Allianz Global Corporate & Speciality (AGCS) will pull out of the local aviation market next year following a global strategic review of aviation business.

“AGCS will cease writing general aviation insurance in Australia from January 1,” a spokesman told insuranceNEWS.com.au.

The company says it will still service larger Australian and New Zealand aviation risks through its London office.

“AGCS will continue to work closely with brokers and clients during the transition period and the run-off of its existing business,” the spokesman said.

Five positions will be affected by the decision.

“The staff impact will be staggered over 2017, although opportunities for redeployment may also be identified where appropriate,” the spokesman said.