Message

Message of the Chairman and the Chief Executive Officer

Credendo had a record-breaking year in 2021 – the year of its centenary – as it continued to support businesses recovering from the negative effects of the Covid-19 pandemic.

The year 2021 proved to be an exceptional year for Credendo despite the lingering impact of the Covid-19 pandemic.

Vincent Reuter,
Chairman of the Board of Directors
Dirk Terweduwe,
Chief Executive Officer

We are proud to say that each business entity within the group realised double-digit premium growth in combination with a profit for 2021, making it a record-breaking year.

Strategy

Rise 2022-2024

Our ambitions Reinforce our profitable growth Continuously develop our people and leverage our technologies Improve our efficiency and sustainability Empower more customers to grow their trade relations
  • Our 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.

  • Our mission

    Our mission is to support trade relations.

  • Core values

Highlights 2021

Growth and sustained support

Covid support

Centenary celebrations

Improving market position

New Board of Directors

New products

Environmental impact

Innovation and future strategy

Risks

Close monitoring of risks essential in uncertain times

Effective risk identification and management lies at the heart of Credendo’s business to ensure we can make wise underwriting decisions and support our customers’ needs.

Credendo’s business is all about risk and how to support our customers when operating in markets with varying degrees of uncertainty. In turn, we must also carefully manage our own risk exposure and make sensible underwriting decisions that ensure our company’s long-term financial sustainability.

Underwriting risk is the most material risk for Credendo, where the premium should be sufficient to cover our expected losses and our expenses. The technical provisions should be sufficient to cover our insurance liability vis-à-vis our policyholders. Underwriting risk also captures catastrophic risk linked to extreme or exceptional events taking place in a specific sector or country.

Besides Covid-19 uncertainty, persistent inflation pressures and a high risk of public debt crises among low-income and middle-income countries, and their sociopolitical consequences are dominant downside risks.

Pascaline della Faille,

Country and Sector Risk Manager at Credendo

Key figures

A global leader

Value of transactions insured (in million EUR)

2019
84,634
2020
83,725
2021
95,060

Insurance claims and loss adjustment expenses (in million EUR)

2019
141.0
2020
255.0
2021
12.2

Insurance premium revenue (in million EUR)

2019
314.9
2020
334.0
2021
339.8

Total potential exposure (in million EUR)

2019
65,783.9
2020
59,328.3
2021
66,987.3

Staff (in units)

2019
547
2020
550
2021
563
8.9% CENTRAL & SOUTH AMERICA 13.9% OTHER EUROPEAN COUNTRIES 15.6% AFRICA 0.5% OCEANIA 23.7% ASIA 34.0% EUROPEAN UNION 3.3% NORTH AMERICA

Testimonials

Our clients in the spotlight

Jan De Nul and DEME Group Credit insurance vital for contract wins

Dredging, Environmental and Marine Engineering (DEME Group) and Jan De Nul are Belgium’s leading maritime companies worldwide, specialising in dredging, …

Nintendo Flexible cover essential for seasonal business

Internationally renowned entertainment and gaming brand Nintendo saw its sales in the Benelux region flourish during the pandemic, with more …

Moravia Steel Czech steel producer benefits from large credit limits

Moravia Steel is one of the biggest producers of metallurgical products in the Czech Republic with a high level of …

Estral Credit limit autonomy strengthens partnership

Italian family-owned industrial group Estral values setting its own credit limits for its customers – recognising that assessing risk is …

Legendre Group Cash flow boost for major construction project near Paris

Unperturbed by the impact of the Covid-19 pandemic, family-owned construction and property development company Legendre Group has cemented its strong …

Miller Insurance Strengthening broker’s ‘one-stop shop’ strategy

Insurance broker Miller wants to be a ‘one-stop shop’ for insurance needs throughout the global commodity supply chain, from cargo …

Recticel A BOOST TO STRATEGIC
GROWTH PLANS

In the midst of a strategic transformation of its legacy portfolio of polyurethane solutions, and with sustainable innovation at the …

Bosaq STRATEGIC PARTNERSHIP FOR
SOCIALLY RESPONSIBLE SME

Belgian SME BOSAQ’s mission is to provide the world with sustainable premium drinking water in a socially responsible way. The …

Casibeans FLEXIBLE SUPPORT FOR
FAMILY-OWNED TRADER

Casibeans, a family-owned Belgian SME incorporated in 1935 and now run by the third generation, is a global trader of …

Korado PROVIDING ADDED VALUE
AND EXPERT ASSISTANCE

A leading manufacturer of heating elements, Czech company KORADO has been making use of Credendo – Short-Term EU Risks for …

Banque Cantonale de Genève (BCGE) FUTURE-PROOFING
COMMODITY FINANCE

The global commodity trade finance unit of Banque Cantonale de Genève (BCGE), active in soft commodities, metals and energy, makes …

Floragard TOPPING UP COVER TO
BOOST INTERNATIONAL SALES

Having successfully established itself more than 100 years ago, German company Floragard is a leader in the development and marketing …

Townmore HARNESSING
LOCAL PRESENCE

Construction company Townmore has set its sights on becoming Ireland’s leading contractor for the sectors in which it specialises. It …

Corporate governance

  • Export Credit Agency
  • Short-Term EU Risks
  • Short-Term Non-EU Risks
  • Guarantees & Speciality Risks
  • Ingosstrakh Credit Insurance

Board of Directors

  • Vincent Reuter

    Vincent Reuter

    Chairman

  • Wim Van Den Bossche

    Wim Van Den Bossche

    Vice-Chairman

  • Florence Lepoivre

    Florence Lepoivre

    Member, representative of the Minister for Economy

  • Henk Mahieu

    Henk Mahieu

    Member, representative of the Minister of Finance

  • Lucas Degroot

    Lucas Degroot

    Member, representative of the Minister for Foreign Affairs

  • Joris Totté

    Joris Totté

    Member, representative of the Minister for Development Cooperation

  • Claire Tillekaerts

    Claire Tillekaerts

    Member, representative of the Flemish regional government

  • Georges Stienlet

    Georges Stienlet

    Member, representative of the Flemish regional government

  • Jean-Christophe Dehalu

    Jean-Christophe Dehalu

    Member, representative of the Walloon regional government

  • Pascale Delcomminette

    Pascale Delcomminette

    Member, representative of the Walloon regional government

  • Annelore Isaac

    Annelore Isaac

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

  • Sarah Lokman

    Sarah Lokman

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

Supervisory Board

  • Dirk TERWEDUWE

    Chairman

  • Nabil JIJAKLI

    Member

  • Ronny MATTON

    Member

  • Frank VANWINGH

    Member

Management Board

  • Stefaan VAN BOXSTAEL

    Chairman

  • Christoph WITTE

    General Manager

  • Martin FRITZ

    Deputy General Manager

  • Jan KOVAČIČ

    Deputy General Manager

Board of Directors

  • Dirk TERWEDUWE

    Chairman

  • Heidi CORTOIS

    Independent Director

  • Karin DEESEN

    Executive Director

  • Nabil JIJAKLI

    Non-executive Director

  • Véronique LÉONARD

    Independent Director

  • Jean-Paul STEENBEKE

    Executive Director

  • Georges STIENLET

    Non-executive Director

  • Stefaan VAN BOXSTAEL

    Executive Director

  • Frank VANWINGH

    Non-executive Director

Audit and Risk Committee

  • Nabil JIJAKLI

    Chairman

  • Heidi CORTOIS

    Member

  • Véronique LÉONARD

    Member

Remuneration Committee

  • Dirk TERWEDUWE

    Chairman

  • Heidi CORTOIS

    Member

  • Georges STIENLET

    Member

Executive Committee

  • Stefaan VAN BOXSTAEL

    General Manager

  • Karin DEESEN

    Deputy General Manager

  • Jean-Paul STEENBEKE

    Deputy General Manager

Board of Directors

  • Dirk TERWEDUWE

    Chairman

  • Cécile COUNE

    Independent Director

  • Karin DOGUET

    Independent Director

  • Eckhard HORST

    Executive Director

  • Nabil JIJAKLI

    Non-executive Director

  • Eric JOOS

    Executive Director

  • Ronny MATTON

    Non-executive Director

  • Liesbeth SINKE

    Independent Director

  • Frank VANWINGH

    Non-executive Director

  • Christian WIENEMA

    Executive Director

Audit and Risk Committee

  • Frank VANWINGH

    Chairman

  • Cécile COUNE

    Member

  • Karin DOGUET

    Member

  • Liesbeth SINKE

    Member

Remuneration Committee

  • Dirk TERWEDUWE

    Chairman

  • Cécile COUNE

    Member

  • Liesbeth SINKE

    Member

Executive Committee

  • Eckhard HORST

    General Manager

  • Eric JOOS

    Deputy General Manager

  • Christian WIENEMA

    Deputy General Manager

Board of Directors

  • Dirk TERWEDUWE

    Chairman

  • Alexey ILYUSHCHENKO

    Non-executive Director

  • Nadezhda ZNAK

    Non-executive Director

  • Ronny MATTON

    Non-executive Director

  • Stefaan VAN BOXSTAEL

    Non-executive Director

  • Frank VANWINGH

    Non-executive Director

Executive Committee

  • Alexey BEZDENEZHNYKH

    General Manager

  • Dina DMITRIEVA

    Deputy General Manager

  • Andrey PALKIN

    Deputy General Manager

100 years
OF NEW OPPORTUNITIES

Scroll to discover 100 years of history

And the story started…

In the aftermath of the war economic activity picked up to meet the need for reconstruction and development in the countries that had been ravaged by the conflict. The Belgian Ministry of Economic Affairs established a Delcredere Committee to enable Belgian industries to resume their activities on foreign markets and to guarantee Belgian export transactions.

11 years after the Great War, Credendo became an autonomous public financial body (Nationale Delcrederedienst | Office national du Ducroire), with the mission to guarantee Belgian export transactions.