- Belgium-domiciled credit insurer Credendo – Excess & Surety received an A- long-term insurer financial strength rating from S&P. The outlook is stable.
- Assigned for the first time, the S&P rating reflects the strong market position of Credendo – Excess & Surety in excess-of-loss, top-up and surety in Europe.
S&P Global Ratings assigned for the first time an A- financial strength rating to Credendo – Excess & Surety. Specialised in international excess-of-loss credit insurance and surety business, Credendo – Excess & Surety is part of Credendo since 2004.
The S&P rating highlights the strategic importance of Credendo – Excess & Surety within the group, its well established business position, and its good underwriting and financial performance over the years. Credendo – Excess & Surety reported a combined ratio of 88.1% for 2019, and a five-year average of 64.8%.
This rating is based on the recognition of the continuous support of the group, demonstrated by the EUR 50 million capital increase in 2019.
This rating takes into account the consolidated entity formed by the forthcoming merger of Credendo – Excess & Surety and its sister company Credendo – Single Risk, which was announced on 15 September 2020.
S&P notes that Credendo – Excess & Surety, supported by its current seven branches in Europe, intends to diversify further and expand its excess-of-loss credit insurance and surety business notably towards SMEs.
Commenting on the first-time A- rating, Eckhard Horst, General Manager of Credendo – Excess and Surety said, “We are extremely delighted about this new rating assigned by S&P. It proves that our strategic direction is the good one. I am particularly referring to our recent decision to merge two Credendo entities to establish a highly specialised credit insurer under the new brand Credendo – Guarantees & Speciality Risks. This rating reflects the expectations that the merger, once completed, will further generate sustainable growth.”
Group Deputy Chief Executive Officer
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