The Australian Reinsurance Pool Corporation (ARPC), Australia’s government-led terrorism reinsurance agency, has named Aon as its reinsurance broker.
The new agreement see’s Aon beat rival Guy Carpenter to the contract. Guy Carpenter had previously served the role.
Mike Pennell PSM, ARPC’s Chief Underwriting Officer will oversee the transition-in and commencement of broking services to ARPC by Aon.
The ARPC had preciously secured AUD 3.45 billion (USD 2.33 billion) of retrocession reinsurance protection at a reduced rate for 2020, up on the AUD 3.315 billion (USD 2.24 billion) agreed in 2019, and the AUD 3.065 billion (USD 2.1 billion) program announced for 2018.
The previous year’s retrocession reinsurance protection, due to be renewed for the 2021, sat above the ARPC retention of AUD 250 million (USD 169 million) and was split across four layers of protection with varied attachment points, sitting below the AUD 10 billion (USD 6.8 billion) Commonwealth Guarantee.