MRM Announces Appointment of New Chief Financial Officer

Hamilton, Bermuda: 5 October 2000 - Mutual Risk Management Ltd. (NYSE:MM) today announced the appointment of Mr. Andrew Cook as the Company's Senior Vice President and Chief Financial Officer, effective January 1st. 2001. Mr. Cook will join the Company immediately and assume the role of CFO at the beginning of 2001. Mr. James Kelly, the current CFO, will continue in that role until that time after which he will relocate with the Company to Europe. Mr. Cook, a chartered accountant, was formerly C.F.O. of La Salle Re Holdings Limited a Bermuda based company listed on the NYSE whose primary focus is property catastrophe reinsurance.

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. Mutual Risk Management Ltd. (MM) Common Shares are listed on the New York and Bermuda stock exchanges. This release may contain forward-looking statements. These statements, which reflect management's beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect the Company's future results, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 1999 Annual Report to Shareholders and in the Company's Quarterly Reports on Form 10-Q for 2000.