The Australian Reinsurance Pool Corporation (ARPC) has renewed its $3.475 billion terrorism retrocession program and has bolstered its executive team as it prepares to expand its responsibilities to include cyclone risks.

The terrorism program was renewed for the same price as last year, with a $225 million excess, after meetings with more than 50 reinsurers online in key global markets to negotiate the cover.

“ARPC worked with our reinsurance advisor Aon to simplify the program by converting it to a full multi-year arrangement and renewing at expiring terms,” CEO Christopher Wallace said.

ARPC also says it has appointed Jason Flanagan as Chief Claims and Customer Officer, with the role encompassing the terrorism operations as well as the proposed cyclone pool that is intended to start from July 1.

Mr Flanagan’s previous roles include Head of General Insurance Claims at Westpac, while he has external and internal auditing experience within financial services.

“Jason was on the ground during the Townsville floods in 2019, where he gained firsthand experience about how such events impact local communities and the important role that general insurance plays in the community,” Dr Wallace said.

Mr Flanagan is also leading ARPC’s project for scheme implementation of the cyclone pool, after starting work with the organisation in November, under a non-ongoing contract.