Belgian Export Credit Agency: Difference between revisions
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{{Infobox company |
{{Infobox company |
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| name = Credendo |
| name = Credendo |
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== History and name == |
== History and name == |
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In 1921, the Belgian Ministry of Economic Affairs |
In 1921, the Belgian Ministry of Economic Affairs set up a Delcredere Committee to promote Belgian exports. The Delcredere Committee offered the Belgian exporters guarantees and coverage against non-payment of trade receivables for political reasons when exporting to remote and risky markets. In 1939, the Delcredere Committee was transformed into an autonomous public financial body with a state guarantee. As is customary in Belgium, the new public body was assigned a French and Dutch name: Office national du Ducroire | Nationale Delcrederedienst, Delcredere | Ducroire for short. |
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Credendo has a 27 billion euro insurance capacity. |
Credendo has a 27 billion euro insurance capacity. It 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+).<ref>[http://www.delcredereducroire.be/en/about-us/rating/]</ref> |
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<ref>[http://www.delcredereducroire.be/en/about-us/rating/]</ref> |
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== Operations == |
== Operations == |
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In addition to traditional export credit, Credendo'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. |
In addition to traditional export credit, Credendo'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. |
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To comply with EU competition rules, Delcredere | Ducroire, along with other export credit agencies, needed to make a clear distinction between marketable and non-marketable risks when providing short-term risk coverage. This led to the creation of a private limited liability company: Credimundi. |
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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). |
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== Credendo Group == |
== Credendo Group == |
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By setting up its private limited liability company Credimundi in 2004, the mother company Delcredere | Ducroire |
By setting up its private limited liability company Credimundi in 2004, the mother company Delcredere | Ducroire started building up a group of trade credit insurance. |
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The same year, Delcredere | Ducroire |
The same year, Delcredere | Ducroire acquired a stake in Trade Credit, a Belgian private credit insurance company that specialised in excess of loss and top up cover. |
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In 2006, Delcredere | Ducroire |
In 2006, Delcredere | Ducroire took the same step with Austrian single-risk insurer Garant, thereby giving the group its international dimension. |
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In 2007, subsidiary Credimundi |
In 2007, subsidiary Credimundi acquired a stake in Czech credit insurer KUPEG, a subsidiary of EGAP. In 2009, Credimundi became majority shareholder. |
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The same year, Delcredere | Ducroire |
The same year, Delcredere | Ducroire set up Russian joint venture INGO-ONDD with Ingosstrakh. The company’s headquarters were in Moscow. |
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In 2013, the company |
In 2013, the company was 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. |
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In 2017, the company unified |
In 2017, the company unified its name, integrating Credendo in each entity's name. |
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==External links== |
==External links== |
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Revision as of 14:38, 7 November 2018
 | This article needs additional citations for verification. (November 2018) |
| Company type | Credit Insurance Group |
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| Industry | Insurance |
| Founded | 1921 Delcredere Committee, 1939 Nationale Delcrederedienst - Office national du ducroire (ONDD) |
| Headquarters | Brussels, Belgium |
Key people | Dirk Terweduwe (CEO), Frank Vanwingh (Deputy CEO), Nabil Jijakli (Deputy CEO) |
| 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 |
Number of employees | 499 |
| Subsidiaries | Credendo - Short-Term Non-EU Risks (Belgium, France, United Kingdom, Germany, Italy), Credendo - Short-Term EU Risks (Czech Republic, Poland and Slovakia), Credendo Single Risk (Austria, Switzerland), Credendo - Ingosstrakh Credit Insurance (Russia), Credendo - Excess & Surety (Belgium, United Kingdom, France, Germany, Italy, Grand-Duchy of Luxemburg, Netherlands, Spain) |
| Website | http://www.credendo.com |
Credendo 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.
Credendo is active in all segments of the credit insurance business, offering a range of products that covers the risks around the globe.
History and name
In 1921, the Belgian Ministry of Economic Affairs set up a Delcredere Committee to promote Belgian exports. The Delcredere Committee offered the Belgian exporters guarantees and coverage against non-payment of trade receivables for political reasons when exporting to remote and risky markets. In 1939, the Delcredere Committee was transformed into an autonomous public financial body with a state guarantee. As is customary in Belgium, the new public body was assigned a French and Dutch name: Office national du Ducroire | Nationale Delcrederedienst, Delcredere | Ducroire for short.
Credendo has a 27 billion euro insurance capacity. It 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+).[1]
Operations
In addition to traditional export credit, Credendo'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, needed to make a clear distinction between marketable and non-marketable risks when providing short-term risk coverage. This led 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).
Credendo Group
By setting up its private limited liability company Credimundi in 2004, the mother company Delcredere | Ducroire started building up a group of trade credit insurance.
The same year, Delcredere | Ducroire acquired a stake in Trade Credit, a Belgian private credit insurance company that specialised in excess of loss and top up cover.
In 2006, Delcredere | Ducroire took the same step with Austrian single-risk insurer Garant, thereby giving the group its international dimension.
In 2007, subsidiary Credimundi acquired a stake in Czech credit insurer KUPEG, a subsidiary of EGAP. In 2009, Credimundi became majority shareholder.
The same year, Delcredere | Ducroire set up Russian joint venture INGO-ONDD with Ingosstrakh. The company’s headquarters were in Moscow.
In 2013, the company was 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.
In 2017, the company unified its name, integrating Credendo in each entity's name.