clients access to the alternative insurance market in Gibraltar, including the establishment and management of captive insurers.

HSBC Insurance Management manages 100 captives. And its new ally, Norwich, specialises in the alternative insurance market.

HSBC Insurance Management chief executive Peter Walker said, "Gibraltar has the potential to become an important new location for captive insurance companies and we need to be represented there.

"This new alliance will enable us to offer greater flexibility and choice to our clients.'' A spokesman for the Norwich Union (Gibraltar) insurance management division stated: "I'm delighted that HSBC Insurance Management has chosen Norwich Union (Gibraltar) as its partner in the territory. "Gibraltar has a great deal to offer the offshore insurance market and, as a consequence, increasing numbers of companies are choosing to do business here.'' HSBC Insurance Management, with offices in Bermuda, the Cayman Islands, Cyprus and Guernsey, is a member of the HSBC Group, which has offices in 81 countries and territories and assets at last December 31 of / 286 billion or $467 billion.