19 June 2017News

Australian Reinsurance Pool names new chair

The Australian government has appointed Ian Carson and Karen Payne to the Australian Reinsurance Pool Corporation (ARPC).

Carson has been appointed as the part-time chair for a three-year period starting July 2017 until June 2020.

Carson is a partner and the chairman of PPB Advisory, a professional advisory firm. He is a registered liquidator and a fellow of the Australian Institute of Company Directors.

Payne has been appointed as a part-time member for a three-year period starting October 2017 until October 2020.

Payne is currently the part-time chief executive officer and a part-time member of the Board of Taxation and was previously a partner at Minter Ellison focusing on international and corporate taxes for the financial services industry among other sectors.

The executives replace current ARPC chair Joan Fitzpatrick, whose term is due to expire on 30 June 2017, and Tom Karp whose term as a member will expire on 4 October 2017.

The ARPC administers a scheme to provide terrorism insurance coverage for commercial (and from 1 July 2017, mixed-use and high value residential) property and associated business interruption. The scheme was initiated to protect Australia’s economy from the global withdrawal of terrorism insurance for commercial property in the wake of the 2001 terrorist attacks in the US.

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More on this story

1 March 2018   Australia’s terrorism insurance scheme administrator, Australian Reinsurance Pool Corporation, has increased the private participation in retrocession reinsurance cover at renewals for 2018.