German insurer Allianz has unveiled plan to close its Woking and Luton offices in the UK, casting doubts over the future security of the 97 jobs.

The Munich-headquartered underwriter said that changes in local market dynamics as well as fierce competition forced the company to take drastic decision to close the two offices.

About 49 employees in Woking and 48 in Luton are said to be on the verge of losing their jobs.

The insurer said that it will launch a 45 day collective consultation process to discuss the proposals with the affected employees.

However, Allianz also announced plans to create 75 new positions across the locations and redeploy as many affected employees as possible.

Allianz commercial and personal general manager Simon McGinn said: “These proposals will bring a short period of uncertainty to the people in these locations during which we will do everything we can to support them.

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“This proposal is not in any way a reflection on my colleagues working at Woking and Luton or the business results they have achieved, but is a necessary decision as part of our focus on efficient transformation.”

If the plan goes through, Allianz will cease to operate both offices from September. The brokers will be served by its other offices located in Birmingham, London, Chelmsford, Maidstone and Southampton.