Aviva swoops for Barclays UK’s home insurance business
Aviva has announced the acquisition of Barclays UK’s home insurance portfolio. The portfolio comprises 350,000 customers, bolstering Aviva’s efforts to grow its retail insurance business.
Aviva’s 18-year strategic partnership with Barclays has seen the insurer administer, underwrite, and provide servicing and claims management for Barclays’ home insurance customers.
Owen Morris, MD personal lines at 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. It is an important strategic step in growing our direct personal lines portfolio and achieving our One Aviva ambitions.”
The acquisition is set to complete in August. Barclays UK home insurance customers have been notified about the changes throughout June and July. Starting 31st August, policies will switch to Aviva, allowing customers to manage their policies digitally via MyAviva, online or through the app. Customers are not required to take any action regarding this transition.
The acquisition does not affect Aviva’s cover for Barclays Travel insurance customers.
Aviva provides a variety of home, motor, and travel insurance products and services across multiple channels. Customers can buy directly from Aviva, via price comparison websites or brokers, and through partnerships with leading banks and building societies.
In May 2023, Aviva further expanded its partnerships by signing a five-year distribution agreement with Nationwide Building Society.