The Australian Reinsurance Pool Corporation (ARPC) is relocating to Sydney from Canberra as a cost-saving measure.

It has 17 staff in Canberra and three in its current Sydney office.

CEO Chris Wallace says moving staff to a single office in Sydney will reduce operating costs and place the corporation closer to its insurer customers and reinsurer suppliers.

“Rents are very competitive [in Sydney],” Dr Wallace told insuranceNEWS.com.au. “There’s not much difference between Sydney and Canberra.

“As well as the benefits of bringing the two teams together, we will be able to service our stakeholders, many of which are based in Sydney, more effectively and efficiently.”

All Canberra staff have been offered the chance to relocate. The move will take place over the next few months, with the Canberra office scheduled to close by September 30.

“A comprehensive plan is in place to ensure our functions are not disrupted while maintaining the same level of service,” Dr Wallace said.

From October 1 the ARPC will operate from its Sydney CBD office in Pitt Street, before a final move to a new base.

Dr Wallace expects to pick a location from a shortlist of “city fringe” premises by the end of the year.