Barclays has selected Allianz as its partner for a full range of commercial insurance products for its UK customers.
Within the "long-term" deal (no details currently available), Allianz Commercial will provide a range of tailored packages for different market sectors. The sales, service and claims capability provided by Allianz will be fully branded and operate from the insurer's specialist centre in Lancaster.
Allianz refers to the partnership as a "substantially different proposition to the bancassurance sector". Allianz also partners with Lloyds TSB for SME insurance; whereas HSBC and Santander work with AXA and RBS partners with UKI under its NIG brand.
Barclays had previously worked with Aviva as its provider of SME insurance.