Recruiters are seeking a new boss for the Australian Reinsurance Pool Corporation (ARPC) following the retirement of inaugural CEO Neil Weeks after seven years in the role.

Mr Weeks stepped down from the role earlier this month and has been replaced in the interim by Marianne Cavanagh. The ARPC has engaged an executive search firm to recruit a permanent replacement.

“Neil has decided to spend a bit more time with his family,” Ms Cavanagh told insuranceNEWS.com.au. “Applications for the role have now closed and the board is in the process of considering them.”

Mr Weeks, who formerly ran TIO, led the statutory corporation since its establishment by the Federal Government in July 2003. The organisation continues to provide reinsurance cover for terrorism after insurers fled the private terrorism insurance market following the September 2001 terrorist attacks in the US.

The board is expected to discuss Mr Weeks’ replacement when it meets in late August.