Guyana’s Zarc Group expands operations into the Insurance Sector
--launches partnership with regional brokerage to form CIC Insurance Brokers (Guyana) Inc.
Zarc Group of Companies, chaired by prominent Guyanese entrepreneur Ryan Pereira, has expanded its business ventures into the insurance industry. Zarc today announced that it has formed a joint venture with CIC Insurance Brokers Limited to establish CIC Insurance Brokers (Guyana) Inc.
CIC Guyana is a full-service insurance brokerage company that will offer risk advisory services, risk transfer via insurance products, and claims advocacy. Those products will include employee health, life and pension benefits; home, motor, travel and general insurance for citizens; as well as commercial insurance for companies and businesses in the oil and gas, financial, manufacturing, hospitality and retail sectors.
It will also offer professional indemnity cover for professionals and professional services, directors’ and officers’ liability for both public and private sector entities, employer’s liability and other casualty insurance in Guyana. CIC Insurance Brokers (Guyana) Inc. also offers claims management and risk management services for its clients, at no cost to them.
In an invited comment, Pereira said he’s proud of this new venture. “It checks all of the boxes. CIC Guyana meets the standard of integrity and service that our Group of Companies is built on, draws on the expertise of an established and experienced insurance broker, and has Guyanese at the heart of its formation and will keep Guyanese at the heart of its operation.”
Asked for specifics on how Guyanese will benefit from this new venture, Pereira said CIC Guyana will provide Guyanese with additional insurance options, facilitate knowledge and skill transfers, and prioritise the development of local professionals in the sector.
“This is something that’s important to me and that CIC is known for. CIC places tremendous emphasis on training and developing its people. That’s a big part of how they’ve driven innovation to provide quality service, at an affordable price and with a focus on the customer for the past 52 years. That will continue in Guyana.”
CIC Insurance Brokers Limited was the first indigenous insurance brokerage in Trinidad and Tobago. It was established in 1968 by a group of the leading local insurance professionals in Trinidad at the time. Today, CIC Insurance Brokers provides a plethora of risk management and insurance solutions to some of Trinidad’s largest economic sectors including the financial, real estate, aviation, marine, power and energy sectors. CIC Guyana will provide similar services in Guyana.
Managing Director, Mark Henderson, said he’s excited about this new joint venture. He believes that the breadth and uniqueness of CIC’s insurance services will serve Guyana well.
“We’ve provided services for employees and employers, individual professionals and businesses, local companies and international multinationals alike. New vistas of opportunity and growth are about to open in Guyana, and we believe we can help Guyana meet the insurance requirements that generally come with that type of growth and help Guyana’s entrepreneurs and companies better protect their investment. We’re excited about what we will achieve by marrying Ryan’s business experience and knowledge of the local economy with our industry expertise.”
Pereira is a third-generation Guyanese entrepreneur with decades of private sector experience in Guyana, the Caribbean and North America. Zarc Group of Companies, which he manages, already operates in the gold, oil and gas, real estate, and business development sectors. Pereira is also the architect of numerous partnerships with international companies, including that with Israeli oil and gas company, Ratio Oil, which successfully won an exploration license for the Kaieteur Block offshore Guyana.
When asked why the insurance sector and why now, Pereira said it was several factors.
“There is an increase in demand in the market, and our team has the business development experience and was confident that we could help to meet that demand. Guyana’s development trajectory calls for the creation of new businesses and services to meet the needs of the market. CIC and I saw an opportunity and we went after it. We are committed to playing our part in Guyana’s continuous development. We’ve completed construction of a multi-million-dollar facility that will be the home of CIC Insurance Brokers (Guyana) Inc., have already begun operations, and are looking forward to serving Guyana.”