With the Guyana government indicating via its draft local content policy and legislation that it wants to see more locals being tapped for the provision of insurance services, one group is taking the necessary steps to grasp the opportunities that lie ahead.
Zarc Group of Companies which is led by Guyanese businessman, Ryan Pereira, disclosed over the weekend that it has formed a strategic alliance with Trinidad’s CIC Insurance Brokers Limited to establish CIC Insurance Brokers (Guyana) Limited. The company that is operated by the joint venture partners is poised to be a full-service insurance brokerage company offering services in general insurance, employee benefits and risk management.
OilNOW understands that the new company will be fuelled by more than half a century of experience from CIC Insurance Brokers which was the first indigenous insurance broker in Trinidad and Tobago in the oil and gas, financial, manufacturing, hospitality and retail sectors.
Combined with Zarc’s proven track record, and its knowledge and understanding of the local business environment, CIC Guyana is expected to be uniquely positioned to provide risk advisory and risk transfer through insurance products with the widest scope of cover at the most competitive prices together with claim advocacy to new and existing CIC clients.
The partnership is also expected to provide the Guyanese market with commercial insurance in the manufacturing, financial, hospitality and retail industries. Insurance for casualties and risk management will also be provided.
In an interview with OilNOW, Pereira who is a third-generation Guyanese entrepreneur with decades of private sector experience and interests in real estate, oil and gas, and mining, noted his satisfaction with the new venture as it represents a top-notch marriage between local and regional expertise. The businessman, who holds a participating interest in the highly prospective Kaieteur Block operated by ExxonMobil, was keen to note that the alliance will allow for Guyanese input to be central to the company’s operation.
His new partner, Managing Director, Mark Henderson, noted during the interview that he is pleased with the birth of the business while adding that it will certainly provide opportunities for growth in the local economy.
OilNOW understands that the construction of a multi-million dollar headquarters for CIC Insurance Brokers (Guyana) Inc., at Barima Avenue has been completed.
