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{{refimprove|date=April 2024}}

{{Infobox company
{{Infobox company
| name = Credendo
| company_name = ONDD
| company_logo =
| logo =
| type = Credit Insurance Group
| company_type =
| traded_as =
| traded_as =
| foundation = 1921 Delcredere Committee, 1939 Nationale Delcrederedienst - Office national du ducroire (ONDD)
| foundation = '''1921''' The parent company started its activities in Belgium '''1939''' Nationale Delcrederedienst {{!}} Office National du Ducroire (ONDD) becomes an autonomous public financial body with a state guarantee
| location = [[Brussels]], [[Belgium]]
| location = [[Brussels]], Belgium
| key_people = Dirk Terweduwe (CEO), Frank Vanwingh (Deputy CEO), Nabil Jijakli (Secretary General)
| key_people = Dirk Terweduwe (CEO), Frank Vanwingh (Deputy CEO), Nabil Jijakli (Deputy CEO)
| industry = [[Insurance]]
| industry = [[Insurance]]
| products = export credit insurance (medium- and long-term), direct foreign investments, financial guarantees, insurance of investments, suretyship, inward reinsurance
| products = Trade credit insurance, Financing, Bonding, Investment insurance, Financial guarantees, Risk participation, Reinsurance
| revenue =
| revenue =
| operating_income =
| operating_income =
| net_income =
| net_income =
| assets =
| assets =
| equity =
| equity =
| num_employees = 160 (ONDD), 380 (Group total)
| num_employees = 530
| homepage = [http://www.ondd.be ONDD.be]
| homepage = {{URL|credendo.com/en}}
| subsid = Ducroire | Delcredere SA.NV (Belgium, France, United Kingdom, Germany), KUPEG (Czech Republic), Garant AG (Austria, Switzerland), INGO-ONDD (Russia), TCRe (Belgium)
| intl = yes
}}
}}


Credendo is a European credit insurance group<ref>{{cite web | url=https://www.tradefinanceglobal.com/export-finance/export-credit-agencies-eca/credendo-belgium-eca/ | title=Credendo &#124; Export Credit Agency (ECA) in Belgium }}</ref> present throughout the European continent, headquartered in Brussels and located in 15 countries. It provides customised options for insurance, reinsurance, guarantees, surety and financing related to domestic and international trade transactions or investments abroad. It protects companies, banks and insurance undertakings against credit and political risks or facilitates the financing of such transactions.
ONDD, short for '''Office national du ducroire | Nationale Delcrederedienst''', is the Belgian [[Export_Credit_Agency|export credit agency]]. It was set up as a permanent autonomous public body in 1939 by the [[Belgian_government|Belgian government]] after it had been part of the Ministry of Economic Affairs as the Delcredere Committee since the early [[1920s]]. From the outset, ONDD’s main objective has been to support Belgian exporting companies yet its scope of business has broadened in the mean time. It has a 30 billion euro insurance capacity.


Credendo is 100% owned by the Belgian state. The parent company's official name is Delcredere | Ducroire, but the commonly used brand name is Credendo – Export Credit Agency. It has the status of a public institution. Since the rebranding process of January 2017, the parent and all subsidiaries share the same name: Credendo.
ONDD was given its first-ever rating by [[Standard & Poor’s]] in 2007, receiving the second best long-term rating (AA+) and the best short-term rating (A-1+).


Credendo credit insurance activities can be separated into two parts.
== Operations ==


* Operations with guarantee from the Belgian state (public credit insurance) to support Belgian exports. For this type of insurance, the transactions covered have to contain a Belgian interest. This part of the activities belongs to Credendo – Export Credit Agency, which acts as a traditional Export Credit Agency (ECA). It's established in Brussels (Belgium).
Since the [[1920s]] and [[1930s]], ONDD has extended its range of products and services by no longer just offering export credit insurance but financial guarantees and direct financing for smaller receivables as well. To comply with EU competition rules,<ref>[http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:329:0006:0006:EN:PDF Communication of the Commission]</ref> ONDD, along with other export credit agencies, needed to make a clear distinction between marketable and non-marketable risks when providing export credit insurance. This led to the creation in 2004 of Ducroire | Delcredere SA.NV, a private limited liability company under Belgian law that was to offer cover for short-term credit risks, i.e. with a maximum risk period of two years. The private credit insurer has its headquarters in Brussels and has three branch offices, in London (United Kingdom), Paris (France) and Wiesbaden (Germany) and a subsidiary in Prague: KUPEG.
* Transactions covered without guarantee from the Belgian state (private credit insurance). The most common product is the whole turnover credit insurance policy, besides surety. There are subsidiaries and branches all over Europe.


== History and name ==
ONDD is also known for its country risk classification, which is available on its official website.<ref>[http://www.ondd.be/webondd/Website.nsf/TRiskEn/?OpenView&StartKey=A&Count=300&ExpandView Country risks summary table]</ref>


Credendo is one of the oldest credit insurance companies. In 1921 the Belgian Ministry of Economic Affairs set up a Delcredere Committee to promote Belgian exports. In 1935 the committee is separated from the Ministry and becomes the Belgian Export Credit Agency ‘Office National du Ducroire | Nationale Delcrederedienst’ (ONDD). In 1939 a complete reorganisation takes place: the agency is transformed into an autonomous public financial body with a state guarantee. Up till now, export credit agency services remain the group's core activity.{{citation needed|date=October 2019}}
== ONDD Group timeline ==

The creation of Ducroire | Delcredere SA.NV in 2004 was the first step to build an international credit insurance group with ONDD as the parent company.<ref>[http://www.ondd.be/WebONDD/WebSite.nsf/weben/Who+are+we_Acquisition+of+shareholding?Open Document ONDD Group structure]</ref>

2004: ONDD acquires a stake in TCRe, a Belgian company specialized in excess-of-loss credit insurance.

2006: ONDD acquires a stake in Austrian single-risk insurer Garant AG.

2007: The Ducroire | Delcredere SA.NV subsidiary acquires a stake in Czech credit insurer KUPEG.

2009: Ducroire | Delcredere SA.NV increases its stake in KUPEG.

::ONDD enters into a joint venture with Russian insurer Ingosstrakh under the name INGO-ONDD.

==External links==
*[http://www.ondd.be Official ONDD website]

===Subsidiaries===
*[http://www.ducroiredelcredere.eu/ Ducroire | Delcredere SA.NV]
*[http://www.garantinsurance.com Garant]
*[http://www.ingo-ondd.ru INGO-ONDD]
*[http://www.tc-re.com TCRe]
*[http://www.kupeg.cz KUPEG]


== References ==
== References ==
{{Reflist}}
{{Reflist}}
{{ICISA members}}
{{authority control}}


[[Category:Belgian federal departments and agencies]]
[[Category:Federal departments and agencies of Belgium]]
[[Category:Export credit agencies]]
[[Category:Export credit agencies]]

[[fr:Office national du ducroire]]
[[nl:Nationale Delcrederedienst]]

Latest revision as of 01:07, 3 December 2024

Credendo
Company typeCredit Insurance Group
IndustryInsurance
Founded1921 The parent company started its activities in Belgium 1939 Nationale Delcrederedienst | Office National du Ducroire (ONDD) becomes an autonomous public financial body with a state guarantee
HeadquartersBrussels, Belgium
Key people
Dirk Terweduwe (CEO), Frank Vanwingh (Deputy CEO), Nabil Jijakli (Deputy CEO)
ProductsTrade credit insurance, Financing, Bonding, Investment insurance, Financial guarantees, Risk participation, Reinsurance
Number of employees
530
Websitecredendo.com/en

Credendo is a European credit insurance group[1] present throughout the European continent, headquartered in Brussels and located in 15 countries. It provides customised options for insurance, reinsurance, guarantees, surety and financing related to domestic and international trade transactions or investments abroad. It protects companies, banks and insurance undertakings against credit and political risks or facilitates the financing of such transactions.

Credendo is 100% owned by the Belgian state. The parent company's official name is Delcredere | Ducroire, but the commonly used brand name is Credendo – Export Credit Agency. It has the status of a public institution. Since the rebranding process of January 2017, the parent and all subsidiaries share the same name: Credendo.

Credendo credit insurance activities can be separated into two parts.

  • Operations with guarantee from the Belgian state (public credit insurance) to support Belgian exports. For this type of insurance, the transactions covered have to contain a Belgian interest. This part of the activities belongs to Credendo – Export Credit Agency, which acts as a traditional Export Credit Agency (ECA). It's established in Brussels (Belgium).
  • Transactions covered without guarantee from the Belgian state (private credit insurance). The most common product is the whole turnover credit insurance policy, besides surety. There are subsidiaries and branches all over Europe.

History and name

[edit]

Credendo is one of the oldest credit insurance companies. In 1921 the Belgian Ministry of Economic Affairs set up a Delcredere Committee to promote Belgian exports. In 1935 the committee is separated from the Ministry and becomes the Belgian Export Credit Agency ‘Office National du Ducroire | Nationale Delcrederedienst’ (ONDD). In 1939 a complete reorganisation takes place: the agency is transformed into an autonomous public financial body with a state guarantee. Up till now, export credit agency services remain the group's core activity.[citation needed]

References

[edit]
  1. ^ "Credendo | Export Credit Agency (ECA) in Belgium".
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