Belgian Export Credit Agency: Difference between revisions
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Credendo is a European credit insurance group present throughout the European continent, headquartered in Brussels and located in 14 countries. Its mission is to support trade relations. It provides customised solutions 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. |
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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. |
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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, benefiting from a large autonomy. Since the rebranding process of January 2017, the parent and all subsidiaries share the same name: Credendo. |
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Credendo is active in all segments of the credit insurance business, offering a range of products that covers the risks around the globe. |
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We can separate the Credendo credit insurance activities into '''two parts'''. |
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* On the one hand there are the 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). |
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* On the other hand there are the 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. |
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== History and name == |
== History and name == |
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In 1921 |
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. |
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The last few years, Credendo has undergone significant changes and, above all, a remarkable international expansion, going from a traditional export credit insurance agency to an international player. Today, Credendo – Export Credit Agency heads a European credit insurance group that is present all over the continent and active in all segments of the credit insurance trade, providing a range of products that cover risks worldwide. |
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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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== Rating == |
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Credendo – Export Credit Agency has a Standard & Poor’s rating: long term: AA+; short term: A-1+ |
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== Operations == |
== Operations == |
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Revision as of 09:29, 22 July 2019
 | This article needs additional citations for verification. (November 2018) |
| Company type | Credit Insurance Group |
|---|---|
| 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 a European credit insurance group present throughout the European continent, headquartered in Brussels and located in 14 countries. Its mission is to support trade relations. It provides customised solutions 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, benefiting from a large autonomy. Since the rebranding process of January 2017, the parent and all subsidiaries share the same name: Credendo.
We can separate the Credendo credit insurance activities into two parts.
- On the one hand there are the 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).
- On the other hand there are the 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
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.
The last few years, Credendo has undergone significant changes and, above all, a remarkable international expansion, going from a traditional export credit insurance agency to an international player. Today, Credendo – Export Credit Agency heads a European credit insurance group that is present all over the continent and active in all segments of the credit insurance trade, providing a range of products that cover risks worldwide.
Rating
Credendo – Export Credit Agency has a Standard & Poor’s rating: long term: AA+; short term: A-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.