MRM Increases Share Repurchase Programme

Hamilton, Bermuda, October 28, 1999 - Mutual Risk Management Ltd. (NYSE:MM, BSX: MM.BH) today announced that its Board of Directors has approved an increase in its previously announced stock repurchase program. The Board authorized the repurchase of an additional two million common shares in addition to the three million shares already authorized. Since the stock repurchase program was announced on October 6th, 1999, the Company has completed the purchase of 2.63 million common shares at an average price of $12.42 per share. Purchases may be made from time to time by the Company in the open market or in block purchases or in privately negotiated transactions depending on market conditions and other factors.

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 1998 Annual Report to Shareholders and in the Company's Quarterly Reports on Form 10-Q for 1999.