SquareTrade Europe, a device protection and InsurTech business owned by Allstate, has established a licensed insurance entity in Brussels, marking a structural shift that brings underwriting capabilities in-house across Europe.
Newly formed SquareTrade Europe Insurance will support the company’s expansion across 15 European markets, enabling it to design and deploy protection products more quickly while maintaining greater control over underwriting and insurance operations. The development represents distance from reliance on third-party underwriting arrangements in the region.
The move comes as SquareTrade Europe continues to expand its footprint across the continent, where it currently operates across markets including Germany, Spain and the Nordic region. The business works with 26 consumer electronics retailers and telecommunications providers and supports more than nine million active customers across its European network.
By becoming a licensed insurer, SquareTrade Europe will be able to manage underwriting internally, allowing for more direct oversight of product development and pricing decisions. The structure is also intended to improve consistency across markets, where regulatory frameworks and partner requirements can vary significantly.
The company has confirmed that the entity has received regulatory approval from the National Bank of Belgium. Operating from its Brussels headquarters, SquareTrade Europe Insurance will also be able to expand across the European Economic Area through passporting rights, supporting wider regional growth plans.
SquareTrade Europe Insurance chief executive officer Alastair Douglas 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.”
SquareTrade Europe Insurance chairwoman of the board Cécile Coune added, “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.”
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