"This move is designed to give us the global presence and identity that we deserve as the largest non-broker owned captive manager and the third largest overall," said Mr. Ezekiel. "Through our offices in Bermuda, Cayman, Guernsey, Barbados, Dublin and Vermont we manage some 260 companies and have a staff of 100 dedicated to captive management. Premium volume of the companies under management aggregates approximately $1.9 billion, making this an increasingly important unit within MRM's Corporate Risk Management business segment."
"We believe there is considerable growth potential within this industry both through our existing offices and further growth in Europe and the Far East. All of us at IAS and MRM will be seeking to further expand the services available to our current existing clients."
The following MRM subsidiaries will comprise the new unit, which will be headquartered in Bermuda.
International Advisory Services Ltd. - Bermuda
Mutual Risk Captive Group - Bermuda
Shoreline Management (Bermuda) Ltd.
Mutual Risk Management (Cayman) Ltd.
Mutual Risk Management (Barbados) Ltd.
IAS (Barbados) Ltd.
Mutual Risk Management (Guernsey) Ltd.
Mutual Risk Management (Vermont) Ltd.
International Advisory Services Inc. - Vermont
Mutual Coyle Hamilton Managers Ltd. - Dublin
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.
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.