Appointment of Members of the Australian Reinsurance Pool Corporation

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Appointment of Members of the Australian Reinsurance Pool Corporation

NO.053

APPOINTMENT OF MEMBERS OF THE AUSTRALIAN REINSURANCE POOL CORPORATION

I am pleased to announce the appointment of Mr Joseph Gersh to the position of part-time Chairman of the Australian Reinsurance Pool Corporation (ARPC) for a period of three years commencing 1 July 2003.

The ARPC is established by the Terrorism Insurance Act 2003 (the Act). It is being established to operate the Government’s terrorism risk insurance scheme. Through the ARPC, insurers will be able to reinsure their exposure to liability, under eligible insurance contracts, for losses arising from declared terrorist incidents.

Mr Gersh has extensive experience in law and commerce, and is the Director of Gersh Investment Partners Limited. Mr Gersh currently has a range of Directorships, including the Payments System Board.

I am also pleased to announce the appointment of Mrs Marian Micalizzi and Mr Andrew Lumsden as part-time Members of the ARPC, also for a period of three years from 1 July. Both bring relevant experience to the ARPC. Mrs Micalizzi retired from partnership of PricewaterhouseCoopers Financial Advisory Services division in 2000. She is a Member of a range of organisations, including the Corporations and Markets Advisory Committee, the Takeovers Panel and the Queensland Treasury Corporation and the board of the Australian Prudential Regulation Authority. Mr Lumsden is a Partner at Corrs Chambers Westgarth, and his memberships include the Corporations Committee of the Law Council of Australia and the Australian Institute of Company Directors.

Two officials from the Department of the Treasury, Mr Jim Murphy (Executive Director, Markets Group) and Mr Murray Edwards (Manager, Market Access and Pricing Unit) have been appointed as part-time members for six months. Mr Murphy and Mr Edwards are the officers responsible for drawing up the scheme and their appointment will be of assistance in the establishment of the Corporation. After this phase additional directors from the private sector will be appointed.

These appointments follow from my announcement on 11 June, that the Government has selected Mr Neil Weeks as the Chief Executive Officer of the ARPC, based in Canberra.

CANBERRA

24 June 2003

Contact: David Alexander 02 6277 7340

Murray Edwards (Treasury) 02 6263 3973