Participation in Insurance Syndicate

Available in the following countries: Belgium.

Credendo – Export Credit Agency insures international trade credits, by taking part in an insurance syndicate under market conditions.

Product benefits

  • Risk sharing with an S&P AA-rated insurer (same rating as the Belgian State), possibly with the insurer providing cover
  • Substantial capacities on various sectors in many countries
  • Unlocks additional capacities for new deals

Mireille Janssens, Credendo – Export Credit Agency
“Credendo – Export Credit Agency is the official Belgian export credit agency. As a public player it benefits from the guarantee of the Belgian State.”

Main characteristics

  • Conditional product
  • Insurance policy presented by a broker and signed together with private insurers
  • The participation amount will never exceed the amount of the lead underwriter; Credendo – Export Credit Agency doesn’t take the lead
  • Credendo – Export Credit Agency’s margin has to match the remuneration of another insurer with a similar line size
  • Trade/project-related transactions (≥ 2 years) which are not related to Belgium

Banks, traders and corporates can present international trade transactions to the insurance market in order to share their risks. Credendo – Export Credit Agency brings cover capacity to the insurance market. The insured presents the transactions to Credendo – Export Credit Agency via a broker.

Credendo – Export Credit Agency doesn’t take the lead. The maximum line size is the amount of the lead underwriter.

The pricing for Credendo – Export Credit Agency is based on the remuneration given to other insurers with a similar line size.

The policy wording is provided by the market and screened ex-ante by Credendo – Export Credit Agency.

Eligible transactions include structured commodity finance, project finance, export finance, asset-based finance, contract-related guarantees and financial institutions.

Unsecured general corporate purpose transactions (except RCF for commodities traders), acquisition finance, leverage buyouts, real-estate deals and defence-related transactions are not eligible.

In the event of a claim, there is a waiting period prior to indemnification.

Market compliance:

Credendo – Export Credit Agency participates only in trade/project-related transactions and acts in a way that conforms to the market. The following rules will always be adhered to:

  • The maximum participation amount will be equal to the amount of the lead underwriter.
  • Credendo – Export Credit Agency doesn’t quote: the pricing has to match the remuneration of another insurer with a similar line size and has to be in conformity with the market.

Why Credendo?

Credendo – Export Credit Agency is the official Belgian export credit agency. As a public player it benefits from the guarantee of the Belgian State. Credendo – Export Credit Agency is the official Belgian export credit agency and the fourth largest European credit insurer. As a public player it benefits from the guarantee of the Belgian State.
Credendo – Export Credit Agency is a single-risk insurer with a focus on emerging markets and developing countries and a reliable partner with sound experience and a strong financial basis.

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