Allstate – SquareTrade deal meets resistance
“Only about 30 percent of the people who have cellphones have insurance, and I felt like it could go higher and we could do a better job” – Allstate CEO Tom Wilson on SquareTrade deal. Keyword: felt. Some investors share his enthusiasm since the consumer warranties business makes more money than insuring cars, yet raise concern over execution citing the company’s $1 billion buyout of online auto insurer Esurance five years ago that has yet to turn a profit despite roughly doubling in size.
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