Your 5-minute update in risk appetite | October 2026
How Credendo – Trade Credit Insurance’s layer solution allowed Motul to keep selling – and growing – across international markets
Motul is a French family-owned company, originally founded in 1853, producing high-performance engine oils and lubricants for customers in 160 countries. Its reliance on large distributors and importers can create significant exposure to individual buyers, particularly in markets where credit insurance capacity is limited.
This was the challenge that prompted Motul to contact Credendo – Trade Credit Insurance about its layer solution – a flexible additional-capacity policy that sits above the primary policy.
Where Motul’s primary insurer cannot grant the full capacity needed, Credendo – Trade Credit Insurance provides an additional ‘layer’ of protection, extending the overall level of cover available on individual customers on a case-by-case basis.
It can provide cover even when the primary insurer declines coverage, a clear differentiator in the most challenging markets.
Initially introduced by Motul in 2024 to support its business in Mauritania, the policy has since been extended to other African markets, and across Europe and the Americas, covering multiple Motul subsidiaries.
Argentina success
The practical value of this additional capacity became clear in Argentina, where Motul’s business has grown five-fold in a short time.
As economic conditions in Argentina began to improve in 2025, Motul decided to significantly restart its business in the country. Since Credendo – Trade Credit Insurance was able to provide cover immediately after the country reopened, Motul could move quickly to support renewed commercial opportunities.
Charles-Karim Imessaoudene-Parr, Motul’s Group Credit Risk Manager, said the value of the Credendo relationship comes down to a shared understanding of risk. “Credendo helped us to unlock this business. Whenever I think that this customer is coverable, I’m pretty sure Credendo will have the same opinion.”
It is this shared spirit of adventure and courage that underpins a growing relationship: for over 150 years Motul has built its business by venturing into frontier markets, while Credendo is willing to take calculated risks to help clients pursue opportunities where others may hesitate.
Growing partnership
As higher oil and gas prices push up input costs and selling prices, Motul expects its partnership with Credendo to remain important as exposures grow.
Credendo – Trade Credit Insurance’s market knowledge also means the value of the layer solution extends far beyond providing additional capacity.
This expertise and flexibility are particularly valuable as Motul’s business evolves, helping the company manage its credit risk while pursuing new opportunities.
What is the difference between the layer solution offered by Credendo – Trade Credit Insurance and the top-up solution offered by Credendo – Guarantees & Speciality Risks?
In essence, the layer solution offers selective, bespoke extra capacity, while the top-up solution can provide automatic, formula-based additional capacity.
Layer solution: adds capacity, which could be extra cover above the primary insurer’s limit or ground-up cover for a buyer, if the primary insurer does not give any cover at all on such buyer. The layer solution serves for specific customers or debtors where additional capacity is needed. It is a tailored solution, where each debtor is assessed individually and additional cover is decided on a case-by-case basis.
Top-up solution: automatically provides additional capacity on existing credit limits approved by a primary insurer, enabling businesses to support larger transactions and seize sales opportunities. The top-up solution can double insured limits and even go beyond with the ‘Top-up Prime’ cover. This automatic cover cannot be cancelled by Credendo and is seamlessly integrated into the existing credit insurance programme, with minimal administration, no disruption and no need for renegotiation with the primary insurer.
Combined cover: Credendo is also able to offer both a Credendo – Guarantees & Speciality Risks top-up solution and a Credendo – Trade Credit Insurance layer solution, which are complementary and can be combined. We have successfully implemented such solutions in the past, demonstrating how Credendo – Guarantees & Speciality Risks’ Top Up and Credendo – Trade Credit Insurance’s layer solution can work hand in hand to bridge capacity gaps and provide clients with a more comprehensive risk mitigation framework.
