Belgian Export Credit Agency
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| Company type | Credit Insurance Group |
|---|---|
| Industry | Insurance |
| Founded | 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 |
| Headquarters | Brussels, Belgium |
Key people | Dirk Terweduwe (CEO), Frank Vanwingh (Deputy CEO), Nabil Jijakli (Deputy CEO) |
| Products | Trade credit insurance, Financing, Bonding, Investment insurance, Financial guarantees, Risk participation, Reinsurance |
Number of employees | 530 |
| 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+
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.