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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: appointed 7 July 2023
Terms: 14 September 2021 to 6 July 2023; 7 July 2023 to 6 July 2026
Julie-Anne Schafer was appointed by the Responsible Minister as Chair for a period of 3 years commencing on 7 July 2023. Julie-Anne was first appointed to the Board as a part-time Member for a three-year term, commencing 14 September 2021 and was a member of the Audit, Risk and Compliance Committee between April and July 2023 until her appointment as Chair. Julie-Anne is a Brisbane-based director and qualified lawyer with experience in diverse and regulated sectors including insurance, financial services, energy, water, transport, health, and member services. She is currently a Non-executive Director at Urban Utilities, Icon Water and ActewAGL. She is a Non-executive Member of the Office of the National Rail Safety Regulator. She is a part-time President of the National Competition Council. Her career includes experience in retail consumer insurance and cyclone risk through her past roles as President of Royal Automobile Club of Queensland (RACQ), Chair of RACQ Insurance and as a Non-executive Director of the Territory Insurance Office. Julie-Anne holds a Bachelor of Laws with Honours from UQ and is a Fellow of the Australian Institute of Company Directors. She is a member of the Australian Institute of Insurance and Finance (ANZIIF), and she also facilitates in Governance, Risk and Strategy for the Australian Institute of Company Directors (AICD).
Ms Evelyn Horton, Member
B.Ec, M.Soc.Sci. (Econs), FAICD
Term: 23 April 2023 to 22 April 2026

Evelyn Horton was appointed to the board as part time member for a three-year term, commencing 23 April 2023. She is a member of the Audit, Risk and Compliance Committee.

Evelyn is a company director with extensive expertise in financial services, governance, and risk management. Evelyn spent over a decade working at the Commonwealth Treasury in Canberra, and a further fifteen years in a range of investment banking roles. She is also the Commissioner of Superannuation in Tasmania, a director of Anglicare and the Chair of the Glebe Administration Board.

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 Australian Institute of Company Directors.

Ms Eilis Hurley, Member
B Eng, FIA, FIAA, GAICD
Term: 23 April 2023 to 22 April 2026
Eilis Hurley was appointed to the Board as a part time member for a three-year term, commencing 23 April 2023. She is a member of the Audit, Risk and Compliance Committee.

Eilis has worked in Insurance for many years, both in Australia and UK. This has involved 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 also 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 Australian Institute of Company Directors.
Ms Fran Raymond, Member
FCA, FAICD, BCom (UNSW), MBA (CSU)
Term: 23 April 2023 to 22 April 2026
Fran Raymond was appointed to the Board as a part time member for a three-year term, commencing 23 April 2023. She is a member of the Audit, Risk and Compliance Committee. Fran has had considerable experience as a senior executive in government, particularly in Chief Financial Officer (CFO) and Chief Operating Officer (COO) roles, including previously as COO of ARPC. She was previously a director of Defence Bank for twelve years, and Chair for six of them. Fran is currently a Director of Annecto and holds audit and risk committee appointments with the Australian National University and the National Health and Medical Research Council. She 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. Fran is also a Fellow of both Chartered Accountants Australia and New Zealand, and the Australian Institute of Company Directors.
Mr Oscar Shub, Member
BCom, LLB
Term: 23 April 2023 to 22 April 2026
Oscar Shub was appointed to the Board as a part time member for a three-year term, commencing 23 April 2023.  Oscar 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 (NCAT) 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, OzHarvest, chaired the Australian Insurance Law Association (AILA) and LEADR (renamed to the Resolution Institute). Oscar 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
Greg Nucifora was appointed to the Board as a part time member for a three-year term, commencing 7 July 2023. Greg is a financial adviser based in Cairns and has extensive board level 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, Chair of the Finance and Audit Risk Management Committee for Tourism Tropical North Queensland and the former Deputy Chair of Queensland Country Health Fund Ltd. Greg is a qualified Chartered Accountant, holds a Bachelor of Commerce degree, is Financial Adviser Standards and Ethics Authority (FASEA) compliant and is a Graduate and Fellow of the Australian Institute of Company Directors.
Mr Rod Whithear, Member
Term: 7 July 2023 to 6 July 2026
Rod Whithear was appointed to the Board as a part time member for a three year term, commencing 7 July 2023. Rod has been Chief Executive of the Western Australian Insurance Commission since June 2012 and has more than 25 years’ experience in the Commonwealth and Western Australian public sectors. He was previously an Executive Director of the WA Treasury responsible for State operating expenditure budgets. Rod has held 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 Australian Institute of Company Directors.
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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Contact us:

Gadigal Country
PO Box Q1432 Queen Victoria Building
NSW, 1230

P: 02 8223 6777

E: [email protected]

Australian Reinsurance Pool Corporation acknowledges the traditional owners and custodians of country throughout Australia and recognises their continuing connection to lands, waters, and communities. We pay our respect to Aboriginal and Torres Strait Islander peoples, their cultures and to Elders past and present.

ARPC offices are located on the land of the Gadigal people of the Eora Nation.

© 2025 Australian Reinsurance Pool Corporation. All rights reserved.
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Cyclone Insurer Portal (PACE)

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

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