| 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) |
| Parent | Allstate (2016-present) |
| Website | www |
SquareTrade Inc., is a company based in the United States that provides extended warranty services for electronics and appliances. It is a subsidiary of Allstate since 2016.
Founded in 1999 by Ahmed Khaishgi, 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. The company later stopped offering these services.
In 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.
SquareTrade's main underwriter was AmTrust Financial Services, Inc., but it shifted to Starr Indemnity in 2013.
In 2016, Allstate bought SquareTrade for $1.4 billion, adding it to its range of consumer protection services.
In 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.