The latest from SquareTrade Europe;
SquareTrade Europe, an Allstate company, has established a new licensed insurer – SquareTrade Europe Insurance, headquartered in Brussels. The move will strengthen SquareTrade’s ability to design, launch and scale protection solutions more quickly across Europe, marking a significant step in the company’s European growth strategy.
The launch follows more than a decade of growth since SquareTrade first entered the European market in 2013 and brings insurance underwriting activity in-house for the first time in the region. The business 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.
Alastair Douglas, CEO SquareTrade Europe Insurance, said: “Becoming a licensed insurer gives us greater control across the value chain and the ability to innovate faster. 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.”
Cécile Coune, Chairwoman of the Board at SquareTrade Europe said: “Brussels is ideally positioned as a base for our new entity, given its strong credentials in insurance and financial services. This is an important milestone in our European growth strategy and creates the platform for continued expansion across the region. 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’s new Brussels office strengthens its footprint in continental Europe and will support the company’s continued expansion across the region.
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