Annual report 2025

Belgium-based producer of adhesives and sealants Soudal has enjoyed strong turnover growth with ever-increasing sales around the globe. Credendo – Trade Credit Insurance cover has played an important role in supporting that growth. However, it was when times became challenging and Soudal’s business was caught up in the Ukraine conflict that its long-term relationship with Credendo – Trade Credit Insurance was particularly valued.

Belgium-based Soudal is the largest independent producer of sealants, adhesives and polyurethane (PU) foam for the construction industry and the do-it-yourself (DIY) market in Europe. The construction industry presents 58% of its business while DIY takes up 27% and industry makes up the remaining 15%.

The family-owned company was established in 1966 and its growth has been fuelled by a mixture of organic expansion as well as some key acquisitions. The firm currently employs more than 4,600 people with 32 production sites on five continents and sales across 140 countries. It reached a turnover of EUR 1.5 billion in 2025.

“Extensive investments in research and development combined with a long-term vision of innovation and adapting to local market requirements have formed the basis for the company’s exceptional performance,” said Gunter Huybrechts, Senior Credit Controller at Soudal.

The company’s growth is mainly driven by exports. Currently just 6% of the company’s turnover is in Belgium, with the remaining 94% abroad. Credendo – Trade Credit Insurance’s cover has been key in supporting this export focus, said Gunter Huybrechts, with the partnership with the insurance company dating back to 1993.

Gunter Huybrechts explained how Soudal’s business model has been structured to be sufficiently diversified to weather economic downturns. “Problems in one country get compensated by growth in other regions,” he said.

Reflecting on the benefits of working with Credendo – Trade Credit Insurance, he noted: “A main reason to work with Credendo – Trade Credit Insurance is their worldwide network and access to financial information.” This information can help Soudal decide what customers to work with and what problems there might be on the horizon.

“Yet despite efforts to withstand economic bumps in the road, there are always unexpected challenges that are difficult for businesses to mitigate and for insurers to predict. In those circumstances, the support of a committed credit insurer has been invaluable,” reflected Gunter Huybrechts.

The outbreak of the conflict between Ukraine and Russia four years ago proved to be a significant challenge for Soudal.

An important Ukrainian customer active in the furniture industry was not permitted to pay its overdue invoice due to a National Bank of Ukraine resolution. This problem was exacerbated by the customer being forced to shut down their business after their warehouse was destroyed during a bombing in Odessa.

With the impossibility of the customer paying the debt, Credendo – Trade Credit Insurance stepped in to fulfil the requirements of its insurance policy, paying 95% of the invoice.

“We were indemnified for this, and it was the first time we had to use the political risk policy,” Gunter Huybrechts said.

Looking forward to the future, Gunter Huybrechts hopes that with Credendo – Trade Credit Insurance’s support, Soudal will be able to increase its market share. “We believe that a large part of our growth will come from emerging economies,” he said.

Lantania is a Madrid-based infrastructure group with expertise in building and managing major transportation, building, water and energy infrastructure facilities across Spain and around the world. It has placed sustainability at the heart of its growth strategy and is keen to further strengthen its partnership with Credendo – Guarantees & Speciality Risks to support bids for solar, sustainable transport and other energy-efficient projects.

Lantania is a Spanish construction group with expertise in developing and building major infrastructure projects, including transport networks, water treatment plants and energy generation and transmission projects.

The company has built more than 500 kilometres of road, 290 kilometres of track assembly and around 14,000 homes to date.
Lantania is a specialist in industrial and wastewater treatment, with more than 900 plants in 30 countries.

Lantania began its relationship with Credendo – Guarantees & Speciality Risks in 2021, with the insurer initially focusing on private renewable projects and public contracts with various Spanish clients. Since then, Credendo – Guarantees & Speciality Risks has expanded its remit to cover more of the company’s international projects, providing cover on performance and bid bonds.

Credendo – Guarantees & Speciality Risks has been an important partner supporting Lantania face the risks that threaten its ability to manage costs and complete infrastructure projects.

“One of the main difficulties we have to deal with is price increases. Our activity is very intensive in the consumption of raw materials such as cement, steel and bitumen, as well as energy, and the increase in their costs affects us directly,” explained Andrés Álvarez, Chief Corporate Services Officer and CFO of Lantania.

He added that current international instability, including the conflict in Ukraine and Gaza, has further exacerbated price tensions. Lantania has managed to mitigate these risks through the diversification of its sectors of activity.

However, financial tools such as Credendo – Guarantees & Speciality Risks’ surety product have been indispensable in managing risks in today’s turbulent market, Álvarez said.

“It is essential we use all the elements at our disposal to provide guarantee cover for our projects, especially in a socio-economic context such as the current one where there is great uncertainty,” he said.

Sustainability lies at the heart of Lantania’s growth plans. Its 2022–26 strategic plan is centred around creating new businesses and taking advantage of the acquisition opportunities, focusing on the markets of integral water cycle management, sustainable transport and renewable energies.

Álvarez is interested in working with Credendo – Guarantees & Speciality Risks to meet its sustainability goals.

Lantania’s strategic vision has also set itself the target of a turnover of EUR 500 million and an EBITDA (earnings before interest, tax, depreciation and amortisation) of EUR 25 million by 2026.

“We believe that the evolution of the value of our Group is based on the empowerment of talent and business diversification, with a focus on sustainable activities and productivity improvement,” Andrés Álvarez concluded.

Vyncke is a pioneering Belgian company that builds energy plants that use waste products to produce clean energy. Credendo – Export Credit Agency and Credendo – Trade Credit Insurance have been instrumental in helping the family-owned firm grow globally – with Vyncke valuing the insurer’s advice as well as its range of products to support the company to win and fulfil important deals.

Vyncke is a fourth-generation family company based in Belgium that engineers and builds industrial energy plants that convert biomass and industrial waste into clean energy. The company was founded in 1912 by Louis Vyncke and has significantly grown – with a presence in thirteen countries around the world.
The company’s consolidated turnover was EUR 211 million in 2025.

Vyncke produces energy in the form of steam, hot water, thermal oil and gas – with or without electrical power generation. The company is active in three areas: food and agriculture, wood and recovered fuels.

Within the food processing sector, Vyncke supports companies to generate energy from by-products such as cocoa shells, rice husks or sunflower hulls. Within the recovered fuels sector, Vyncke has explored other forms of waste – such as urban wood and commercial waste – to generate clean energy.

“We really excel at finding a way to combust more challenging fuels,” said Elke Toye, Chief Financial Officer at Vyncke. “Often, customers will come to us if they are working with a new type of fuel – asking us for support and technical expertise to find a solution.”

“As a family-owned company, Vyncke’s priority is to ensure business continuity and a successful transition of the company to the next generation,” Elke Toye said. With this in mind, the company is careful with how it spreads its risks from a geographic perspective.

“Having Credendo – Export Credit Agency and Credendo – Trade Credit Insurance as partners has been instrumental in selecting projects and managing risks,” Elke Toye said.

The use of Credendo – Trade Credit Insurance’s whole turnover-based credit insurance is particularly popular within the European market, whereas tools such as Credendo – Export Credit Agency’s buyer credit insurance are often more common on projects in Africa and Latin America.

Credendo – Export Credit Agency and Credendo – Trade Credit Insurance’s support for Vyncke dates back decades and has been essential to Vyncke’s growth.

“We would not be the size we are today if Credendo – Export Credit Agency and Credendo – Trade Credit Insurance had not believed in Vyncke from day one,” she said.

“Credendo – Export Credit Agency is doing a great job supporting our changing business and working out how to modify policies to ensure there is cover for all financially critical stages of a project,” she said.

In 2021, Credendo – Export Credit Agency worked with Vyncke on the design, engineering and supply of a wood residues-fired energy plant to support a MDF production line in Caçador, Brazil.

Credendo – Export Credit Agency provided a tailor-made solution for its client by providing cover on an export credit granted by a German bank to Brazilian debtors to finance the delivery of capital goods for the new production line.

“We had limited experience with a buyer credit, so it was a little out of our comfort zone – and that was where Credendo – Export Credit Agency stepped up and guided us through the process. It is the best success story in recent years,” Elke Toye said.

Looking to the future, Elke Toye would like Credendo – Export Credit Agency and Credendo – Trade Credit Insurance to be by their side to guide them and play a more active role in the presales phase – as that is where they need financial security. The direct support of Credendo’s recently established Export Finance Solutions team will be a great added value in this matter.

InVivo is a Paris-based agricultural company supporting sustainable farming in France, as well as feeding the rest of the world through its exports of cereals and grains. Its partnership with Credendo – Guarantees & Speciality Risks has enabled the company to be agile enough to seize new market opportunities and maintain its business in conflict-affected regions.

InVivo is a French agricultural company first established in 2001 following the merger of two major national farming cooperatives and structured around four business lines: agriculture, international grain trade, agri-food – which includes activities in wine production, wheat and malting – and retail.

It has significantly expanded its reach in recent years through its acquisition of the Soufflet Group – a French agri-food family company – in 2021, and the acquisition of United Malt Group by Malteries Soufflet in 2023, reinforcing its leading position.

The company recorded a turnover of EUR 11.4 billion in 2025. It employs around 14,826 people and has 163 member cooperatives. It has a presence in 35 countries.

The company has firmly positioned itself as the driving force in creating a more resilient and sustainable farming sector in France and supporting the global transition away from non-renewable energy sources.

InVivo’s main goals include working towards zero pesticide residue, contributing to carbon neutrality, preserving and regenerating soils, restoring biodiversity and diversifying farmers’ revenues.

While InVivo’s first contact with Credendo – Guarantees & Speciality Risks was back in 2004/2005 with the placing of a single-risk policy, a regular business relationship did not begin until 2012 when InVivo required cover for its activities in South America and Africa.

“Credendo – Guarantees & Speciality Risks had strong expertise in these regions and provided real support in terms of guarantees, unlike other insurers,” said Ségolène Bouvrain, Head of Credit and Cash Group at InVivo.

Over the last eight years, InVivo has been using Credendo – Guarantees & Speciality Risks’ top-up product, which allows companies to cover amounts over the credit limit set by their first-line credit insurer. Broker AU Group played a key role in setting up this top-up programme.

Ségolène Bouvrain noted how this product has helped InVivo move quickly to win new business. “It is a fantastic tool. It has a certain cost, but it allows policyholders to be extremely agile in their day-to-day business, particularly in sectors where you have to respond to a tender in a very short time.”

Global fluctuations in cereal prices is one of the many risks InVivo must manage. “The outbreak of the conflict in Ukraine demonstrated InVivo’s ability to secure a constant volume of exports, despite strong rises in grain commodity prices on global markets.

We are accustomed to the occurrence of these crises. We are more agile, more responsive in managing these crises and in the search for possible alternatives,” she said.

“Given the importance of bringing food to populations, InVivo will strive to export into difficult regions – with the appropriate cover”, she concluded.

Bridgestone is one of the leading producers of premium tyres for customers around the world. With Credendo – Trade Credit Insurance’s support and the use of its various solutions, Bridgestone has been able to cover the riskier portions of its Europe and Middle East portfolio.

The Bridgestone Group is one of the leading global providers of tyres, providing tyres for a wide range of needs – from cars, trucks and aircraft to construction and mining vehicles. The company is present in more than 150 countries, employing around 115,716 people. While first established in Japan in 1931, the European subsidiary of the company was not set up until the early 1990s. Currently, Bridgestone Europe, Middle East and Africa (EMEA) is the regional strategic business unit of Bridgestone Corporation and is headquartered in Belgium.

While Bridgestone holds significant global market share, it continues to compete with other global tyre providers for the top spot. With the centenary of the company’s establishment approaching in 2031, Bridgestone’s growth strategy has set the goal of becoming the number one global provider of tyres within five years.

Given such ambitions, it is important to have a trustworthy and reliable partner such as Credendo on board to help manage the company’s risk exposure while it grows.

Bridgestone EMEA first started working with Credendo in 2023 via its Dubai office from where it manages its Middle Eastern operations. Given the regional volatility, finding an insurance partner was a priority for Bridgestone to help manage risks. The company’s first contract with Credendo was a ground-up policy that covered all risks within Bridgestone’s Middle East portfolio.

In the more mature European markets, Bridgestone only required Credendo cover for part of its portfolio. Credendo – Trade Credit Insurance stepped in with its layer policy to help tackle some capacity issues. “We were able to obtain 15–20% more coverage for our receivables on top of the original insured,” Rui Marques da Silva explained. “This gives us peace of mind, allowing us to focus on our business knowing that our partner will be there in case something happens,” he added.

Credendo’s support was particularly useful in Italy, where economic volatility, high frequency of late payments, numerous insolvencies coupled with lengthy legal proceedings can make it a challenging market to operate in. Rui Marques da Silva said he values Credendo’s ability to listen to the company’s needs. “We appreciate Credendo having the ability to jump on the boat with us and find a solution,” he said.

Credendo’s ability to find solutions to problems was further demonstrated when Bridgestone eventually decided it wanted to streamline the two separate Middle East Credendo policies, bringing them under the same and wider programme, called the umbrella structure. Bridgestone also turned to Credendo again when working out how best to structure its South African business. “Credendo is always listening, looking to understand, and tries to find an option and works it out,” said Rui Marques da Silva.

Looking to the future, Bridgestone will soon be setting ambitious targets in order to reach its goal of being the number one player in the global tyre business by 2031. Having Credendo on board will be essential. “We will not change the way we do business – we still want to have a strong partner next to us to cover our business and with the capability of supporting us on our growth path.”

Belgium-headquartered IBA is a world market leader in particle accelerator technology that is mostly used in the diagnosis and treatment of cancer and other high-impact applications. The company’s long-standing relationship with Credendo – Export Credit Agency has strengthened IBA’s global market presence and widened access to cutting-edge medical and sterilisation technology.

IBA is a Belgium-based company established in 1986 specialised in particle accelerator technology. This technology is mainly used in the diagnosis and treatment of cancer and other impactful applications.

IBA is structured around four main business areas: proton therapy, nuclear medicine, dosimetry, and industrial solutions for the sterilisation of medical consumables and the improved performance of materials.

Proton therapy, an advanced form of radiation therapy against cancer, typically accounts for 55–60% of IBA’s revenues, and the large majority of IBA’s activities are export-driven with core markets in the USA, Europe and Asia.

Credendo – Export Credit Agency’s support for IBA started in the 1990s, and one of the first collaborations helped IBA secure its first proton therapy project in Boston in the USA.

“A private insurer would not have done it at the time – but Credendo-Export Credit Agency stepped in as they have this mission of public interest to support the Belgium economy,” said Thomas Pevenage, Head of Corporate Finance & Investments at IBA.

In the following decade, Credendo – Export Credit Agency has mainly provided cash transaction insurance for IBA’s export activities, but more recently has started to provide different products.

The cash transaction insurance product has been particularly useful in China where IBA has projects involving the construction of large multi-room proton therapy facilities for local hospitals.

It is Credendo – Export Credit Agency’s adaptable approach that Thomas Pevenage values. “IBA’s business tends to revolve around long-term projects that need a long-term partner. It can take up to three or four years to sell a contract, a further few years to install the system and then the therapy center will be in operation for 20-plus years,” Thomas Pevenage explained.

“Projects which might initially be introduced to Credendo – Export Credit Agency three years ago, may change in terms of the geopolitics and stability of that country,” he said. “So, it is important to have a partner that does not take the first opportunity to shut the door on its insurance cover”.

Alongside cash transaction insurance, IBA is looking at increasing its use of Credendo – Export Credit Agency’s direct financing ‘buyer credit’ tool to support growth in new markets.

“The solution allows us to sell projects where we would not have sold otherwise – it has been a real enabler of market growth,” he said.

Growing demand for new and improved infrastructure across Europe bodes well for Austrian construction company PORR. With public entities keen to upgrade or completely replace underinvested bridges, roads, and railways, PORR is hoping to bid on many forthcoming developments. Its successful ability to win tenders will be underpinned by its close relationship with Credendo and the use of insurer-backed bid bonds and other guarantees.

PORR is the second-largest Austrian construction company. Founded in 1869, it is the oldest company listed on the Vienna Stock Exchange. PORR is involved in a variety of areas within the construction industry including roads, rail, tunnelling, building construction, and environmental engineering. Its key markets – which account for around 96% of its activity – are in Austria, Germany, Switzerland, Poland, Czech Republic, Slovakia and Romania. 

Despite the current rocky macroeconomic environment shaped by the Russia-Ukraine war, an energy crisis, and global inflation concerns, PORR is anticipating a healthy pipeline of projects in its key markets over the next twelve to eighteen months. 

“This is partly fuelled by investments in green projects linked to reducing polluting emissions, as well as a drive among some European countries to overhaul their public infrastructure,” says Stefan Ondra, Deputy Head Group Treasury at PORR.

“We all know there is a large amount of money coming from various bodies in the coming years such as the EU’s Green Deal, which will have links to infrastructure. So even beyond 2023 there is a big pipeline for the whole industry,” he explains. 

“In many countries, there has also been a lack of maintaining infrastructure over the last ten or fifteen years. In many parts of Germany for instance, rail and road infrastructures are virtually at their end-of-life cycle – especially when it comes to bridges,” he adds. 

Credendo supports PORR in all stages of a project’s life cycle, mainly with advance payment guarantees, performance and maintenance bonds. 

For example, at the end of 2022, Credendo provided a EUR 15.4 million advance payment bond for a project PORR is working on for a large Austrian real-estate developer. 

What Stefan Ondra appreciates when working with Credendo is its speedy service. “One of the greatest benefits is that they are one of the fastest and one of the least complicated insurers.”

PORR’s relationship with Credendo started five years ago with a small local facility in Poland via Credendo – Guarantees & Speciality Risks’ Polish subsidiary before it transferred its business to Credendo’s Austrian subsidiary. 

Now PORR has a facility of EUR 50 million from Credendo covering all regions where PORR is active, and it is very much looking to strengthen its relationship with Credendo in the coming years. 

“We started five years ago with something small at a local level and within a short period of time we have grown our cooperation to the benefit of both parties. We will try to further that cooperation,” Ondra says.

John Cockerill has positioned itself as a pioneer in the environmental technology sector supporting the global transition from fossil fuels to clean energy. Its market-leading electrolysers help customers around the world produce hydrogen from renewable energy. Its long-standing partnership with Credendo has supported its growth by ensuring political and commercial risks are covered, freeing up the company to focus on managing other technical risks. 

Founded in 1817, Belgium-headquartered John Cockerill designs, installs and upgrades technological equipment in five sectors – energy, defence, industry, hydrogen, and the environment. It recorded a turnover of EUR 1,049 million across 25 countries in 2022. 

Faced with an urgent need to tackle climate change, John Cockerill has positioned itself as a leading player in supporting the energy transition. It is a pioneer in the hydrogen industry and manufactures electrolysers which convert renewable electricity into hydrogen and storage solutions for more than 500 customers in many different countries. 

The company’s strategy reflects global initiatives to develop new non-carbon technologies, with some countries such as the USA providing large amounts of state support for clean energy. “Such moves could put EU companies at a disadvantage,” says Thierry Josz, VP Legal, Trade and Export Finance at John Cockerill. 

“With the Inflation Reduction Act – introduced in mid-2022 – the USA is trying to attract a lot of technology and a lot of companies to their country. Geopolitically the EU is less protected than it was,” he says. 

John Cockerill’s partnership with Credendo is vital to the company’s success in this new but competitive global clean energy market. By obtaining insurance from Credendo, the company can ensure that its most sensitive political and commercial risks are covered. This frees up the company to focus on the risks – such as technical risk – that they have the expertise to manage. 

“We consider that the skills of this company are technical – rather than to assess sensitive political or commercial risk. This is not our job. Our job is to ensure the successful execution of the contract from a technical point of view,” says Carina Sutera Sardo, Head of Trade and Export Finance at John Cockerill. 

“This is why we consider Credendo a partner. Since the beginning of this company, the support of a public insurer was crucial for the strategy of this group,” she says.

The next step in John Cockerill’s electrolyser business is to shift the location of its factories. In a move that is reversing the decades-old globalisation trend, the company is starting to reshore some of its production capabilities. 

It wants to ensure that electrolysers producing hydrogen for Europe be made in Europe. Additionally, the company wants to make sure that via local joint venture agreements it can produce electrolysers in other countries for customers located in that area.

As an example of this shift, John Cockerill is building its first multi-site European gigafactory – with the first facility in Aspach, France. 

“Credendo has supported the company’s hydrogen business by helping it to secure financing from banks or by directly financing projects,” Sutera Sardo explains. “This new hydrogen market will require a lot of money. We need money to build gigafactories around the world,” she says.

Belgium-based animal feed ingredients producer Nuscience is an innovative company using scientific research to develop feed that supports the ever-changing challenges of raising well-nourished livestock. The company is also ambitious – looking to expand into new markets in the Middle East and Africa. Its long-standing partnership with Credendo has been invaluable in aiding the company’s growth into high-risk regions that other insurers may be more reluctant to cover. 

Nuscience is based in Belgium and produces functional feed ingredients, premixes and concentrates for pigs, poultry, and cattle. It is part of the well-known Dutch cooperative Royal Agrifirm Group. The Belgian branch was established in 1989 and has a current turnover of around EUR 161 million per year. 

Based on scientific research and an understanding of the challenges farmers are facing, Nuscience’s products aim to support animals’ nutritional and health needs from the moment they are born. 

The company has pioneered new approaches towards livestock feed and how farmers look after their animals. For instance, it has developed feed products for pigs, which aim to improve gut health and form part of a broader strategy to encourage pig farmers to reduce and eventually eliminate their reliance on antibiotics and zinc oxide. 

Nuscience is present across the globe and has ambitious plans to expand into the Middle East and Africa, and it is in supporting this expansion that its partnership with Credendo – Short-Term Non-EU Risks’ team has proven invaluable. 

For example, Nuscience had a customer in a particularly tricky market to convince trade credit insurers to cover. “We have a large customer in Iraq, which is not an easy country to insure, and it is hard to provide financials and payment history on this customer. Credendo is now covering 50% of our risk on this buyer. That really helps both us and our customer to develop our partnership,” says Lieselotte Kempinck, Controller and Finance Lead at Nuscience.

What Kempinck appreciates in Credendo’s approach to doing business in these riskier markets, is its ability to take into account ‘soft information’ when making a credit decision. It considers details such as the strength of the relationship between Nuscience and its customer, and payment history rather than only relying on ‘hard data’ such as balance sheets. 

“Credendo considers each risk on a case-by-case basis, gathering the information to assess its own risk – and working together with us to find a solution for the customer,” she explains. 

This approach will support Nuscience as it expands into Africa, with the company in the process of setting up a sales office in Kenya and hoping to secure credit limits with Credendo for new customers in the country. 

“Our Middle East and Africa businesses are growth businesses, and we expect that we will have larger and more customer accounts in those markets and that total sales and revenue will increase,” she says.

Belgium-based renewable energy company EnergyVision has taken a pioneering new approach to building renewable energy projects. It is an approach that removes financial barriers for their customers – and it has proven successful, as the company wins more and more contracts in China and Morocco, as well as within Belgium. Its long-standing partnership with Credendo has been vital in supporting the financing of projects as well as safeguarding its investments overseas. 

EnergyVision is a Belgium-headquartered company with offices in Morocco and China, that is shaking up the renewable energy sector with a unique way of encouraging greater use of solar energy by small businesses and households.

The company – which was founded by just three friends and EUR 6,200 of equity in 2014 – is based on a ‘no capex’ business model. This means its customers are not required to make huge upfront payments for the installation of products such as solar panels. Rather EnergyVision makes its money by selling energy back to the customer at a guaranteed lower price per kilowatt hour than the customer’s current energy bills. 

Outside of Belgium, EnergyVision works on charging customers fixed instalments, but what the customer pays is in line with what they would have paid on their energy bill. 

“We take away all the worries and concerns – the technical concerns, financial concerns, and performance concerns,” says Maarten Michielssens, Group CEO and Co-founder of EnergyVision. 

“EnergyVision’s partnership with Credendo has been instrumental, providing the financing and insurance that underpins the company’s business model,” he adds. The company makes use of Credendo’s supplier credit and forfaiting products as well as its insurance cover on foreign direct investments (FDI) in China and Morocco. 

“When the company launched in 2014, appetite for financing renewables in Belgium was very low,” Michielssens explains. 

“We wanted to provide financial formulas for customers that did not have any resources and because we were a small business, banks were not willing or eager to provide financing. We were a new company and didn’t have much apart from a firm belief that it would work. That’s not a bankable story,” he says. 

However, Credendo did see potential and decided to support EnergyVision. “I often joke that Credendo is one of our founders. But the reality is, without the solution from Credendo, we would not have grown, we would not have existed as we do today with a EUR 134 million annual turnover,” says Michielssens. 

Since 2014, EnergyVision has built and operated over 12,000 energy projects, producing more than 630 million kWh of renewable energy every year. 

The company is also one of the first to benefit from the new Credendo Green Package, launched last September – a package of financial benefits granted to projects that meet Credendo’s environmental criteria. Benefits include longer durations on financing, larger financing amounts, and a higher proportion of the risk to be covered by Credendo – cover can go up to 98%.

Natixis CIB has successfully managed the challenges of the recent commodity price rises, continuing to support producers and traders with the credit limits they required – thanks in part to its partnership with Credendo. The bank is also tightening its focus on aiding the global energy transition to greener fuel. 

Natixis CIB, a subsidiary of Groupe BPCE, the second-largest banking group in France, has been a leading player in the commodity finance market for 30 years. The bank supports producers and traders across many sectors including soft commodities, mining and metals and energy. 

The bank first established a relationship with Credendo in 2007 – with the partnership further strengthened when Carole Macaire-Freynet became Global Head of Credit Insurance in 2013. Her role has grown to include infrastructure and energy transition finance – an area of increasing importance for the bank. 

Natixis CIB regularly makes use of Credendo’s Single Risk insurance – a division within the company that merged with Credendo – Excess & Surety in June 2021 to form Credendo – Guarantees & Speciality Risks. “This merger helped improve relations between Credendo and the bank even more,” says Macaire-Freynet.

“We always had a good relationship with the team, but there has been a different momentum since the merger – helped by a clear definition of who is doing what. This is to some extent facilitating us doing business,” she says. 

Since the invasion of Ukraine by Russia in February 2022, commodity finance markets have been a challenging area to work in, with the conflict between two key markets pushing energy and food prices sky high. 

“Natixis CIB was active in Ukraine and Russia for many years, so of course 2022 did affect us as we stopped doing business in these two countries,” she says. 

“There has been a clear impact on global trade flows and commodity prices. With prices increasing, traders need more support and increased credit lines – which in turn means we need to use more insurance products so that we can share the risks and preserve our balance sheet.” 

Natixis CIB is keen to maintain its support for traders and producers throughout both the good and more challenging times, particularly those involved in efforts to transition from fossil fuels to greener sources of energy. 

“ESG is a clear focus for our bank,” Macaire-Freynet says.

The bank is one of many financial institutions that signed up to the UN-backed Net-Zero Banking Alliance in April 2021, which commits members to align their lending and investment portfolios with net-zero emissions by 2050. 

Reflecting on the bank’s partnership with Credendo, Macaire-Freynet says the insurer stands out from the competition for its market knowledge. 

She goes on to explain how Natixis CIB often requires insurance capacity on transactions that are a little more complex than the average commodity finance deal. 

“When we approach the insurance market, we don’t always come with easy proposals, and some require more in-depth explanations. Credendo is very open to listening to us and our analysis and reasons why we think it is a good transaction.” 

Despite the impact of the Russia-Ukraine war on the global supply of wheat, French trader Céréalis has continued to thrive, having successfully switched to new suppliers. Aided by Credendo’s Top-Up product, Céréalis has also been able to access insurance cover and financing to meet the growing demand for wheat in its key markets.

Céréalis is a wheat trading company headquartered in Paris and established 25 years ago. It specialises in trading wheat – as well as some maize and soybean meal – and selling it to private mills in West and Central Africa. 

The company shipped approximately 350,000 tonnes of produce last year – worth around EUR 175 million – to countries such as Cameroon, Ivory Coast, Mali, Burkina Faso and Gabon. 

Céréalis used to trade in a mixture of wheat from Russia as well as produce from France and other markets. Yet, by the end of 2021, Céréalis decided to stop buying Russian wheat as it was getting increasingly difficult to do business with Russian suppliers – even before the outbreak of the Russia-Ukraine war in February 2022.

The company now trades French wheat, but also buys more wheat from new suppliers in Argentina and more recently Poland, which helped lessen the impact of the Russian invasion at the start of 2022 on their business. 

“We were lucky that our traders had the foresight of how the market might develop,” says Florence Nunes, Export Director at Céréalis. 

Credendo supported Céréalis throughout these challenging times, with the two companies having worked together since 2010. Céréalis commonly used credit insurance to cover the risk of non-payment. Since 2019, it has also been making use of Credendo’s Top-Up product. 

This tool allows Céréalis to obtain cover on amounts that exceed the credit limit set by its first-line insurer – it essentially ‘tops up’ the existing level of cover in place. 

It has been invaluable in supporting Céréalis’ large shipments of wheat to their most important markets in West and Central Africa. Some first-line insurers would not have sufficient credit limits to provide the required level of cover to enable Céréalis to sell their entire ship’s worth of wheat to their suppliers. 

The partnership with Credendo has also been key in helping the trading company gain access to bank financing. “We have been able to develop a financing capacity thanks to the Top-Up product. Otherwise, we would have had to rely on cash to pay the suppliers,” Nunes says.

Céréalis aims to strengthen its relationship with Credendo as it increases its customer base in Africa. 

“Our ambition is to further develop our business with Credendo and to use the Top-Up product even more. Our customers rely on us. We are working with new mills and there is a lot for us to do in the African market,” Nunes concludes.

Unperturbed by the impact of the Covid-19 pandemic, family-owned construction and property development company Legendre Group has cemented its strong position in France, remaining committed to building long-term projects within its domestic market while also looking at opportunities abroad. As a new client of Credendo, it benefited from a French retention money bond that supported a new arena project near Paris that will hopefully spark a pipeline of similar projects across the country.

Dredging, Environmental and Marine Engineering (DEME Group) and Jan De Nul are Belgium’s leading maritime companies worldwide, specialising in dredging, land reclamation and offshore services. As long-standing clients of Credendo – Export Credit Agency, they have made regular use of credit insurance products to secure multiple international contracts.

Italian family-owned industrial group Estral values setting its own credit limits for its customers – recognising that assessing risk is about getting to know the customer well and not just relying on commercial information available. Credendo has been supporting the company’s credit management processes, which is part of the reason why Estral’s partnership with the insurer has lasted for more than two decades.

Moravia Steel is one of the biggest producers of metallurgical products in the Czech Republic with a high level of exposure on debtors within the EU and beyond. Credendo has supported the business through the provision of large credit limits to help manage the company’s exposure, coupled with a flexible approach to problem-solving.

Insurance broker Miller wants to be a ‘one-stop shop’ for insurance needs throughout the global commodity supply chain, from cargo and marine cover to political risk insurance. Long-standing partner Credendo is playing a key role in supporting the broker’s ambitions through the provision of various products including single-risk and short-term whole turnover cover.

Internationally renowned entertainment and gaming brand Nintendo saw its sales in the Benelux region flourish during the pandemic, with more people stuck at home looking for something entertaining to do. Nintendo Benelux’s existing partnership with Credendo – Short-Term Non-EU Risks proved to be essential in meeting this growing demand and the related increase in risk exposure, as well as helping the company continue to manage seasonal fluctuations in its business.

In the midst of a strategic transformation of its legacy portfolio of polyurethane solutions, and with sustainable innovation at the heart of its strategy, Belgian multinational Recticel continues to build on its leading positions in its core markets. A Credendo client for 25 years, the company recently benefited from a Credendo – Export Credit Agency financial guarantee for a strategic acquisition intended to accelerate its growth.

Belgian SME BOSAQ’s mission is to provide the world with sustainable premium drinking water in a socially responsible way. The company’s biggest challenges when rolling out its projects are often bureaucratic, and to that end its relationship with Credendo – Export Credit Agency provides useful support for winning over government clients.

Casibeans, a family-owned Belgian SME incorporated in 1935 and now run by the third generation, is a global trader of pulses. The company makes use of Credendo – Short-Term Non-EU Risks to cover the risk of non-payment of its clients based in market as far afield as Trinidad and Tobago.

A leading manufacturer of heating elements, Czech company KORADO has been making use of Credendo – Short-Term EU Risks for the last two decades, harnessing Credendo’s ability to monitor the financial health of its customers across Europe, and leveraging more than just essential insurance protection.

The global commodity trade finance unit of Banque Cantonale de Genève (BCGE), active in soft commodities, metals and energy, makes use of the credit and political risk capacity offered by Credendo – Single Risk, demand for which may be growing within the commodities sector.

Construction company Townmore has set its sights on becoming Ireland’s leading contractor for the sectors in which it specialises. It recently established a relationship with the new Irish branch of specialised subsidiary Credendo – Excess & Surety, which issued the company with a performance bond for work it is carrying out on a new residential development.

Having successfully established itself more than 100 years ago, German company Floragard is a leader in the development and marketing of premium earths and professional substrates. The company recently turned to Credendo – Excess & Surety for top-up credit insurance cover, which it says is a necessary component in achieving its sales objectives in some of the more complex markets to which it exports.