Each week, Life Insurance International’s editors select a deal that illustrates the themes driving change in our sector. The deal may not always be the largest in value, or the highest profile. But we select it because of what it tells us about where the leading companies are focusing their efforts, and why. We pick apart the deal itself, and the industry theme behind it.
This new, thematic deal coverage is driven by our underlying Disruptor data which tracks all major deals, patents, company filings, hiring patterns and social media buzz across our sectors.
Go deeper with GlobalData
The deal
Insurance company Aviva has reached a deal to acquire Barclays UK’s home insurance portfolio for an undisclosed sum.
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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataWhy it matters
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.”
Ben Carey-Evans, senior insurance analyst at GlobalData, added: “GlobalData’s 2022 UK Insurance Consumer Survey found that Aviva was the leading household insurer in the UK with a share of 11.2% across all forms of household insurance. It was closely followed by Admiral with 10.9%, with a significant drop to LV= in third place (5.1%). Barclays held a share of 2.4% in 2022, making it the 14th largest player in the UK. This share will now be moving to Aviva. With Aviva already underwriting these policies for Barclays, the move should not place too much extra strain on the insurer.”
The details
Barclays UK’s home insurance business currently includes 350,000 clients.
It is expected to be completed by next month, with Barclays UK’s policies changing to Aviva from 31 August.
Aviva has been acting as a strategic partner to offer underwriting and servicing and claims management for Barclays home insurance customers for 18 years.
