Belgian Export Credit Agency: Difference between revisions

Credendo
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

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Revision as of 09:58, 22 July 2019

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+

Governance

Credendo applies the philosophy of modern Corporate Governance.

Former and actual presidents of the Board:

2010-2017: Vincent Reuter
1989-2009: Jean-Pierre Pauwels, Director of the National Bank of Belgium
1982-1989: Oswald Adriaensen, Member of the Commission for banking and financing
1975-1982: baron Jean Godeaux, President of the Commission for banking and financing
1941-1975: baron Eugène de Barsy, President of the Commission for banking and financing
1939-1941: Albert Goffin, Director of the National Bank of Belgium

Operations

Credendo gives direct access to a whole suite of credit insurance solutions: from tailor-made risk cover to easier access to trade financing.

Credendo – Export Credit Agency (parent)

Belgian export credit agency services: promoting Belgian exports, imports and investments abroad with medium- and long-term trade credit and political risk insurance, financial guarantees and direct financing.

Stimulating global trade: offering capacity to international banks engaged in medium- and long-term trade finance or investment operations and providing reinsurance for trade credit and surety.

Office: Belgium

Credendo – Short-Term EU Risks & Credendo – Short-Term Non-EU Risks

Whole turnover short-term credit insurance: providing flexible insurance policies with approved credit limits and a risk period of less than 2 years, worldwide, even in complex risk environments.

Offices: Belgium, Czech Republic, France, Germany, Italy, Poland, Slovakia, United Kingdom

Credendo – Ingosstrakh Credit Insurance

Whole turnover short-term credit insurance: as Credendo – Short-Term EU Risks and Credendo – Short-Term Non-EU Risks, but specialising in services for companies in Russia or the CIS countries.

Office: Russia

Credendo – Single Risk

Single-risk cover: covering your single contract or single buyer risks up to 7 years in more than 160 countries.

Offices: Austria, Switzerland

Credendo – Excess & Surety

- Excess of loss: covering exceptional and unforeseeable risks involving your turnover receivables that could endanger your financial health.

- Top-up cover: adding capacity to the credit limits of a short-term trade credit insurance policy.

- Surety: issuing contractual and legal bonds.

Offices: Belgium, France, Germany, Italy, Luxemburg, Netherlands, Poland, Spain

Expertise

As an ECA, Credendo has acquired a long experience in analysing political and commercial risks, especially regarding risks located in emerging countries (outside the OECD). Its expertise in analysing country risk is well-known, and its country rating model served as basis for the OECD country rating model that is used by ECAs all over the world.

Credendo’s country risk assessments are available on the website and in the smartphone application.

External links

Official website

References

@@ Line 39: / Line 39: @@
 Credendo – Export Credit Agency has a Standard & Poor’s rating: long term: AA+; short term: A-1+
 <br />
+== Governance ==
+Credendo applies the philosophy of modern Corporate Governance.
+<u>Former and actual presidents of the Board:</u>
+* 2010-2017: '''Vincent Reuter'''
+* 1989-2009: '''Jean-Pierre Pauwels''', Director of the National Bank of Belgium
+* 1982-1989: '''Oswald Adriaensen''', Member of the Commission for banking and financing
+* 1975-1982: '''baron Jean Godeaux''', President of the Commission for banking and financing
+* 1941-1975: '''baron Eugène de Barsy''', President of the Commission for banking and financing
+* 1939-1941: '''Albert Goffin''', Director of the National Bank of Belgium
 == Operations ==
+Credendo gives direct access to a whole suite of credit insurance solutions: from tailor-made risk cover to easier access to trade financing.
-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.
+* '''Credendo – Export Credit Agency (parent)'''
+Belgian export credit agency services: promoting Belgian exports, imports and investments abroad with medium- and long-term trade credit and political risk insurance, financial guarantees and direct financing.
+Stimulating global trade: offering capacity to international banks engaged in medium- and long-term trade finance or investment operations and providing reinsurance for trade credit and surety.
+Office: Belgium
+* '''Credendo – Short-Term EU Risks & Credendo – Short-Term Non-EU Risks'''
+Whole turnover short-term credit insurance: providing flexible insurance policies with approved credit limits and a risk period of less than 2 years, worldwide, even in complex risk environments.
+Offices: Belgium, Czech Republic, France, Germany, Italy, Poland, Slovakia, United Kingdom
+* '''Credendo – Ingosstrakh Credit Insurance'''
+Whole turnover short-term credit insurance: as Credendo – Short-Term EU Risks and Credendo – Short-Term Non-EU Risks, but specialising in services for companies in Russia or the CIS countries.
+Office: Russia
+* '''Credendo – Single Risk'''
-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.
+Single-risk cover: covering your single contract or single buyer risks up to 7 years in more than 160 countries.
-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).
+Offices: Austria, Switzerland
-== Credendo Group ==
+* '''Credendo – Excess & Surety'''
-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.
+- Excess of loss: covering exceptional and unforeseeable risks involving your turnover receivables that could endanger your financial health.
-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.
+- Top-up cover: adding capacity to the credit limits of a short-term trade credit insurance policy.
-In 2006, Delcredere | Ducroire took the same step with Austrian single-risk insurer Garant, thereby giving the group its international dimension.
+- Surety: issuing contractual and legal bonds.
-In 2007, subsidiary Credimundi acquired a stake in Czech credit insurer KUPEG, a subsidiary of EGAP. In 2009, Credimundi became majority shareholder.
+Offices: Belgium, France, Germany, Italy, Luxemburg, Netherlands, Poland, Spain
-The same year, Delcredere | Ducroire set up Russian joint venture INGO-ONDD with Ingosstrakh. The company’s headquarters were in Moscow.
+== Expertise ==
-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.
+As an ECA, Credendo has acquired a long experience in analysing political and commercial risks, especially regarding risks located in emerging countries (outside the OECD). Its expertise in analysing country risk is well-known, and its country rating model served as basis for the OECD country rating model that is used by ECAs all over the world.
+Credendo’s country risk assessments are available on the website and in the smartphone application.
-In 2017, the company unified its name, integrating Credendo in each entity's name.
 ==External links==