Industry Insurance Founded 1921 | Headquarters Brussels, Belgium Number of employees 160 | |
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 Subsidiaries 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) Profiles | ||
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.
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Delcredere | Ducroire heads the Credendo Group, a group 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 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.
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+).
Operations
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.