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 and Corporate Social Responsibility

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

Governance

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

Dirk Terweduwe, Group CEO and Chairman of the Group Coordination Committee

- Born in 1961 in Aarschot, Belgium
- He holds a Master’s degree in Economics and a Master of Arts in Economics from the University of Leuven (Belgium).
- After his studies, he worked as a Research and teaching assistant at the University of Leuven for three years. He joined Credendo – Export Credit Agency in 1987, starting in the Country Risk department. He later  became Chief economist and Head of the department. In 2004, he was appointed as Deputy CEO of Credendo – Export Credit Agency and Credendo – Short-Term Non-EU Risks. From 2010 to 2013, he was CEO of Credendo – Short-Term Non-EU Risks. He is currently the Chief Executive Officer of Credendo and of Credendo – Export Credit Agency.
- He is Chairman of the Supervisory Board of Credendo – Short-Term EU Risks and of Credendo – Single Risk. He is also Chairman of the Board of Directors of Credendo – Short-Term Non-EU Risks, of Credendo – Ingosstrakh Credit Insurance and of Credendo – Excess & Surety

Frank VANWINGH, Group Deputy CEO and Vice-Chairman of the Group Coordination Committee

- Born in 1962 in Hasselt, Belgium
- He holds a Master’s degree in Law from the University of Leuven (Belgium) and a DESS in European Law from the University of Nancy (France).
- He started his career at Credendo – Export Credit Agency in 1989 as a Legal Counsel and Claims Manager. He was then appointed Deputy Head of the Department Claims & Legal Advice and later became Head of the departments Strategy, Legal and Risk Management. He is now Deputy Chief Executive Officer of Credendo and of Credendo – Export Credit Agency. He is also the Chief Operating Officer.
- He is a member of the Supervisory Board of Credendo – Single Risk and of Credendo – Short-Term EU Risks. He is also a member of the Board of Directors of Credendo – Ingosstrakh Credit Insurance and Credendo – Excess & Surety.

Nabil JIJAKLI, Group Deputy CEO and spokesperson of the Group

- Born in 1964 in Damascus, Syria
- He holds a Master’s degree of Political Sciences and of International Relations and completed a Postgraduate Program in International Politics at the ULB in Brussels.
- He is Deputy Chief Executive Officer of Credendo and of Credendo – Export Credit Agency. Before joining Credendo, he worked at the National Bank of Belgium (Belgian central bank) for 21 years. His last position there was Secretary of the Financial Stability Committee. He was also responsible for the coordination of the euro introduction in Belgium and worked as an expert at the European Commission for three years.
- He is a member of the Board of Directors of Credendo – Short-Term Non-EU Risks and of Credendo – Excess & Surety and a member of the Supervisory Board of Credendo – Single Risk.

Audit Committe

Ludivine HALBRECQ

Chairperson

Thierry DENUIT

Member

Henk MAHIEU

Member

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

Paul BALTHASART, Group Chief Reinsurance Officer

- Born in 1958 in Liège, Belgium
- He holds a Master’s degree in Business Administration from the University of Liège.
- He joined Credendo – Short Term Non-EU Risks in 2007 to develop a portfolio of inward reinsurance, after 25 years and several positions of senior underwriter or underwriting manager at Kemper Re (now Sirius), St Paul Re and Everest Re. He took over the responsibility for ceded business of Credendo – Short-Term Non-EU Risks and Credendo – Export Credit Agency since 2010, to recently become responsible for all of Credendo’s reinsurance.

Thibaut DE HAENE, Group Chief Legal Officer

- He holds a law degree from the University of Louvain-la-Neuve and graduated in 1999 from Georgetown University Law Center (Washington D.C.) where his LL.M. program focussed on international trade law.
- He started his career as a lawyer at Baker & McKenzie in Brussels. He joined Credendo – Export Credit Agency in 2003 as a Legal Counsel and held several positions within the legal department before becoming Group Chief Legal Officer in 2014.

Marina HAUTMAN, Group Chief Human Resources Officer

- Born in 1962 in Anderlecht, Belgium
- She holds a Master’s degree in Law and followed different courses of Human Resources Management at EHSAL & Vlerick Business School, and of Advanced General Management at HEC (Paris).
- She joined Credendo – Export Credit Agency in 2015 as Group Chief Human Resources Officer. She started her career as a Counsel and has more than 25 years of experience in Human Resources.

Ronny MATTON, Group Chief Financial Officer

- Born in 1961 in Varsenare, Belgium
- He holds a Master’s degree in Applied Economic Sciences.
- He joined New Holland Logistics in 1993 as a Financial Controller. He assumed several positions in the group in Italy, France and Holland. From 2003 till 2010, he worked at Fiat UK as a Managing Director, combining this position with the position of Non-Executive Board Member of Maserati GB as from 2006. He joined Credendo – Export Credit Agency in 2011 and is now the Group Chief Financial Officer.
- He is a member of the Supervisory Board of Credendo – Short-Term EU Risks and of Credendo – Single Risk. He is also a member of the Board of Directors of Credendo – Ingosstrakh Credit Insurance and of Credendo – Excess & Surety.

Hans SLOCK, Group Chief Risk Officer

- Born in 1967 in Ghent, Belgium
- He holds a Master of Science in Economics and a Master of Science in Development from the University of Ghent.
- He joined Credendo – Export Credit Agency in 1992. He started as a Country Risk Analyst and then became Head of the Cover Policy department in 2004. He assumed the position of Coordinator for Risk Management and Cover Policy from 2004 to 2010. At present, he is Head of the Risk Management department and Group Chief Risk Officer.

Lode VERMEERSCH, Group Chief Information Officer

- Born in 1964 in Ghent, Belgium
- He holds a PhD degree in Applied Sciences.
- He is currently the Group Chief Information Officer of Credendo. Before joining the company, he worked abroad mainly in banking and alike, in retail banking in the Czech Republic, as chief investment officer in asset management in Shanghai, and as a member of the Board of Directors in a London investment bank.

 

Alexey BEZDENEZHNYKH, General Manager Credendo – Ingosstrakh Credit Insurance

- He holds a Master’s degree in Finance and Credit and completed his PhD in Finance at the Russian Plekhanov Academy of Economics. Afterwards he obtained a degree in Law from the Lomonosov Moscow State University.  
- From 2001 to 2009 he worked within Ingosstrakh’s Credit Insurance department and was involved in the credit insurance business, namely in portfolio development, underwriting, reinsurance and claims handling. Since 2009 Alexey was part of the top management in the newly created joint venture, Credendo – Ingosstrakh Credit Insurance LLC. In 2011 he accepted a new challenge by joining the recently created team of Russian ECA EXIAR. There, he was responsible for building the ECA's reinsurance structure and for claims handling. Beside that, he focused on business development, and in particular on supporting the short-term business. In 2015 he was appointed as new General Manager of Credendo – Ingosstrakh Credit Insurance LLC.

Michael FRANK, General Manager Credendo – Single Risk

- Born in 1960 in Vienna, Austria
- He holds a Master’s degree in Law from the University of Vienna.
- He joined the Management Board of Credendo – Single Risk in January 2013 after 25 years in banking during which he held several management positions, mainly in Trade Finance and Risk Management. Since 2015, he is Chairman of the Management Board of Credendo – Single Risk.

 

Eckhard HORST, General Manager Credendo – Excess & Surety

- Born in 1966 in Bingen am Rhein, Germany
- He holds a Master’s degree in Economics from the Johann Wolfgang Goethe University, Frankfurt am Main.
- Directly after university, he joined Allgemeine Kredit AG (today Coface Germany). Prior to becoming Chairman of the Executive Committee of Credendo – Excess & Surety in 2012, he worked at Euler Hermes for 14 years. He was CEO of Euler Hermes Poland and later Head of Collections in Paris (Group function EH).
- He is a member of the Board of Directors of Credendo – Excess & Surety.

Dominique MEESSEN, Head Underwriter Credendo – Export Credit Agency

- Born in 1965 in Dakar, Senegal
- He holds a Master’s degree in Law from the Université Catholique de Louvain (Belgium).
- He started his career as a lawyer in a law firm and joined Credendo – Export Credit Agency in 1992. Since then, he assumed several positions in the Underwriting and Account Management department. At present, he is Head Underwriter.

 

Stefaan VAN BOXSTAEL, General Manager Credendo – Short-Term Non-EU Risks

- Born in 1971 in Aalst, Belgium
- He holds a Master’s degree of Applied Economic Sciences from the University of Ghent and a Master’s of Financial Business Management from the VLEKHO Business School.
- He started his career as a Deputy Inspector at the Ministry of Finance. Afterwards, he worked as an Assistant/Research Associate at Ghent University and as an Auditor for Ernst & Young. He joined Credendo – Export Credit Agency in 1997 as an Underwriter. He held several positions in the Underwriting & Account Management department, from Senior Underwriter to Deputy Head. In 2010, he joined Credendo – Short-Term Non-EU Risks as Head of the Underwriting & Credit Information department. He has been General Manager since 2014.
- He is a member of the Board of Directors of Credendo – Short-Term Non-EU Risks and of Credendo – Ingosstrakh Credit Insurance. He is also a member of the Supervisory Board of Credendo – Short-Term EU Risks.

Michal VESELÝ, General Manager Credendo – Short-Term EU Risks

- He is a graduate of the University of Economics in Prague and completed an executive program at INSEAD in Fontainebleau.
- He has experience in the fields of insurance claims handling, debt collection, risk underwriting and financial management of credit insurance. Until 2010, he worked as CFO of Euler Hermes Čescob, úvěrová pojišťovna, a.s. Until April 2011, he was a member of the Management Board and Financial Director of Credendo – Short-Term EU Risks úvěrová pojišťovna, a.s.

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Corporate Social Responsibility

All Credendo entities share the same values of Customer Intimacy, Reliability and Respect.

Credendo therefore continuously strives to have the right policies, procedures and tools in place to ensure that we provide our services with all required diligence and professionalism, with respect for honesty and business ethics, compliance with any laws, rules, regulations and the best practices of our sector.

To apply the best principles and practices in that respect, Credendo has adopted a Group Integrity Policy containing the core ethical principles and a uniform set of rules which anyone working for Credendo should adhere to, both internally and towards any other person who has a relationship with any of the Credendo entities. These principles are consistent with the internal standards and values of Credendo, without prejudice to local legislation and/or prudential regulations.

The integrity principles are further elaborated in a Code of Conduct containing practical guidelines regarding the concrete application of these principles in our day-to-day activities.

The integrity principles relate to subjects such as preserving the clients’ interests in a loyal, fair and professional way, the rules for the correct handling of gifts or invitations, fair competition, the protection of personal data, acting against discrimination, the application of sound procurement principles, combatting against corruption, money laundering and terrorist financing and other sorts of unethical or illegal behaviour.

Other corporate policies, charters and procedures have been developed to ensure that business is done in an ethical way.

All these policies are submitted to and ratified by the Board of Directors of each Credendo entity, and communicated and promoted within all entities. They will be reviewed on a regular basis.

With respect to the execution and application of these integrity principles, each Credendo entity has set up an independent Compliance function having a coordinating, advising and initiating role, and ensuring that these guidelines are respected. The Compliance Officer of Credendo – Export Credit Agency is also responsible for Group Compliance.

Ethics

Apart from striving for economic and social gains (prosperity), Credendo  Export Credit Agency also considers the effects business are having on the environment (planet) and urges companies to have consideration for any local populations (people).

That is why Credendo  Export Credit Agency assesses the environmental and social impacts of all transactions for which applications of cover are received. It also verifies whether no human rights violations are implied. Credendo  Export Credit Agency takes into account the interests of both the civil society and the export community, with commercial confidentiality, quick decisions and a level playing field for competitors being prime concerns.

Context

OECD

The basis of the impact analysis is inspired by the OECD ‘Recommendation of the council on common approaches for officially supported exports credits and environmental and social due diligence (The “common approaches”)’ . This Recommendation calls for environment-related requirements for export deals to qualify for export credit support from the OECD governments’ Export Credit Agencies (ECAs). It requires these agencies to review projects for their potential environmental impact and to benchmark them against international standards, such as those of the World Bank Group.

Credendo  Export Credit Agency has taken an active role in negotiations on the OECD Common Approaches. Based on the first text, which was approved in 2000, we drew up an environmental policy that came into effect on 1 January 2002. The text was revised in 2003 and 2007, and the internal procedure was adapted accordingly.

Credendo Export Credit Agency regularly exchanges information with other OECD Members to promote a global level playing field for officially supported export credits.

Environmental impacts are the project-related impacts on the environment as a result of the construction and operation of the project. Social impacts are the project-related impacts on the local communities directly affected by the project and on the people involved in the construction and operation of the project. These social impacts encompass relevant adverse project-related human rights impacts.

According to the OECD Common Approaches, only projects, goods and services that are directly linked to export projects of which the credit period is 2 years or more are governed by these environmental rules. Credendo  Export Credit Agency has decided to extend the area of application for these rules and applies them, albeit in a slightly modified way, to special cash transactions and investments as well.

Exporters are encouraged to abide by the social standards mentioned in the OECD’s ‘Guidelines for Multinational Enterprises’, which is mainly about equal treatment, human rights and child labour.

The Guidelines for Multinational Enterprises contain a chapter on employment that encourages multinational enterprises to refrain from child labour and to avoid discrimination of all types.

Moreover, foreign contracts and projects help to foster the development of the host countries while strengthening our own economy.

Norms and standards

Credendo Export Credit Agency makes an environmental and social assessment of projects in accordance with different international standards like the Performance Standards of the International Financial Corporation (IFC):

  • Assessment and Management of Environmental and Social Risks and Impacts (PS1)
  • Labour and Working Conditions (PS2)
  • Resource Efficiency and Pollution Prevention (PS3)
  • Community Health, Safety, and Security (PS4)
  • Land Acquisition and Involuntary Resettlement (PS5)
  • Biodiversity Conservation and Sustainable Management of Living Natural Resources (PS6)
  • Indigenous Peoples (PS7)
  • Cultural Heritage (PS8).

Environmental and social procedures

All applications submitted to Credendo  Export Credit Agency that are located in a sensitive area and are classified :

  • Category A : a project is classified as category A if it has the potential to have significant adverse environmental impacts. Category A, in principle, includes projects in sensitive sectors or located in or near sensitive areas;
  • Category B : a project is classified as category B if its potential environmental impacts are less adverse than those of category A projects. Typically, these impacts are site-specific, few if any of them are irreversible;
  • Category C : a project is classified as category C if it is likely to have minimal or no adverse environmental impacts;
  • Category E : a transaction is classified as category E if it relates to existing installations that are undergoing no material changes in output or function. (An existing installation that is undergoing material changes is classified as A, B or C, depending on the environmental impact).

Credendo  Export Credit Agency reviews not only the potential impacts of the projects but also the measures that can be taken to prevent, minimise, mitigate or remedy adverse impacts and/or to improve environmental and social performance of the projects.

Click here to learn more about  Credendo Export Credit Agency’s environmental and social policy.

Assessed transactions

If a transaction is placed under category A, the Environmental Impact Assessment (EIA) and project details will be made available to the general public at least 30 days prior to the day the offer of cover or the insurance policy is issued. Credendo  Export Credit Agency requires the person or entity responsible for the EIA to publish it. As Credendo  Export Credit Agency does not perform these assessments itself, it is unable to provide insight itself.

Exceptions can be made if the EIA contains confidential information.

Click here to consult the history of transactions assessed
Click here to consult the history of transactions assessed during the current year

Issued policies

This section contains transactions in categories A and B where a policy has been issued.

Click here to consult the history of issued policies
Click here to consult the list of issued policies

Corruption

In their battle against corruption, the OECD member states agreed to a new recommendation in 2006. An action statement already applied to official export credit insurers, resulting from the OECD anti-corruption convention signed on 17 December 1997. The recommendation is a revised and strengthened version of that action statement.

The General Terms of Credendo Export Credit Agency were adapted in accordance with the new OECD recommendation. They provide for several measures in case an insurance client is prosecuted or found guilty of corruption.

The insurance application form was complemented and the due diligence process was converted into a formal procedure.

The insurance application form now includes information on the current legislation. The insurance client must agree to comply with these regulations by submitting a declaration as part of the insurance application procedure.

The client must also state that its name does not appear on the debarment lists of certain international financial institutions and that nor it nor persons acting for its account have been prosecuted or convicted for acts of corruption.

In accordance with the due diligence procedure, the underwriter has the duty to probe insurance applications involving insured parties that have been debarred by an international financial institution for acts of corruption, that have been prosecuted or that have been convicted of corruption in the past.

In cases where an insured party has been found guilty of corruption in the last five years prior to the application, the underwriter has to check whether internal remedies and preventive measures have been taken before support can again be granted for an export credit.

The underwriter also has to check whether the exporter/applicant’s name is on the World Bank’s debarment list regarding corruption.

Finally, the underwriter has to examine all dossiers with equal prudence, including dossiers for any other insurer.

Credendo  Export Credit Agency is not allowed to grant support for a transaction if there is credible evidence for acts of corruption in awarding the export contract.

The Executive Committee and the Board of Directors have to report the information that has prompted a dossier to be rejected because of credible evidence for acts of corruption to the judicial authorities.

Indebtedness

Credendo  Export Credit Agency makes sure the indebtedness of poor under the HIPC initiative (Highly Indebted Poor Countries) does not increase by only accepting projects for such countries if they constitute a priority for their economic development.

The decision not only results from a specific commitment but also from an initiative of the credit insurers within the OECD concerning unproductive expenditure. You can find information on this initiative on the OECD’s website.

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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
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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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