Belgian Export Credit Agency

Belgian Export Credit Agency
ONDD
Industry Insurance
Founded 1921 Delcredere Committee, 1939 Nationale Delcrederedienst - Office national du ducroire (ONDD)
Headquarters Brussels, Belgium
Key people Dirk Terweduwe (CEO), Frank Vanwingh (Deputy CEO), Nabil Jijakli (Secretary General)
Products export credit insurance (medium- and long-term), direct foreign investments, financial guarantees, insurance of investments, suretyship, inward reinsurance
Employees 160 (ONDD), 380 (Group total)
Subsidiaries Ducroire | Delcredere SA.NV (Belgium, France, United Kingdom, Germany), KUPEG (Czech Republic), Garant AG (Austria, Switzerland), INGO-ONDD (Russia), TCRe (Belgium)
Website ONDD.be

ONDD, short for Office national du ducroire | Nationale Delcrederedienst, is the Belgian export credit agency. It was set up as a permanent autonomous public body in 1939 by the Belgian government after it had been part of the Ministry of Economic Affairs as the Delcredere Committee since the early 1920s. From the outset, ONDD’s main objective has been to support Belgian exporting companies yet its scope of business has broadened in the mean time. It has a 30 billion euro insurance capacity.

ONDD was given its first-ever rating by Standard & Poor’s in 2007, receiving the second best long-term rating (AA+) and the best short-term rating (A-1+).

Contents

Operations

Since the 1920s and 1930s, ONDD has extended its range of products and services by no longer just offering export credit insurance but financial guarantees and direct financing for smaller receivables as well. To comply with EU competition rules,[1] ONDD, along with other export credit agencies, needed to make a clear distinction between marketable and non-marketable risks when providing export credit insurance. This led to the creation in 2004 of Ducroire | Delcredere SA.NV, a private limited liability company under Belgian law that was to offer cover for short-term credit risks, i.e. with a maximum risk period of two years. The private credit insurer has its headquarters in Brussels and has three branch offices, in London (United Kingdom), Paris (France) and Wiesbaden (Germany) and a subsidiary in Prague: KUPEG.

ONDD is also known for its country risk classification, which is available on its official website.[2]

ONDD Group timeline

The creation of Ducroire | Delcredere SA.NV in 2004 was the first step to build an international credit insurance group with ONDD as the parent company.[3]

2004: ONDD acquires a stake in TCRe, a Belgian company specialized in excess-of-loss credit insurance.

2006: ONDD acquires a stake in Austrian single-risk insurer Garant AG.

2007: The Ducroire | Delcredere SA.NV subsidiary acquires a stake in Czech credit insurer KUPEG.

2009: Ducroire | Delcredere SA.NV increases its stake in KUPEG.

ONDD enters into a joint venture with Russian insurer Ingosstrakh under the name INGO-ONDD.

External links

Subsidiaries

References

  1. ^ Communication of the Commission
  2. ^ Country risks summary table
  3. ^ Document ONDD Group structure

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