Founded in 1921, the Delcredere Committee was the world's second credit insurer after that of the United Kingdom. After the upheaval that followed the First World War, the Belgian government had the desire to create a public body that would insure political risks and revive exports.

The Delcredere Commitee was conceived as a temporary entity but was maintained as crises emerged, such as the 1929 Wall Street crash, the looming second global conflict, decolonisation, etc.

In 1939, the government decided to turn it into a permanent body, making it a financially and administratively autonomous institution that is guaranteed by the government.

A few milestones:

From the world’s second-oldest ECA to a leading European trade credit insurance group


The Belgian Ministry of Economic Affairs sets up a Delcredere Committee to insure the political risks of exports


The Delcredere Committee is transformed into an autonomous public financial body with a state guarantee. It is renamed Office national du ducroire | Nationale Delcrederedienst, ONDD for short


ONDD is authorised to cover imports and services


Insurance cover is extended to commercial risk


ONDD is authorised to contribute to financing the operations it insures


It becomes possible to insure certain deals directly for the account of the Belgian state


Coverage is extended to include political risks related to Belgian direct investments abroad


Exchange rate risks related to export transactions become insurable


The business scope is broadened to cover international economic relations in a broader sense


Market-facing activity is launched, allowing ONDD to cover risks that represent only a minor Belgian interest. The pricing is in line with market conditions


  • ONDD sets up a private limited liability company to guarantee the continuity of its services to European businesses. This company insures the political and commercial risks of current trade transactions
  • ONDD acquires a 26% stake in TCRe, a Belgian private credit insurance company that specialises in excess-of-loss cover


Forfaiting products are launched. ONDD buys exporters’ accounts receivable due by their foreign buyers and provides funding


  • ONDD acquires a 50% stake in Austrian single-risk insurer Garant along with leading Russian insurer Ingosstrakh
  • ONDD launches its financial guarantee products for bank loans
  • Ducroire | Delcredere SA.NV. opens a branch in the United Kingdom


  • ONDD obtains its first-ever rating from Standard & Poor’s
  • Ducroire | Delcredere acquires a stake in Komerčni úvěrová pojišt’ovna EGAP (KUPEG), the market leader in the short-term credit insurance in Czech Republic


Ducroire | Delcredere SA.NV. opens a branch in France


  • ONDD sets up Russian joint venture INGO-ONDD with Ingosstrakh. INGO-ONDD specialises in covering credit risks related to domestic and international transactions on the Russian and CIS market
  • Ducroire | Delcredere SA.NV. increases its stake in KUPEG from 33% to 67%
  • Ducroire | Delcredere SA.NV. opens a branch in Germany


  • ONDD increases its stake in INGO-ONDD to 67%
  • ONDD increases its stake in Garant AG from 50 to 83%


Garant obtains its first-ever rating from A.M. Best


  • ONDD increases its stake in TCRe from 26% to 55%
  • Grant obtains its first-ever rating from Fitch


  • ONDD increases its stake in Garant from 83 to 96%
  • Ducroire | Delcredere SA.NV. opens a branch in Italy
  • Consolidation as the Credendo Group, more powerfully articulating the shared values, approach and strength of its companies


TCRe is now Trade Credit


  • KUPEG opens a branch in Poland
  • Delcredere | Ducroire becomes sole shareholder in Trade Credit