Barclays UK’s home insurance business currently includes 350,000 clients.
The new deal is expected to help Aviva to expand its retail insurance operation and continue to maintain its position in the home insurance sector, among others.
It is expected to be completed by next month, with Barclays UK’s policies changing to Aviva from 31 August.
Clients can manage their policies digitally through MyAviva, online or the app. They do not have to take any action to transfer their policies.
Aviva’s existing underwriting and coverage services for Barclays Travel insurance clients will not be impacted by the latest deal.
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Aviva has been acting as a strategic partner to offer underwriting and servicing and claims management for Barclays home insurance customers for 18 years.
Aviva UK General Insurance Personal Lines MD Owen Morris 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.”
Aviva currently provides its customers with home, motor and travel insurance products and services across various channels.
In May this year, the company entered a five-year distribution agreement with Nationwide Building Society to exclusively offer travel insurance for the FlexPlus account members from May next year.