Credendo completes merger of Credendo – Excess & Surety and Credendo – Single Risk
- Today, Credendo announced the successful completion of the merger of its two subsidiaries under the name Credendo – Guarantees & Speciality Risks.
- Given the strong complementarity of Credendo – Excess & Surety and Credendo – Single Risk, the merger, announced in September 2020, provides opportunities for significant value creation fostering the emergence of a leading specialised credit insurer in surety bonds, excess-of-loss and single-risk cover.
- With a combined paid-up capital of €135 million, Credendo – Guarantees & Speciality Risks has been assigned a rating ‘A-‘ with a stable outlook by S&P Global Ratings.
Today, Credendo announced the successful merger of Credendo – Excess & Surety and Credendo – Single Risk. The merged entity goes by the name of Credendo – Guarantees & Speciality Risks to give evidence of its strong specialisation as a provider of guarantees and specialised trade credit insurance, excess-of-loss and top-up cover, and single-risk policies.
The merger, in the framework of which the necessary approvals have been obtained from the relevant regulatory authorities, becomes effective today, on 1 June 2021.
Credendo – Guarantees & Speciality Risks has been assigned a rating ‘A-‘ with a stable outlook by S&P Global Ratings.
With its headquarters in Brussels, Belgium, Credendo – Guarantees & Speciality Risks will henceforth be active across Europe through its branch offices based in Austria, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Poland, Spain and Switzerland.
By merging the sister companies, Credendo wants to facilitate the access for all companies, involved in local or international business, to a wide range of specialised and innovative insurance cover and surety solutions that meet their complex and evolving needs.
“The merger is mutually beneficial, unlocking huge potential to develop Credendo – Guarantees & Speciality Risks’ leadership in this specialised market,” commented Dirk Terweduwe, Credendo’s Group CEO. “As a single gateway for specialised solutions, Credendo – Guarantees & Speciality Risks enhances its ability to support our customers in their unique needs. It also provides an even higher level of expertise, thanks to a thorough understanding of buyers’ requirements and knowledge sharing. The merger is expected to propel revenue growth and meaningful cost synergies, while increasing the financial strength of the single entity.”
With a combined paid-up capital of €135 million, Credendo – Guarantees & Speciality Risks positions itself as a major player in the surety and trade credit insurance market. Commenting on the announcement, Eckhard Horst, newly appointed General Manager of Credendo – Guarantees & Speciality Risks, said: “The merger is an extension of our solutions and allows the new entity to deliver additional value to our growing customer base in Europe and beyond. Six months ago, we began to prepare the merger of the operations for both companies, enhancing our processes while integrating valuable resources from the two companies. The enthusiasm of our teams during the merger process confirms that it was a step in the right direction. Within the headquarters and branches, teams continue to work closely with their customers and partners. In parallel, we have made significant investments, opening a branch in Ireland, and strengthening the surety team in France. We continue to invest in our people and in digital and AI technology to provide best-in-class customer experience.”
Celebrating its 100th anniversary, Credendo commits itself to excellence, innovation and knowledge in bespoke solutions. “In addition to gaining a solid and unique experience and track record over the years, the dynamic evolution of Credendo demonstrates its agility to stay in tune with the markets to sustain resilience and growth of any business,” said Nabil Jijakli, Credendo’s Group Deputy CEO.
Credendo Group Deputy Chief Executive Officer
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Credendo – Guarantees & Speciality Risks
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