Mutual Risk Files Shelf Registration Statement And Announces Interim CFO

The Company also announced that it has appointed Mr. James Kelly as interim Chief Financial Officer of the Company. As previously announced, the Company's former CFO, Mr. Andrew Cook has accepted a position as CFO of AXIS Specialty Limited, a recently formed Bermuda insurer. Mr. Kelly served as Mutual Risk's CFO for ten years until the end of 2000. The Company is in the process of recruiting a permanent Chief Financial Officer. Mr. Angus Ayliffe, the Company's Controller, was also appointed to the additional position of Principal Accounting Officer.

The Registration Statement on Form S-3 relating to the common shares referred to above has been filed with the SEC, but is not yet effective. The common shares described in the registration statement may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is not an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

This press release contains forward-looking statements, which involve inherent risks and uncertainties. Mutual Risk Management Ltd. provides risk management services to clients in the United States, Canada and Europe seeking alternatives to traditional commercial insurance for certain of their risk exposures, as well as financial services to offshore mutual funds and other companies. Mutual Risk Management Ltd. (MM) Common Shares are listed on the New York and Bermuda stock exchanges.