Aviva announces deal to buy Barclays home insurance portfolio

UKI Equity Markets (Web Disclosure) via PUBT

Aviva, the leading home insurer in the UK, has signed a contract with Barclays UK to purchase its home insurance portfolio, which comprises 350,000 customers.

This acquisition will support the insurer's ambitions to further grow its retail insurance business, enable customers to continue to benefit from excellent service, and maintain Aviva's leading position in the home insurance market.

Aviva has been a strategic partner of Barclays for 18 years where it has administered, underwritten, and provided servicing and claims management for Barclays home insurance customers.

Commenting on the announcement, 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."

The acquisition will complete in August and Barclays UK home insurance customers have been contacted about the changes throughout June and July. Customers do not need to take any action. From 31^st August, policies will change to Aviva and customers will be able to manage their policies digitally via MyAviva, online or using the app.

Aviva underwrites and provides cover for Barclays Travel insurance customers and this is unaffected by the acquisition of the home insurance portfolio.

Aviva offers home, motor and travel insurance products and services across a number of channels, allowing customers to buy how and when they want. This includes buying directly from Aviva, via price comparison websites or brokers and through partnerships with leading banks and building societies.

In May 2023, Aviva also 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 plc published this content on 24 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2023 10:21:27 UTC.