The Australian Reinsurance Pool Corporation (ARPC) is close to announcing a new CEO after David Matcham left on October 4, concluding his three-year contract.

The corporation is “in the process of recruiting for the position of CEO and this… is expected to be finalised shortly”, Corporate Secretariat Manager Garry Boyd told insuranceNEWS.com.au.

Marianne Cavanagh, who previously worked at the ARPC for more than nine years as manager of corporate governance, has been appointed Acting CEO.

The corporation posted a $72.5 million profit last fiscal year, according to Mr Matcham’s spring newsletter.

Full details for the year to June 30 will be available in the annual report, to be posted online soon.

Negotiations on the 2014 retrocession program were to begin this month following the placement of $3 billion in cover this year, according to the newsletter.

The ARPC has also successfully tested a model for bomb blasts in Sydney and Melbourne CBDs that provides accurate building-by-building loss estimates, Mr Matcham says.

The corporation will give “more detailed explanations to our retrocession panel members in the forthcoming retrocession placement exercise”.