’It is an important strategic step in growing our direct personal lines portfolio,’ says managing director
Aviva has signed a contract with Barclays UK to purchase its home insurance portfolio.
A statement released today (24 July 2023) said the portfolio, which comprises of 350,000 customers, would support Aviva’s plans to further grow its retail insurance business.
The deal is set to complete in August – from the last day of the month, policies will change to Aviva and customers will be able to manage their policies digitally via MyAviva, online or using the app.
Barclays UK home insurance customers were contacted about the changes throughout June and July.
Owen Morris, personal lines managing director at Aviva UK general insurance, said the deal was an “important strategic step in growing our direct personal lines portfolio and achieving our One Aviva ambitions”.
“Importantly, this acquisition will also allow Barclays customers to continue to benefit from Aviva’s leading underwriting and home insurance claims expertise,” he added.
‘Fantastic opportunity’
This came after Aviva announced it had 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.
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Aviva has been a strategic partner of Barclays for 18 years, administering, underwriting and providing servicing and claims management for the bank’s home insurance customers.
The insurer also underwrites and provides cover for Barclays Travel insurance customers, which is unaffected by the acquisition of the home insurance portfolio.
Morris added: “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.”
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