Belgian Export Credit Agency
Encyclopedia
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+).
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, 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.
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.
1920s
File:1920s decade montage.png|From left, clockwise: Third Tipperary Brigade Flying Column No. 2 under Sean Hogan during the Irish Civil War; Prohibition agents destroying barrels of alcohol in accordance to the 18th amendment, which made alcoholic beverages illegal throughout the entire decade; In...
. 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+).
Operations
Since the 1920s1920s
File:1920s decade montage.png|From left, clockwise: Third Tipperary Brigade Flying Column No. 2 under Sean Hogan during the Irish Civil War; Prohibition agents destroying barrels of alcohol in accordance to the 18th amendment, which made alcoholic beverages illegal throughout the entire decade; In...
and 1930s
1930s
File:1930s decade montage.png|From left, clockwise: Dorothea Lange's photo of the homeless Florence Thompson show the effects of the Great Depression; Due to the economic collapse, the farms become dry and the Dust Bowl spreads through America; The Battle of Wuhan during the Second Sino-Japanese...
, 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, 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.
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.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.
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- ONDD enters into a joint venture with Russian insurer Ingosstrakh under the name INGO-ONDD.