SquareTrade Europe, an Allstate company, has launched a new licensed insurer, SquareTrade Europe Insurance, headquartered in Brussels.
SquareTrade said the move will strengthen its ability to design, launch and scale protection solutions more quickly across Europe, marking a significant step in the company’s European growth strategy.
The company partners with major retailers and mobile carriers to help customers protect electronic devices at the point of sale.
SquareTrade first entered the European market in 2013 and now operates across 15 markets including Germany, the Nordic region and Spain, working with 26 leading consumer electronics retailers and telecommunications providers, to support more than nine million active customers.
By becoming a licensed insurer, SquareTrade gains greater control across the insurance value chain enabling faster product innovation, closer alignment with partner needs and more consistent customer experiences across markets. The new structure also provides increased flexibility to expand into new product categories as consumer protection needs continue to evolve.
With regulatory approval from the National Bank of Belgium, SquareTrade Europe Insurance will be able to operate and further expand across Europe, leveraging passporting rights within the European Economic Area.
“Becoming a licensed insurer gives us greater control across the value chain and the ability to innovate faster,” commented Alastair Douglas, CEO SquareTrade Europe Insurance, in a statement.
“With a new headquarters in Brussels and more than nine million customers across Europe, we have the scale, the foundation and the market insight to design more integrated, scalable solutions that better serve customers – going beyond what has traditionally been available,” Douglas added.
“Brussels is ideally positioned as a base for our new entity, given its strong credentials in insurance and financial services,” according to Cécile Coune, chairwoman of the Board at SquareTrade Europe.
“This is an important milestone in our European growth strategy and creates the platform for continued expansion across the region,” Coune added. “By bringing insurance capabilities in-house, we will be able to respond more quickly to changing partner and customer needs and deliver more seamless protection experiences at scale across European markets.”
SquareTrade said its Brussels office will strengthen its footprint in continental Europe and supports the company’s continued expansion across the region.
Was this article valuable?
Here are more articles you may enjoy.
Ford’s AI Hiccups Lead Carmaker to Rehire ‘Gray Beard’ Engineers 
Florida Supreme Court Ruling Could Mean New Pressure to Settle High-Dollar Lawsuits 
A Super Yacht Armada Came to Miami, Leaving a Marine Graveyard in Its Wake 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
