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 the credit insurance trade, 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 83,694.0 million value of transactions insured
EUR 389.6 million insurance premium revenue

In million EUR

2013

2014

2015

Value of transactions insured during the financial year (1) (2)

82,370.0

95,082.6

83,694.0

Total potential exposure (2)

63,291.2

61,639.4

61,779.5

Insurance premium revenue (1)

365.6

371.3

389.6

Insurance claims and loss adjustment expenses (1)

170.7

73.3

351.3

Total profit/(loss)

254.9

352.6

8.9

Total comprehensive income

163.2

343.5

7.2

Total equity

2,036.7

2,368.4

2,375.7

Staff

442

455

487

Ratios (in %)

 

 

 

Net loss ratio (3)

39.42%

0.76%

97.88%

Net cost ratio (4)

22.20%

24.01%

23.73%

(1) before cession to reinsurers
(2) including excess-of-loss transactions
(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

Credendo Group publishes annual report and posts 5% increase in turnover in 2015

  • In spite of the challenging economic environment in most emerging markets, Credendo Group posted a profit of 9 million euros
  • Last year Credendo collected premiums with a value of 390 million euros, up 5% on 2014
  • Financial solidity in spite of a difficult economic climate
  • Expansion and adaptation of the product range and services for SMEs

Macroeconomic situation

2015 proved to be another challenging year for world trade. Emerging markets were hit the hardest. Accordingly, Credendo Group issued 37 country risk downgrades for short-term risks and just 8 upgrades. Unsurprisingly, most of these downgrades concerned countries that generate a large proportion of their revenues from commodity exports, mainly in Sub-Saharan Africa, the Commonwealth of Independent States, Latin America and the Near and Middle East. The economic situation was overshadowed in Europe by the conflict between Ukraine and Russia and plummeting oil prices, in the Middle East by the civil wars in Syria and Iraq and the advance of Islamic State, in Asia by territorial tensions with China, and in Africa by security problems caused by jihadist movements.

In spite of the political risks, there are still considerable opportunities for exporters in Asia and Africa. This conclusion also emerged from the Trade Forum that Credendo organised for the first time in 2015: Asia is expected to achieve 6% growth in 2016 thanks to the performance of countries such as Vietnam, Myanmar, Cambodia, Laos and the Philippines. In Africa two main groups can be distinguished. On the one hand, there are the oil- and mineral-exporting nations, such as Angola, Nigeria and South Africa, which have suffered from declining commodity prices and the resulting dramatic drop in export earnings and government revenue. On the other, there are the oil-importing nations, such as Tanzania, Kenya and Senegal, which have been able to benefit from the low oil prices, partly thanks to the wider range of products that they export. Côte d’Ivoire is expected to top the class as a result of its robust policy and the strong revenues it generates from cocoa exports.

Credendo Group’s results

‘In spite of the challenging economic and political environment surrounding emerging markets, and consequently the increase in the number of claims files, Credendo managed to end the year with a consolidated profit of 9 million euros’, says Dirk Terweduwe, Group Chief Executive Officer. ‘The rise in the number of premiums collected (5% more than last year) also demonstrates that Credendo is a reliable export partner and one that gives a personal approach preference over a general cessation of cover. To safeguard this personal approach in the future, Credendo took on 32 additional employees in 2015.’

Key figures for 2015:

  • Insured sums fell by 11 billion euros, from 95 billion euros in 2014 to 84 billion euros last year, reflecting weaker global trade
  • In 2015 Credendo Group collected premiums with a value of 390 million euros, up 5% on 2014
  • In spite of a negative technical result caused by a sharp rise in the number of claims files, the group posted a consolidated profit of 9 million euros
  • The group has equity of 2,376 million euros, a slight increase on last year, and no debt. Its reserves rose by 336 million euros.

Custom products and services

To allow even closer cooperation with its customers, Credendo has set up a desk where SMEs can receive a personal and comprehensive explanation of the products that are offered by Belgium’s public export credit insurer and destined for SMEs. In addition to this bespoke service, three changes have also been made to the product range:

  • Capacity for forfaiting (a refinancing product) has been doubled: export contracts up to 5 million euros
  • A new product has been launched: buyer credit for contracts between 2 and 5 million euros
  • A change has been made to the insurance of political risk for investments: additional risk categories have been added.

Outlook

‘The International Monetary Fund expects there to be little global growth in 2016. Credendo has already taken the necessary steps to reduce the volatility of the portfolio’, stresses Dirk Terweduwe, Group Chief Executive Officer. ‘As Europe’s fourth biggest credit insurance group, our mission continues to be to protect companies against the economic and political risks associated with international commercial transactions, without losing sight of our customers’ wishes.’

Documentation

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

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