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This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

MRM Announces Sale Of Hemisphere Management Subsidiary

Hamilton, Bermuda: 7 March 2002 - Mutual Risk Management Ltd. (NYSE:MM BSX: MM.BH) today announced that it has signed a definitive agreement with The BISYS Group Inc. for the sale of its fund administration business, Hemisphere Management Ltd. Pursuant to the agreement the Company expects to receive cash proceeds from the sale of approximately $110 million and to report a gain on the sale of approximately $100 million after-tax. Completion of the transaction is subject to regulatory approval and other usual terms and conditions. The proceeds of the sale will be used to repay indebtedness and the Company's banks and debenture holders have approved the transaction.

Mutual Risk also announced today that it has retained Greenhill & Co., LLC, an independent global merchant banking firm, to assist in developing a restructuring of its balance sheet.

Mutual Risk also announced today that Mr. Welford Tabor, Mr. Michael Esposito, Ms. Fiona Luck and Mr. Bruce Connell, directors of the Company designated by holders of the Company's 9 3/8% Convertible Debentures, have resigned as directors. An additional director, Mr. William Galtney, also resigned.

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.