Aviva snags Barclays’ home insurance business in strategic move
UK insurer Aviva has agreed a deal to buy Barclays’ home insurance portfolio, as it looks to grow its retail insurance business.
Barclays UK’ home insurance portfolio comprises 350,000 customers. The acquisition is expected to complete in August.
The two companies have been strategic partners for 18 years wherein Aviva has administered, underwritten, and provided servicing and claims management for Barclays’ home insurance customers.
Aviva also underwrites and provides cover for Barclays Travel insurance customers, which will remain unaffected by the acquisition of the home insurance portfolio.
In May 2023, Aviva also signed a five-year distribution agreement with Nationwide Building Society to be the sole provider of travel insurance for its FlexPlus account members from May 2024.
Owen Morris, MD personal lines, Aviva UK General Insurance, said: “This is a fantastic opportunity to acquire an established home insurance book and reflects the strong relationship we’ve had with Barclays for 18 years. Importantly, this acquisition will also allow Barclays customers to continue to benefit from Aviva’s leading underwriting and home insurance claims expertise. It is an important strategic step in growing our direct personal lines portfolio and achieving our One Aviva ambitions.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
