Lloyd's broker RL Davison confirmed this week that it has offered voluntary redundancy to around 20 employees, including broking and administrative staff.
RL Davison managing director Lawrence Shortland said the voluntary redundancies had been offered as a result of the "softening of the motor market".
The broker generates about 50% of its income from commercial motor business, and also brokes marine and reinsurance cover.
Shortland said that as a result of falling rates, the broker was "looking to make some minor adjustments" to staffing levels, and considered a voluntary redundancy scheme to be the "fairest and most sympathetic" way of reducing its staff numbers.
Prior to any cuts, RL Davison had around 70 staff.