Allstate to acquire consumer protection plan provider
The Allstate Corporation has agreed a $1.4 billion deal to acquire SquareTrade, a provider of consumer protection plans.
SquareTrade mainly distributes via retailers including Amazon, Costco, Sam's Club, Target, Staples, Office Depot and Toys "R" Us and will expand Allstate’s reach, including holders of 25 million existing insurance plans.
"Allstate's consumer-focused strategy of providing unique products will be further enhanced with the acquisition of SquareTrade," said Tom Wilson, chairman and chief executive officer of Allstate. "SquareTrade's exceptional customer service, innovative product design, analytics and supply-chain logistics have led to a four-fold increase in revenue over the last five years and are consistent with Allstate's history of product innovation.”
The deal is subject to regulatory approval.
Verisk expands P&C data capabilities
Verisk’s property and casualty insurance risk analytics business ISO is to be expanded with the acquisition of MarketStance.
“Our property/casualty customers are always looking for unique insights to help them profitably grow their business,” said Beth Fitzgerald, president of ISO Solutions. “MarketStance has built a proprietary analytics model to provide actionable insights around these core needs that will enhance our ISO offerings.”
The deal, announced Monday, will see MarketStance becoming part of ISO but it will continue to be led by its current CEO and founder Dr. Fritz Yohn.
Winter boots could lead to insurance claims
Those winter boots, designed to help you navigate icy conditions safely, may be putting you at risk of a visit to the emergency room.
Researchers at the iDAPT labs at Toronto Rehabilitation Institute-University Health Network discovered that most of the 98 pairs of winter boots failed to meet the level of slip-resistance expected, using a rating system like that used for car tires. Just 8 per cent met even the minimum standard.
With an estimated 20,000 people injured in Ontario alone, the researchers believe that publishing their findings could reduce the risk of injury and insurance claims from snow and ice-related falls.
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