Sasria appoints Mpumi Tyikwe as new CEO

The South African Special Risks Insurance Association (Sasria) has appointed Mpumi Tyikwe as the group’s new CEO, effective April 7.

The insurer says it looks forward to working with a dynamic and goal-oriented business leader with vast experience in leading business operations within the insurance industry.

“We have gone through a thorough process to find a candidate capable enough to lead Sasria into the future. Tyikwe’s proven track record proves that his appointment is perfectly suited to lead Sasria as it embarks on its journey, that’s equally challenging and exciting,” Sasria board chairperson Moss Ngoasheng said.

Tyikwe is a former CEO of Land Bank Insurance Company (LBIC), where he was responsible for strategic directions of the organisation’s two insurance companies, providing risk management as well as long- and short-term insurance solutions to the agricultural sector.

He played a key role in growing business at Santam and LBIC developing strategies which bore successful implementation.

One of his strategies was the notable acquisition of Absa’s crop business, a move that saw a significant, profitable increase that ultimately became a sustainable revenue model, according to Sasria.

Tyikwe said: “I am looking forward to the challenge ahead. Sasria is a big-potential business where I see opportunities in growing and diversifying the revenue streams of the business as we need to make the organisation sustainable, strengthen its investment portfolio and improve the solvency position of the organisation.”

“We will work closely with various stakeholders to manage key risks with the aim to proactively manage riots and public unrest,” he added.

Tyikwe, whose experience in the financial sector spans over 35 years, will take over from Cedric Masondo who is set to vacate his office in May.

“Masondo has done a sterling job in leading the organisation in the 12 years. After serving two tenures as managing director, [he] decided to pursue other interests,” Sasria said in a statement.

“The board, staff, and stakeholders thank Masondo for the work he has done in leading the organisation, mostly during unprecedented, unpredictable times, with the recent one being last year’s July unrest.”

Palesa Mofokeng is a Moneyweb intern.