History

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

 1921

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

 1939

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

 1949

ONDD is authorised to cover imports and services

 1956

Insurance cover is extended to commercial risk

 1962

ONDD is authorised to contribute to financing the operations it insures

 1964

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

 1970

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

 1972

Exchange rate risks related to export transactions become insurable

 1991

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

 1996

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

 2004

  • 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

 2005

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

 2006

  • 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 

 2007

  • 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

 2008

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

 2009

  • 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

 2010

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

 2011

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

 2012

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

 2013

  • 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