The South African Special Risk Insurance Association (Sasria) has appointed Mpumelelo “Mpumi” Tyikwe as its new chief executive, effective 7 April.
Outgoing incumbent Cedric Masondo, whose term ends in May, is set to become the chief executive of PSG Insure in August.
Masondo has been at the helm of Sasria for 12 years.
Tyikwe has more than 35 years’ experience in the financial sector, mostly in short-term insurance, according to Sasria.
He was previously the managing director of the Land Bank Insurance Company, where he was responsible for the strategic direction of the organisation’s two insurance companies, providing risk management, and long- and short-term insurance solutions to the agricultural sector.
He was also a director of Standard Bank, the MD of Alexander Forbes Insurance, and the executive head of specialist portfolios at Santam.
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.”