This intensive learning program is led by some of the industry's senior experts and combines hands-on syndicate group work, expert presentations, knowledge sharing and team building activities. Participants can immediately apply their learning to real-life scenarios including designing and testing the optimal reinsurance program.
What Makes RISC Unique?
- Exclusive learning opportunity: Participants will get access to, and guidance from, senior practitioners who are among the industry’s top reinsurance experts. All have deep technical expertise honed from decades of international and regional industry experience.
- Uniquely structured: Four days of intensive experiential learning that combines hands-on syndicate group work, expert presentations and knowledge sharing.
- Active learning: Participants are grouped into syndicates and immersed in a real-life case study to design and test the optimal reinsurance program. Using physical tools , they will be mentored by a syndicate adviser in a small group to collaborate on the creation of the reinsurance program.
- Assessment benefits: Participants that complete all the assessments can gain credit towards their ANZIIF membership. They also are eligible to claim a digital badge, which can be shared via LinkedIn, email or a variety of other online formats.
- Course inclusions: Accommodation, meals and activities are provided throughout the four days, as well as complimentary return transport from Sydney CBD.
For further information, please contact the ANZIIF Events Team.
LEARNING OUTCOMES:
At the conclusion of RISC, participants should be able to demonstrate proficiency in four key areas:
1. STRATEGIC
- Articulate the importance of reinsurance in relation to a company’s strategy, growth and underwriting philosophy.
- Demonstrate how a company’s reinsurance program interacts with risk appetite and Board expectations.
- Analyse how reinsurance programs interact with portfolio management and underwriting practices also accounting for market dynamics.
2. FINANCIALS
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Analyse and interpret the impact of current reinsurance on a company’s financial position. Forecast a company’s financial position based on changes to the reinsurance program.
3.TECHNICAL
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Distinguish between the types of reinsurance: facultative (foundational), property quota share, property surplus, property risk excess of loss, property catastrophe, casualty.
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Choose the types of reinsurance applicable to specific portfolios/ classes of business.
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Describe how various reinsurance programs interact.
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Review and understand reinsurance contract wording.
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Demonstrate an understanding of catastrophe modelling.
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Apply the following tools to monitor underwriting performance at portfolio level:
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Risk profiles
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Large loss reports
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Underwriting results
4. REGULATORY REQUIREMENTS
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Explain the regulatory minimum standard requirements for reinsurance – primarily the Insurance Capital Risk Charge (ICRC) (Australia). Other regimes include RBNZ MSC (New Zealand) and MSR (Pacific Island).
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Describe the purpose and calculation of the Natural Perils Vertical Requirement (NPVR) and Natural Perils Horizontal Requirement (NPHR) in deriving the ICRC and PCA multiple.
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Illustrate the relationship between reinsurance programs and regulatory capital requirements.
5. STRUCTURING A REINSURANCE PROGRAM
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Implement all learnt concepts into a Board report.
NETWORKING
In addition to learning about reinsurance, participants who attend RISC have the opportunity to build meaningful professional relationships that last well beyond the course.
SYNDICATE ADVISORS
We would like to thank our Syndicate Advisors for their invaluable contribution to the 2025 Reinsurance International Study Course.
Syndicate Advisors:
- Jennifer Chung
- Victoria Clifford
- Cassie Dyball
- Jurgen Hoffman
- Bo Jiang
- Carl Longmore
- Tobias Pfau
- Johanna Roman
- Alvin Seto
- Jonathan Wang

Teresa Aquilina
Teresa Aquilina
Senior Vice President
Guy Carpenter
Teresa started off her Reinsurance career 30 years ago with NRG Victory. After 5 years Teresa commenced with a new company, ReAC as a property underwriter covering USA and ANZ.
Following ReAC, she then worked at Swiss Re in Sydney as a Client Manager before moving over to the products side as a Senior Casualty Treaty Underwriter where she stayed for 13 years.
Teresa’s current role is a change from her previous roles and is at Guy Carpenter as a Senior Broker where she has been for 10 years. Teresa is a Fellow of the Australian and New Zealand Institute of Insurance and Finance and has been on committee for RISC for the past few years, including presenting at the course and a syndicate advisor.

Victoria Clifford
Victoria Clifford
Reinsurance Manager
iCare NSW
Victoria has more than 20 years in the (re)insurance industry.
She began her career at Munich Re on the Graduate Training Programme, and from there moved into both facultative and treaty roles underwriting Property, Marine and Agriculture risks.
From there she moved to Allianz Australia, to look after their Rural portfolio, farmpack and crop insurance.
From there she then moved to Hannover Re, when they established their local officer in Sydney, responsible for Property and Agricultural treaty business. Victoria has been involved with RISC for at least the past five years as a Committee member, Syndicate Advisor and Presenter.

Nick Hartry
Nick Hartry
Executive Manager, Reinsurance Operations
IAG
Nick is the Executive Manager, Reinsurance Operations within IAG, responsible for the operational effectiveness of the Group quota share arrangements, reinsurance and latent claims, ARPC Cyclone Pool and day to day operations.
Nick is a Chartered Accountant by background, having trained with PwC. He has been with the Group Reinsurance team for over 20 years, spending time looking after finance, actuarial, International and placement.
Career highlights include setting up IAG Re Singapore, the quota share arrangements and the 2019 Catastrophe Bond issuance, which was a first for IAG and the first to be issued out of Singapore.

Jurgen Hoffman
Jurgen Hoffman
Trainer & Assessor
TAFE NSW
Jurgen has over 35 years’ experience in the finance sector, including 16 years at the Australian
Prudential Regulation Authority (APRA) in various Insurance Risk roles.
Prior to APRA, Jurgen held reinsurance positions with companies such as Allianz, Gerling and QBE.
He lectured at the University of Technology Sydney (UTS) for 8 years on Reinsurance, and is a strong
supporter of continuous education. Jurgen recently formalised his love of training by completing the
Diploma of Training and Development and is currently teaching at TAFE NSW, on a casual basis.
Attending RISC as a participant in 1984, Jurgen returned to RISC as a Syndicate Advisor in 1997 and
has maintained that role ever since.
He joined the RISC Organising Committee in 2006 and ANZIIF’s Reinsurance Faculty Advisory Board in 2012.
Jurgen holds a lifetime membership of the Reinsurance Discussion Group in Sydney.

Bo Jiang
Bo Jiang
Director, Head of Public Sector Solutions ANZ
Swiss Re
Bo joined Swiss Re in 2023 as Head of Public Sector Solutions for the ANZ market. He has over 15 years of experience in the APAC insurance/reinsurance industry, working across analytics, broking, underwriting and client management.
Bo is a Fellow of the Institute of Actuaries of Australia and a Fellow of ANZIIF. He has been member of the RISC community since 2017.

Irene Lai
Irene Lai
Group Head of Underwriting Governance, Sustainability, and Standards
QBE
Irene has over 17 years experience in insurance and reinsurance. She has held a variety of roles including as a capital modeller, catastrophe reinsurance underwriter, reinsurance actuary, and has been with QBE since 2015.
In her current role as the Group Head of Underwriting Governance, Sustainability and Standards in the Group Chief Underwriting Office her current remit includes working with the business to deliver QBE's commitments - including interim targets to net-zero in underwriting. Irene is a Fellow of the Faculty and Institute of Actuaries, and a Graduate of the Australian Institute of Company Directors.
Irene has also held the role of President of the NSW RDG Reinsurance Discussion Group for a number of years, and actively participates in industry committees or working groups including the UN-convened Net Zero Insurance Alliance working group that set a Standard for GHG Reporting for re/insurance underwriting portfolios and a Target Setting Protocol.

Carl Longmore
Carl Longmore
Senior Specialist RI
Suncorp
After a brilliantly brief career as a burglar alarm salesman, Carl joined the Sun Alliance insurance company in 1989 in Glasgow, Scotland. He trained as a commercial property underwriter and spent nine years in RSA’s overseas head office in Horsham, England which included secondments to Canada and The Philippines.
He spent a further year in RSA’s European head office in London before re-locating to Sydney in 2000, specialising in reinsurance placement with RSA, Promina, Vero and Suncorp.

Sally Nickerson
Sally Nickerson
Senior Underwriter
Berkley Re Australia
Sally is a senior underwriter at Berkley Re where she underwrites casualty and property business in both the treaty and facultative markets. Her responsibilities include writing Australian, New Zealand & Pacific Island Business.
Prior to this she completed her Bachelor of Commerce degree at Wollongong University followed by working at Macquarie Bank for a number of years, before making the jump into the reinsurance world in 2013.
Sally has been involved in a number of industry training programs including completing the ANZIIF certificate IV & diploma in general insurance and was the reinsurance discussion group scholarship winner in 2016.

Michael Pennell (Speaker)
Michael Pennell (Speaker)
Chief Underwriting Officer
Australian Reinsurance Pool Corporation
Michael is an experienced reinsurer.
In his role as Chief Underwriting Officer of the Australian Reinsurance Pool Corporation, he is accountable for establishing and administering the terrorism and cyclone reinsurance pools.
Prior to ARPC, Michael held senior underwriting roles at General Re and Swiss Re.
Michael is an alumni of The Wharton Business School, University of Pennsylvania, holds a degree in Civil Engineering from UTS, is a Graduate of the Australian Institute of Company Directors and is a Fellow of the Australian and New Zealand Institute of Insurance and Finance.
In 2017, Michael was awarded the Public Service Medal by the Governor-General of Australia as part of the Australia Day Honours List.

Tobias Pfau
Tobias Pfau
Chief Underwriting Officer
Unimutual
Tobias joined Gen Re in Cologne, Germany in 2000 after completing a masters degree in business and economic sciences. Tobias worked to support treaty underwriting for the French and Australian markets and after four years, moved to Sydney joining Gen Re in Australia where he focused on property and catastrophe reinsurance. In 2014 he became the Chief Underwriter in the Asia Pacific region.
In 2021 Tobias joined Unimutual as Manager Underwriting and Reinsurance. He is a Fellow CIP member of the Australian and New Zealand Institute of Insurance and Finance and a member of the Australian Institute of Company Directors.
In over 20 years in the insurance and reinsurance industry Tobias developed a strong reputation in the domestic and international markets as a leading underwriter.

Jonathan Wang
Jonathan Wang
Client Manager
Munich Re
"Jonathan is currently a Client Manager at Munich Re where he is responsible for Munich Re’s commercial relationships with its clients.
Prior to this, Jonathan worked at the Australian Prudential Regulation Authority for eight years where he led the supervision of some of Australia’s largest non-life general re/insurers.
During this time, he had a particular focus on reinsurance and capital management. Jonathan was also part of the Government’s Cyclone Reinsurance Pool Taskforce where he was involved in the development the Cyclone Reinsurance Pool.
Jonathan has a Bachelor of Economics (Hons) from The University of Sydney. "
Award Categories & Criteria
Thank you to our sponsors
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