Aviva to buy Barclays home insurance portfolio
Aviva has signed a contract with Barclays UK to purchase its home insurance portfolio, which has 350,000 customers.
This acquisition will support the insurer’s ambitions to further grow its retail insurance business and maintain Aviva’s leading position in the home insurance market.
Aviva has been a partner of Barclays for 18 years where it has administered, underwritten, and provided servicing and claims management for Barclays home insurance customers.
The acquisition will complete in August. By the end of August, policies will change to Aviva and customers will be able to manage their policies digitally. Aviva underwrites and provides cover for Barclays Travel insurance customers and this is unaffected by the acquisition of the home insurance portfolio.
“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.” – Owen Morris, MD Personal Lines, Aviva UK General Insurance.