TMMA taps legal expert as general counsel

TMMA taps legal expert as general counsel | Insurance Business Australia

Insurance News

Appointment announced as company broadens Aussie operations

Insurance News

By
Roxanne Libatique

Tokio Marine Management Australasia (TMMA) has appointed Isla Chisholm as general counsel, effective from Oct. 8.

Chisholm (pictured) – who brings nearly two decades of legal experience, including significant work in the financial services industry – will also join the company’s executive leadership team.

TMMA’s new general counsel

Chisholm has held various legal positions throughout her career, spanning both in-house corporate roles and private practice.

She expressed enthusiasm about joining TMMA as the company continues to expand its presence in the Australian market.

“This is a great time to come on board. I am truly looking forward to being part of the leadership team and working together to build the organisation,” she said.

Jim Glossat, CEO of TMMA, highlighted the importance of Chisholm’s role, noting that her experience will strengthen the leadership team as the company broadens its local operations.

“I’m excited to welcome Isla to our business. She will play a crucial role in our executive leadership team and further enhance our expertise in legal affairs,” he said.

Tokio Marine Management Australasia acts as a managing agent for Tokio Marine & Nichido, part of the global Tokio Marine Group. With nearly 150 years of experience globally and more than 60 years in Australia, Tokio Marine is one of the largest international insurance groups.

Tokio Marine Holdings Inc’s fiscal first-quarter profit

In related developments, Tokio Marine Holdings Inc (Tokio Marine), the parent company of Tokio Marine Management Australasia, posted improved profits for the fiscal first quarter ending June 30, 2024.

The company’s global premiums fell to ¥1.38 trillion from ¥1.43 trillion, impacted by significant natural catastrophe losses.

Tokio Marine reported ¥68.1 billion in pretax losses linked to events such as hailstorms in Japan’s Hyogo Prefecture and higher auto insurance costs in the Japanese market. Aggregated global catastrophe losses for the first half of 2024 were estimated at A$13.4 billion, with the Hyogo hailstorms alone accounting for around A$1.7 billion.

Nevertheless, the group’s international nonlife insurance segment showed resilience, reporting a profit increase to ¥125.1 billion, up from ¥91.7 billion the prior year. This was driven by premium rate increases and investment income gains, although higher capital losses partially offset the positive results.