Hughes Insurance is planning to close its branch office at Broad Street in Magherafelt.
The company announced today it is shutting six of its branches across Northern Ireland with the loss of 20 jobs.
It is understood that some staff members will be offered the opportunity to relocate to company headquarters or other branches.
In a statement the company said it will “make every effort to avoid redundancies where possible”.
“Where it isn’t possible, any redundancies will be voluntary led, or for certain roles, the opportunity to reapply for new positions may exist,” it said.
Hughes Insurance was founded in 1977 by Newtownards man Leslie Hughes who was awarded an OBE for his services to the insurance industry in the 2015 New Year’s Honours.