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{{refimprove|date=April 2024}}
{{Infobox company
{{Infobox company
| name = Credendo
| company_name = Delcredere Ducroire
| 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 = Trade credit insurance, Financing, Bonding, Investment insurance, Financial guarantees, Risk participation, Reinsurance
| products = Insurance of import prefinancing, domestic trade credit insurance for projects of exporting companies, foreign direct investment insurance, insurance of contract guarantees (bonds), financial guarantees, direct financing for limited amounts as well as credit, surety and political risk reinsurance
| revenue =
| revenue =
| operating_income =
| operating_income =
| net_income =
| net_income =
| assets =
| assets =
| equity =
| equity =
| num_employees = 160 (Delcredere Ducroire), 423 (Credendo Group)
| num_employees = 530
| homepage = http://www.credendogroup.com
| homepage = {{URL|credendo.com/en}}
| subsid = Credimundi (Belgium, France, United Kingdom, Germany, Italy), KUPEG (Czech Republic and Slovakia), Garant AG (Austria, Switzerland), INGO-ONDD (Russia), Trade Credit (Belgium, United Kingdom, France, Germany, Italy, Grand-Duchy of Luxemburg, Netherlands, Spain)| 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.
'''Delcredere | Ducroire''' is the official Belgian export credit agency. Backed by the Belgian state. its mission is to promote international trade relations providing companies and banks medium-term and long-term trade credit insurance cover against political and commercial risks worldwide. The transactions insured mainly relate to capital goods and industrial projects, as well as contracted works and services.
As a member of the Credendo Group, Delcredere | Ducroire shares the same philosophy: being smarter about risk and closer to clients.


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.
== History and name ==


Credendo credit insurance activities can be separated into two parts.
In 1921, the Belgian Ministry of Economic Affairs sets up a Delcredere Committee to promote Belgian exports. The Delcredere Committee offers the Belgian exporters guarantees and coverage against non-payment of trade receivables for political reasons when they export to remote and risky markets. In 1939, the Delcredere Committee is transformed into an autonomous public financial body with a state guarantee. As is customary in Belgium, the new public body is assigned a French and Dutch name: Office national du Ducroire | Nationale Delcrederedienst, Delcredere | Ducroire for short.


* 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).
Delcredere | Ducroire has a 27 billion euro insurance capacity. Itas 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+).<ref>[http://www.delcredereducroire.be/en/about-us/rating/]</ref>
* 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.


== Operations ==
== History and name ==

In addition to traditional export credit, Delcredere | Ducroire’s offer includes insurance of import prefinancing, domestic trade credit insurance for projects of exporting companies, foreign direct investment insurance, insurance of contract guarantees (bonds), financial guarantees, direct financing for limited amounts as well as credit, surety and political risk reinsurance. . To comply with EU competition rules, Delcredere | Ducroire along with other export credit agencies, needs to make a clear distinction between marketable and non-marketable risks when providing short-term risk coveragee. This leads to the creation of a private limited liability company: Credimundi. Credimundi has its headquarters in Brussels and branch offices in London, Paris, Wiesbaden and Milan and a subsidiary in Prague: KUPEG (which in turn has a branch office in Bratislava).

== The Credendo Group ==

By setting up its private limited liability company Credimundi in 2004, the mother company Delcredere | Ducroire starts building up a group of trade credit insurance.

The same year, Delcredere | Ducroire acquires a stake in Trade Credit, a Belgian private credit insurance company that specialises in excess of loss and top up cover.

In 2006, Delcredere | Ducroire takes the same step with Austrian single-risk insurer Garant, thereby giving the group its international dimension.

In 2007, subsidiary Credimundi acquires a stake in Czech credit insurer KUPEG, a subsidiary of EGAP. In 2009, Credimundi becomes majority shareholder.

The same year, Delcredere | Ducroire sets up Russian joint venture INGO-ONDD with Ingosstrakh. The company’s headquarters are in Moscow.

In 2013, the company is rebranded under the name Credendo Group, thereby emphasizing the internationalisation and extension of product lines common to the group’s different entities, including Delcredere | Ducroire.

==External links==
*[http://www.credendogroup.com/ Official Delcredere | Ducroire website]


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}}
===Subsidiaries===
* [http://www.credendogroup.com/ Credimundi]
* [http://www.garantinsurance.com Garant]
* [http://www.ingo-ondd.ru INGO-ONDD]
* [http://www.tcre.com/ Trade Credit]
* [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]]

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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