SquareTrade
Allstate Protection Plans, previously SquareTrade Inc., is a company based in the United States that provides extended warranty services for electronics and appliances.[3] It is a subsidiary of Allstate since 2016.
| Formerly | SquareTrade |
|---|---|
| Company type | Subsidiary |
| Industry | Insurance |
| Founded | 1999 |
| Founder | Ahmed Khaishgi Steve Abernethy |
| Headquarters | San Francisco, California |
Key people | Karl Wiley (CEO, President) (2020-present)[1][2] |
| Parent | Allstate (2016-present) |
| Website | www |
Early history and dispute resolution
changeFounded in 1999 by and Ahmed Khaishgi Steve Abernethy, SquareTrade began as an online service to help settle e-commerce disputes, working with sites like eBay. Its service included a verification seal called the SquareTrade Seal.[4][5] The company later stopped offering these services.
Warranty services
changeIn 2006, SquareTrade started selling warranty plans for electronics and other devices, including protection plans sold through large retailers. The company gained attention and, in 2012, received a large investment from Bain Capital and Bain Capital Ventures.[6]
SquareTrade's main underwriter was AmTrust Financial Services, Inc., but it shifted to Starr Indemnity in 2013.[7]
Allstate acquisition
changeIn 2016, Allstate bought SquareTrade for $1.4 billion, adding it to its range of consumer protection services.[8]
Lawsuit
changeIn 2016, a class-action lawsuit was filed against SquareTrade, accusing it of selling plans for products that were not eligible for coverage, which customers found out only when they tried to make a claim.[9]
References
change- ↑ "Karl Wiley - Allstate Corporation". allstatecorporation.com. Retrieved November 21, 2024.
- ↑ "Leadership - Allstate Protection Plans". www.squaretrade.com. Retrieved November 21, 2024.
- ↑ Ramsey, Donovan X. (May 22, 2014). "Is It Worth It to Insure Your iWhatever?". Ebony. Retrieved November 13, 2024.
- ↑ Collier, Marsha (2007-08-27). Starting an eBay Business For Dummies. John Wiley & Sons. pp. 106–. ISBN 9780470230312. Retrieved November 13, 2024.
- ↑ Cortés, Pablo (2010-09-13). Online Dispute Resolution for Consumers in the European Union. Routledge. pp. 149–. ISBN 9781136943508. Retrieved November 13, 2024.
- ↑ "Top 15 venture capital deals of 2012". Venture Beat. 2012-12-28. Retrieved November 13, 2024.
- ↑ "Appliance Service Contract Underwriters, 17 October 2013". Warranty Week. 17 October 2013. Retrieved November 13, 2024.
- ↑ "Allstate just shelled out $1.4 billion for a money-losing company". Crain's Chicago Business. Retrieved November 13, 2024.
- ↑ Reformado, Wadi. "SquareTrade hit with class action". Retrieved November 13, 2024.