Allianz Global Corporate & Specialty (AGCS) is to close its Dubai office.
Current business is expected to go to London or Asia, with 23 local employees affected by the closure.
The decision comes after a strategic business review of the office and its future potential.
AGCS said the Dubai office had stagnant premium growth over the last few years and a high cost base, mostly driven by office rental, HR costs and broker commissions.
