The Australian Reinsurance Pool Corporation (ARPC), a government-backed organisation that manages national reinsurance schemes designed to support the availability and affordability of insurance in Australia, has announced that its Chief Underwriting Officer, Michael (Mike) Pennell, will retire later this year after a lengthy and influential career in the reinsurance sector.
Pennell has been closely involved with ARPC since its formative years, playing a central role in shaping the organisation’s direction and capabilities. Over more than two decades, he has been instrumental in the development, management and ongoing refinement of the Terrorism Reinsurance Pool.
In more recent years, he has also taken on a leading role in establishing and implementing the Cyclone Reinsurance Pool, further strengthening Australia’s approach to managing complex risk exposures.
His technical knowledge, strong industry connections and dedication to serving the public interest have helped sustain confidence among insurers and reinsurers, while ensuring the effective delivery of both schemes. Pennell’s leadership has been particularly important during periods marked by shifting terrorism risk profiles, changing global reinsurance conditions and the early rollout of the cyclone pool.
His contributions have left a significant and enduring impact on ARPC as well as on the broader communities and businesses that rely on its work. In recognition of his achievements, Pennell was awarded the Public Service Medal in the 2017 Australia Day Honours List for outstanding public service in developing the terrorism insurance framework.
ARPC has indicated it will formally recognise his service closer to his retirement. The organisation has also begun the process of appointing a successor, aiming to ensure continuity and stability through a structured transition.
The incoming Chief Underwriting Officer will take on responsibility for overseeing the terrorism and cyclone reinsurance pools under the Terrorism and Cyclone Insurance Act 2003, while leading underwriting operations, treaty management and contributing to modelling and pricing work that underpins national resilience and insurance accessibility.
ARPC Chief Executive, Dr Christopher Wallace, added: “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.”
