About us

Who are we?

Credendo is a European credit insurance group that is present all over the continent and active in all segments of trade credit and political risk insurance, providing a range of products that cover risks worldwide.

Vision

We are the first-choice business partner to protect against the risks of trade and investments in the real economy and to facilitate the financing of such transactions.

Mission

Our mission is to support trade relations. We provide customised solutions of insurance, reinsurance, guarantees, bonding and financing related to domestic and international trade transactions or investments abroad. We protect companies, banks and insurance undertakings against credit and political risks, and facilitate the financing of such transactions.

Turning uncertainties into opportunities.

History of Credendo Group

1921 The Belgian Ministry of Economic Affairs sets up a Delcredere Committee to guarantee Belgian export transactions.
1939 The Delcredere Committee is transformed into an autonomous public financial body with a state guarantee. It is renamed Nationale Delcrederedienst | Office national du ducroire, known today as Credendo Export Credit Agency.
1949 Credendo Export Credit Agency is authorised to cover imports and services.
1956 Insurance cover is extended to commercial risk.
1962 Credendo – Export Credit Agency is authorised to contribute to financing the operations it insures.
1964 It becomes possible to insure certain deals directly for the Belgian state.
1970 Coverage is extended to include political risks related to Belgian direct investments abroad.
1991 The business scope is expanded to cover international economic relations in a broader sense.
1996 Market-facing activity is launched, allowing Credendo – Export Credit Agency to cover risks that represent only a minor Belgian interest. The pricing is in line with market conditions.
2004

Credendo – Export Credit Agency sets up a private limited liability company, Credendo – Short-Term Non-EU Risks (formerly known as Credimundi), to guarantee the continuity of its services to European businesses. This company insures the political and commercial risks of current trade transactions.

Credendo – Export Credit Agency acquires a 26% stake in Credendo – Excess & Surety (formerly known as Trade Credit), a Belgian private credit insurance company that specialises in excess of loss and top up cover.

2005 Forfaiting products are launched. Credendo – Export Credit Agency buys exporters’ accounts receivable due by their foreign buyers and provides funding.
2006

Credendo – Export Credit Agency acquires a 50% stake in Austrian single-risk insurer Credendo - Single Risk (formerly known as Garant) along with leading Russian insurer Ingosstrakh.

Credendo – Export Credit Agency launches its financial guarantee products for bank loans.

Credendo – Short-Term Non-EU Risks opens a branch in the United Kingdom.

2007

Credendo – Export Credit Agency obtains its first-ever rating from Standard & Poor’s.

Credendo – Short-Term Non-EU Risks acquires a 33% stake in Credendo – Short-Term EU Risks (formerly known as KUPEG), the market leader in the short-term credit insurance in Czech Republic.

2008 Credendo – Short-Term Non-EU Risks opens a branch in France.
2009

Credendo – Export Credit Agency sets up Russian joint venture Credendo – Ingosstrakh Credit Insurance (formerly known as INGO-ONDD) with Ingosstrakh. Credendo – Ingosstrakh Credit Insurance specialises in covering credit risks related to domestic and international transactions on the Russian and CIS market.

Credendo – Short-Term Non-EU Risks increases its stake in Credendo – Short-Term EU Risks from 33% to 67%.

Credendo – Short-Term Non-EU Risks opens a branch in Germany.

2010

Credendo – Export Credit Agency increases its stake in Credendo – Ingosstrakh Credit Insurance to 67%.

Credendo – Export Credit Agency increases its stake in Credendo – Single Risk from 50 to 83%.

2011 Credendo – Single Risk obtains its first-ever rating from A.M. Best.
2012

Credendo – Export Credit Agency increases its stake in Credendo – Excess & Surety from 26% to 55%.

Credendo – Single Risk obtains its first-ever rating from Fitch.

2013

Credendo – Export Credit Agency increases its stake in Credendo – Single Risk from 83 to 96%.

Credendo – Short-Term Non-EU Risks opens a branch in Italy.

Consolidation continues as Credendo Group, more powerfully articulating the shared values, approach and strength of its companies.

2015

Credendo – Export Credit Agency becomes sole shareholder in Credendo – Excess & Surety.

Credendo – Short-Term EU Risks opens a branch in Poland.

2016 Credendo – Export Credit Agency becomes sole shareholder in Credendo – Short-Term EU Risks.
2017

New step in the group consolidation: each entity integrates Credendo in its name.

Governance

Credendo consists of the Credendo – Export Credit Agency and its subsidiaries. Its corporate governance structure is made of different bodies:

Board of Directors

Vincent REUTER

Chairman

Michel DELBAERE

Vice-Chairman

Ludivine HALBRECQ

Member, representative of the Minister of Finance

Pieter-Jan VAN STEENKISTE

Substitute member

Thierry DENUIT

Member, representative of the Minister for Foreign Affairs

Xavier DE CUYPER

Substitute member

Henk MAHIEU

Member, representative of the Minister for Economy

Ivan VAN dEN BERGH

Substitute member

Els HAELTERMAN

Member, representative of the Minister for Development Cooperation

Yves DRICOT

Substitute member

Claire TILLEKAERTS

Member, representative of the Flemish regional government

Thomas FIERS

Substitute member

Georges STIENLET

Member, representative of the Flemish regional government

Annemarie VAN de WALLE

Substitute member

Jean-Jacques WESTHOF

Member, representative of the Walloon regional government

Jean-Jacques GABRIEL

Substitute member

Pascale DELCOMMINETTE

Member, representative of the Walloon regional government

Francis MULLERS

Substitute member

Katrien VAN KRIEKINGE

Member, representative of the Government of the Brussels-Capital Region

Frederic CONVENT

Substitute member

Frédéric LONCOUR

Member, representative of the Government of the Brussels-Capital Region

Christopher KASHALE ILUNGA

Substitute member

Executive Committee

Dirk TERWEDUWE

Chief Executive Officer and Chairman of the Executive Committee

Frank VANWINGH

Deputy Chief Executive Officer and Vice-Chairman of the Executive Committee

Nabil JIJAKLI

Deputy Chief Executive Officer and Member of the Executive Committee

Group Coordination Committee

Dirk TERWEDUWE

Group CEO and Chairman of the Group Coordination Committee

Frank VANWINGH

Group Deputy CEO and Vice-Chairman of the Group Coordination Committee

Nabil JIJAKLI

Group Deputy CEO and spokesperson of the Group

Paul BALTHASART

Group Chief Reinsurance Officer

Thibaut DE HAENE

Group Chief Legal Officer

Marina HAUTMAN

Group Chief Human Resources Officer

Ronny MATTON

Group Chief Financial Officer

Hans SLOCK

Group Chief Risk Officer

Lode VERMEERSCH

Group Chief Information Officer

Alexey BEZDENEZHNYKH

General Manager Credendo – Ingosstrakh Credit Insurance

Michael FRANK

General Manager Credendo – Single Risk

Eckhard HORST

General Manager Credendo – Excess & Surety

Dominique MEESSEN

Head of Underwriting and Account Management Credendo – Export Credit Agency

Stefaan VAN BOXSTAEL

General Manager Credendo – Short Term Non EU Risks

Michal VESELÝ

General Manager Credendo – Short Term EU Risks

Positioning

As an insurance provider we know about risk in different forms. Due diligence comes as standard, but we go further. Here’s our approach.

Customer intimacy

Customer satisfaction is at the core of our values. We listen, we propose bespoke solutions, we are approachable, we explain our decisions and we deliver first-class service. Our people come up with smart solutions in response to specific business needs or complex risk environments.

You get bespoke solutions.

Respect

We show respect for our customers, our staff, our shareholders and all other stakeholders as well as for society and the environment. We act forcefully against any discrimination. We treat everyone fairly and honestly. We always try to do the right thing and apply high standards of ethical behaviour.

You can trust us.

Reliability

We aim for best-in-class expertise of our businesses and risks. We strive for operational efficiency that underpins customer intimacy. We have a long-term view on our activities – we look through the cycle and aim for sustainable financial results.

You can count on us.

 

Key figures

Activities and results over the past three years:
EUR 79,782.2 million value of transactions insured
EUR 370.4 million insurance premium revenue

In million EUR

2016

2015

2014

Value of transactions insured during the financial year (1)

79,782.2

83,694.0

95,082.6

Total potential exposure

57,125.5

61,779.5

61,639.4

Insurance premium revenue (1)

370.4

383.4 (2)

371.3

Insurance claims and loss adjustment expenses (1)

391.3

345.0 (2)

73.3

Total profit/(loss)

20.5

8.9

352.6

Total comprehensive income

22.0

7.2

343.5

Total equity

2,391.5

2,375.7

2,368.4

Staff

496

486

455

Ratios (in %)

 

 

 

Net loss ratio (3)

112.48%

97.84%

0.76%

Net cost ratio (4)

28.81%

24.21%

24.01%

(1) before cession to reinsurers
(2) foreign-exchange gains and losses related to premium provisions impacting net insurance premium revenue have been reclassified from ‘Net insurance claims and loss adjustment expenses’ to ‘Net insurance premium revenue’ as from 2016. Comparative figures for 2015 have been restated.The presentation now better reflects the economic reality of Credendo.
(3) net insurance claims and loss adjustment expenses / net insurance premium revenue
(4) (operating expenses, excluding operational foreign exchanges, minus other operating income) / net insurance premium revenue

Annual Reports

In spite of the sluggish global economy, Credendo managed to end the year with a consolidated profit of 20.5 million euros

  • Country assessment: more downgrades than upgrades;
  • Last year Credendo collected premiums with a value of 370 million euros;
  • The group’s balance sheet total exceeded 4 billion euros for the first time;
  • Credendo is focusing on delivering a high level of customer service with the help of a new group structure and website and the Get Ready action plan.

Country risks: upgrades and downgrades

The last few years have been challenging for the global economy and 2016 proved to be no exception. This is also reflected in Credendo’s figures: 25 downgrades and only 5 upgrades were issued for medium-term political risks. Low commodity prices in particular weighed heavily on countries that export such products, especially if their revenue sources were not particularly well diversified, as is the case for the majority of oil-producing nations. For commodity importers, such as India and Morocco, these low prices came as a boon. Their current accounts improved and they were able to reduce oil subsidies, which also led to an improvement in their public finances.

After a poor 2015, last year Credendo identified greater opportunities in the area of short-term risks, issuing 26 upgrades and just 15 downgrades. The situation improved in virtually all regions, with the exception of the Middle East and North Africa.

Increasing debt in emerging economies, Brexit, the election of the new President of the United States and terrorism in Turkey and Sub-Saharan Africa caused a good deal of concern on the markets. However, there is also good news to report: Asia once again proved to be the most robust region, with Myanmar in particular catching the eye. This country received an upgrade from Credendo for the first time, thanks to its democratically elected government and the reforms that are under way.

For 2017 the economic and political situation remains uncertain, as the consequences of a number of political shocks, including Brexit and the election of President Trump in the United States, are yet to emerge. The rise in interest rates, which looks set to continue, and the conflict in the Middle East are also causes of concern. On the other hand, commodity prices are gradually starting to recover and China is expecting growth of 7%.

Credendo’s results

“In 2016 exporters once again had to negotiate extremely choppy waters and that is partially reflected in our figures”, says Dirk Terweduwe, Group Chief Executive Officer. “In spite of an increase in the number of claims files, Credendo managed to end the year with a consolidated profit of 20.5 million euros, more than 11 million euros up on the previous year”, he continues. “Credendo is keen to prove itself a reliable export partner, not only by taking on more staff to ensure a personal approach, but also by paying out claims in difficult economic and political situations.”

Key figures for 2016:

  • In spite of a negative technical result and an increase in the number of claims files, Credendo ended the year with a consolidated profit of 20.5 million euros;
  • The group insured transactions with a value of 80 billion euros, a slight decline of 4 billion euros on 2015;
  • Last year Credendo collected premiums with a value of 370 million euros;
  • Equity rose by 16 million euros to 2.392 billion euros and the group has no debt;
  • The group’s balance sheet total exceeded the 4 billion euros mark for the first time.

Focus on a high level of customer service

The Credendo brand name was introduced by the first rebranding campaign in November 2013, when the text ‘Member of the Credendo Group’ was added to the historical names of all entities of the group. Since 1 January 2017 all entities have been operating under one name: Credendo. This means that in future the various entities will be distinguished only on the basis of their activities. The move away from these historical names has therefore resulted in a new group structure:

A new website should also underline this strong group identity: 10 different websites are being replaced with a single online presence: www.credendo.com. As the group’s focus is on delivering a high level of customer service, the new website is based around a product wizard, to ensure customers are guided directly to the right product. The Get Ready action plan has also been launched within this context. This plan will cover a three-year period (from 2016 to 2018) and is crucial to the group’s further development. Dirk Terweduwe explains: “The plan focuses on four pillars: firstly, we are and will remain active in the areas of credit and political-risk insurance. Secondly, following on from this, we have launched a new product onto the market: Credendo Buyer Credit. Thirdly, we are keen to strengthen our geographical presence and are placing a strong emphasis on new IT systems, which will be extremely important to help us improve our operational excellence. Fourthly, we have drawn up specific action plans for each entity and department and have made performance more easily measurable by working on the basis of targets. The next few years therefore promise to be extremely challenging and exciting, but all these steps are needed if we are to take our customer service to the very highest level.”

Documentation

Annual Report, 2016
Download
Credendo Leaflet
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Annual Report, 2015
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Annual report, 2014
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Annual report, 2013
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