Ducroire | Delcredere SA.NV was established in 2004 by the Belgian national credit insurance company ONDD (Office National du Ducroire | Nationale Delcrederedienst) with a share capital of EUR 150 million.
ONDD dates back to 1921. Originally, it only dealt with coverage of political risks, but gradually began to insure commercial risks as well. In order to continue providing commercial credit insurance in accordance with the rules of the European Union, it founded a subsidiary named Ducroire | Delcredere SA.NV. ONDD, which has been rated “AA+” with a stable outlook by Standard & Poor’s (December 2009).
Ducroire | Delcredere SA.NV insures and safeguards against the political and commercial risks of normal business transactions. It also issues statutory and contractual guarantees. Ducroire | Delcredere SA.NV continues with ONDD’s international ambitions in the field of commercial credit insurance. It supplements, and expands, its own activities and experience in Belgium through its partner credit insurance companies KUPEG (Czech Republic), GARANT (Austria and Switzerland), and Ingo-ONDD (Russia). In order to increase the quality of services offered to its clients throughout the entire European region, Ducroire | Delcredere SA.NV have established a branch network – currently in Germany, France and the United Kingdom.
Exportní garanční a pojišťovací společnost, a.s. (EGAP) was founded in June 1992 as a state-owned credit insurance company focusing on the insurance of export credits against territorial and commercial risks associated with the export of goods and services from the Czech Republic. EGAP became part of the state export support programme and provides insurance services to all exporters of Czech goods, services and investments regardless of their size, legal form or volume of insured exports.
In accordance with Act No. 58/1995 Coll. on state-aided export insurance and funding, as amended, EGAP is a joint-stock company that is fully owned by the State. The Czech Republic exercises its shareholder rights through central government authorities (Czech Ministry of Finance, Czech Ministry of Industry and Trade, Czech Ministry of Agriculture and the Czech Ministry of Foreign Affairs). The principal activity carried out by the Company is the insurance of export credits against export credit risks, i.e. against territorial risks and a combination of territorial risks and commercial risks that cannot be insured in the market.
EGAP offers insurance products that are comparable in structure, scope and quality to those that are provided by foreign credit insurance companies which have been active over the long term, and is able to satisfy the individual needs of exporters and bank institutions which finance exports. In addition to credit insurance for export suppliers and buyers against the risk of non-payment due to commercial and/or political reasons, which are typical products offered by credit insurance companies, EGAP also offers credit insurance for the pre-export financing of production for export; investment insurance by Czech companies abroad, including insurance of the credit used to finance them; and also insurance of the guarantees issued by banks on behalf of Czech exporters, in relation to the preparation and implementation of export contracts.
In January 2005, EGAP founded Komerční úvěrová pojišťovna EGAP, a.s. – now KUPEG úvěrová pojišťovna, a.s. (KUPEG Credit Insurance), and was its sole shareholder until November 2007.