Guyana’s ZARC Group expands operations into the insurance sector
ZARC Group of Companies, chaired by prominent Guyanese entrepreneur Ryan Pereira, has expanded its business ventures into the insurance industry. ZARC 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 offers risk advisory services, risk transfer via insurance products, and claims advocacy. Those products 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 also offers 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.
“It checks all of the boxes,” said Pereira. “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.”
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. “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 leading local insurance professionals and today provides risk management and insurance solutions to some of Trinidad’s largest economic sectors, including the financial, real estate, aviation, marine, power and energy sectors.
Managing Director Mark Henderson said: “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.”
“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,” Pereira added. “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.”
