Upcoming Retirement of ARPC Chief Underwriting Officer, Michael Pennell PSM, and Commencement of Recruitment
2 April 2026
Australian Reinsurance Pool Corporation (ARPC) today announces that its Chief Underwriting Officer, Michael (Mike) Pennell, will retire later this year following a distinguished career in reinsurance and more than two decades of service to ARPC and the Australian community.
Since ARPC’s earliest years, Mike has made a pivotal contribution to the organisation. He has been instrumental in the design, administration and evolution of the Terrorism Reinsurance Pool and, more recently, provided central leadership in the establishment and implementation of the Cyclone Reinsurance Pool. His technical expertise, deep industry relationships and commitment to public purpose have been integral to maintaining insurer and reinsurer confidence and ensuring the effective operation of both schemes.
Mike’s leadership has been especially valued during periods of significant change, including evolving terrorism risk environments, shifts in global reinsurance markets, and the early development of the Cyclone Reinsurance Pool. His contribution leaves a lasting legacy for ARPC and for the communities and businesses it serves.
In recognition for his service, Mike was awarded the Public Service Medal in the 2017 Australia Day Honours List for “outstanding public service in the development of the terrorism insurance scheme”.
ARPC will celebrate Mike’s service more formally closer to his departure date.
Recruitment for the Chief Underwriting Officer Role
To ensure a planned and orderly succession, ARPC has commenced recruitment for its next Chief Underwriting Officer. This process will support a smooth transition and maintain strong confidence across insurers, reinsurers, government partners and the broader market.
The Chief Underwriting Officer will continue to provide senior leadership in the administration of the terrorism and cyclone reinsurance pools under the Terrorism and Cyclone Insurance Act 2003, lead ARPC’s underwriting and treaty administration functions, and contribute to terrorism catastrophe modelling and pricing insights that support national resilience and insurance affordability.
The position is now advertised. Further details are available at: www.arpc.gov.au/careers
Message from the CEO
ARPC Chief Executive, Dr Christopher Wallace said:
“Mike’s contribution to ARPC and to Australia’s public reinsurance capability has been extraordinary. His leadership, professionalism and commitment to purpose have helped shaped both the terrorism and cyclone reinsurance pools and strengthened Australia’s resilience to catastrophic events.
As we commence a planned succession process, ARPC remains focused on continuity, stability and maintaining confidence across all our stakeholders.”