Mpumi Tyikwe appointed as new Sasria Chief executive Officer

Sasria SOC Ltd has appointed Mr. Mpumelelo “Mpumi” Tyikwe as the organisation’s new Chief Executive Officer (CEO), effective 07 April 2022.

Tyikwe’s appointment follows due, vigorous processes that emanated from recruitment board’s satisfaction after all due processes were followed. With over 35 experience in the financial sector, mostly spent in the short-term fraternity, Sasria is looking forward to working with a dynamic and goal-oriented business leader with vast experience in leading business operations within the insurance industry, mostly involving turnaround strategies, spanning 20 years.

Mr. Tyikwe succeeds Mr. Cedric Masondo, whose term ends in May 2022. Masondo has done a sterling job in leading the organisation in the past twelve years. After serving two tenures as managing director, Masondo decided to pursue other interests. The Sasria 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.

Masondo will be handing over the reins to a seasoned professional, who, among his many accolades created the first black owned Underwriting Management Agency at Hollard, was  a key leading figure in Santam’s development of its business strategy, driving business growth and profitability through specialist companies and corporate business between 2008 and 2009. This was followed by leading strategy at the Standard Bank Wealth Division.

Moss Ngoasheng, Sasria’s board chairperson, said: “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, what that’s equally challenging and exciting. We thank Mr. Masondo for the sterling job he has done for the organisation.”

The incoming CEO has been in the same position at Land Bank Insurance Company (LBIC), where he was responsible for strategic directions of the organisation’s two insurance companies providing risk management, long and short-term insurance solutions to the agricultural sector.

Tyikwe played a key role in the growing business at Santam and LBIC as he developed strategies, which bore the successful implementation of interventions after he initiated them. One of these was the notable acquisition of Absa’s crop business, a move that saw a significant, profitable increase that ultimately became a sustainable revenue model. 

One of the key aspects of running a successful business is the leveraging of existing and the creation of new networks, a skill Tyikwe is familiar with as he is capable of leveraging partnerships aimed at business growth.

These kinds of partnerships are what further enhances Tyikwe’s skills when it comes to stakeholder management, an aspect he showed at LBIC as he established sound relationships with government departments such as Agriculture and Land Affairs. Engaging with these departments was pivotal as the result was the development of an insurance product catering for black farmers.

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 practively manage riots and public unrest.

Ngoasheng concluded: “Sasria is in safe hands. These are hands that see opportunities in identifying possible new products and the creation of unique distribution channels. That’s the kind of thinking Sasria currently needs new thinking with unexpected challenges always on the horizon.”