OREANDA-NEWS. November 27, 2009. Ingosstrakh ONDD Credit Insurance (INGO-ONDD) has been licensed by the Russian Insurance Surveillance Service (Rosstrakhnadzor) for insurance and re-insurance operations, and is starting its operations in Russia.

The joint company was founded in August of 2009 by the Russian insurance market leader Ingosstrakh IJSC and a Belgian public credit insurer Office National du Ducroire (ONDD). The Russian-Belgian insurer will specialize in covering credit risks for domestic and international companies operating on Russian market. ONDD’s stake in the new company will be 67 %. The backbone staff in the new company will be formed by the Trade Credit Insurance Department  personnel of Ingosstrakh IJSC.

ONDD Belgian public exports insurer was founded in 1939. For many decades it has specialized in insuring credit transactions all over the globe. The company does only 20 % of its business in Western European countries, with 80% of the business in other countries around the world. Along with the public agency, ONDD also includes its non-public subsidiary Delcredere NV/SA with branches in the United Kingdom, France and Germany, and a subsidiary company in Czech Republic.

Ingosstrakh IJSC management decided to create a new INGO-ONDD company based on its strategic plans for development of this business segment and increasing its Russian market stake. Ingosstrakh has accumulated vast credit insurance expertise, in Soviet times the company was a pioneer in insurance of foreign trade risks. In 1957 Ingosstrakh IJSC founded Garant Insurance in Austria which has an office operating in Switzerland.

Ingosstrakh IJSC and ONDD have successfully cooperated in the area of insurance and reinsurance of credit risks for many years. In 2006 ONDD bought a 50 % stake in Garant Insurance Company, thus for the first time forming an equal Russian-European partnership in the international credit insurance market.

Alexander Grigoriev, General Director of Ingosstrakh IJSC, said that “Ingosstrakh ONDD Credit Insurance (INGO-ONDD) operations will enable the company to reinforce its leadership in highly competitive environment in the area of credit risk insurance in the Russian and CIS markets”.

According to Yves Vindelincx, CEO of ONDD, “bringing together technologies of the Belgian public agency accumulated over many years in the international market and hands-on Russian market expertise of Ingosstrakh specialists opens great prospects for successful performance of INGO-ONDD. Furthermore, Ingosstrakh has a wide Russian branch network and subsidiary companies in CIS countries, which is a great basis for further regional expansion”.

Office National du Ducroire (ONDD) – National Agency for Export Credits – is a public insurance company, specializing in credit risk insurance (Belgium) with a mission to promote international economic relations. ONDD performs this task as an autonomous government institution with the state guarantee.