance sector including small, specialised insurers and large insurers.

Chris is also a non-executive director and Chair of MIPS Insurance Pty Ltd, a medical indemnity insurer. Through his role with ARPC, Chris is also a member of the OECD High Level Advisory Board for the Financial Management of Large-Scale Catastrophe Risks.

Previous professional roles include being General Manager Workers Compensation at GIO, Executive Director at Ernst & Young, and General Manager Benefits Management at HCF.

ARPC is a member of the International Forum for Terrorism Risk (Re) Insurance Pools, where Chris is also President.

Chris has a Doctor of Philosophy in Economics, specialising in general insurance pricing and strategy. He is a fellow of the Australian and New Zealand Institute of Insurance and Finance, a Certified Insurance Professional, and a Graduate of the Australian Institute of Company Directors.

Jason Flanagan
BCom (Accounting), GAICD
Chief Claims Officer
Jason Flanagan commenced working with ARPC on 7 February 2022. He has substantial experience across General Insurance Claims, Transformation and Customer functional areas within the insurance and the financial services industry. His previous roles include Head of General Insurance Claims and Head of Customer Care and Regulatory Change at Westpac and an earlier stint with BT Financial Group as Head of Contact Centres and Head of Customer Relations. His role at ARPC includes ARPC’s Terrorism Reinsurance Pool as well as the Cyclone Reinsurance Pool, covering cyclones and related flood damage. Jason has direct experience with natural disaster insurance claims management in Northern Australia, gained through his role as Head of General Insurance Claims with Westpac. He was also on the ground during the Townsville floods in 2019, where he gained firsthand experience about how such events impact local communities and the important role that general insurance plays in the community.
Michael Pennell PSM
Michael Pennell PSM
BE, AMP (Wharton), ANZIIF Fellow CIP, MIE (Aust), GAICD
Chief Underwriting Officer
Michael Pennell has almost 30 years industry experience, having held reinsurance management roles with Swiss Re and General Re prior to his role at ARPC. He started his early career as a civil engineer. Michael assists insurers and brokers to understand the pool and is responsible for negotiating and implementing ARPC’s annual retrocession program. Michael also leads various projects that enable ARPC to develop and enhance its catastrophe modelling capabilities. Michael is the Chair of the Reinsurance Faculty Advisory Board of the Australian and New Zealand Institute of Insurance and Finance and teaches reinsurance at the Institute’s annual Reinsurance Study Course Seminar. Michael holds a Bachelor of Engineering from the University of Technology, Sydney, has completed the Advanced Management Program at University of Pennsylvania (Wharton School), is a Fellow and Certified Insurance Professional with ANZIIF, and a Graduate of the Australian Institute of Company Directors. Michael was awarded the Public Service Medal as part of the Australia Day 2017 Honours List for outstanding public service in the development of the terrorism insurance pool. 
Scott Unterrheiner
BCom (Accounting/Finance), GradDipCA
Chief Financial Officer
Scott joined ARPC in November 2022. Having spent over 10 years at Gen Re in various roles, including Chief Financial Officer, and Chief Risk Officer for Asia Pacific spanning both Property and Casualty, and Life reinsurance; Scott has a strong understanding of the Australian and international reinsurance sector and brings strong financial and actuarial leadership to ARPC. Previous roles in Scott’s early career spanned chartered accountancy, financial control and capital management in professional services and financial services firms in both Australia and the United Kingdom. He holds a Bachelor of Commerce in Accounting from Macquarie University and a Graduate Diploma in Chartered Accountancy from the Institute of Chartered Accountants.
Victoria Simpson
MSc, FIAA, GAICD
Chief Operations Officer
Victoria Simpson has over 20 years’ experience in financial services. Victoria’s experience includes strategy and operations having joined ARPC from Avant Law, a commercial law firm and subsidiary of Avant Mutual, where she was Chief Operating Officer. Previously, Victoria was Head of Group Strategy & Portfolio Management Office at Avant Mutual, which is Australia’s largest Medical Defence Organisation providing indemnity insurance, business insurance and legal services to doctors.  Victoria’s career also includes 14 years at AMP, where she held several prominent roles most recently as Head of Insurance Proposition, and previously as Head of Strategic Marketing – Wealth and Insurance, Head of Group Insurance Product and Pricing Actuary.  Victoria began her career as an actuary at Canada Life in County Dublin in Ireland. Victoria holds a Master of Science (MSc) in Computer Science and Applications from Queen’s University in Belfast. She is a Fellow of the Institute of Actuaries in Australia and the United Kingdom. She is also a Graduate of the Australian Institute of Company Directors (GAICD). 
Karin Rathbone
BA, LLB (Witwatersrand), Dip.Banking (Johannesburg) 
Chief Risk Officer
Karin joined ARPC from Colonial First State (CFS), where she was Chief Risk Officer. She also held a number of senior risk leadership roles at CFS when it was part of the CBA. Her early career includes being a Partner with KPMG, and a Director specialising in Governance, Risk, and Conduct at Deloitte. Her corporate roles include risk leadership at BT Financial Group, Westpac, and CBA. Karin relocated to Australia in 2013 from South Africa.  She holds Arts and Law degrees from the University of Witwatersrand and a Diploma in Advanced Banking from the University of Johannesburg.
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Upcoming change to PACE Login – Multi-Factor Authentication (MFA)

In November, ARPC will introduce Multi-Factor Authentication (MFA) to the PACE portal. This additional layer of protection helps safeguard your data from unauthorised access and aligns with best practices for secure digital environments. 

Over the coming weeks, we’ll provide step-by-step guidance to help you set up your preferred MFA method.

Our team is here to support you throughout this transition. If you have any questions, please contact our team at [email protected]

Cyclone Insurer Portal (PACE)

PACE Cyclone is ARPC’s Cyclone Reinsurance Pool (cyclone pool) insurer portal, which allows cyclone pool insurers to lodge their company information in a secure and user-friendly environment.

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Terrorism Insurer Portal (PACE)

PACE Terrorism is ARPC’s new Terrorism Reinsurance Pool (terrorism pool) insurer portal, which allows terrorism pool insurers to lodge their company information in a secure and user-friendly environment.

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