Mutual Risk Management Completes Restructuring

Hamilton, Bermuda: 20 September, 2001 - Mutual Risk Management Ltd. today announced that it had completed the restructuring of its operations into two separate holding companies, one for its Specialty Insurance company business and the other for its Corporate Risk Management, Specialty Brokerage and Financial Services businesses. The restructuring was a condition of the May 2001 investment of $112.5 million in the Company's 9 3/8% Senior Convertible Exchangeable Debentures and was completed following receipt of all required shareholder and regulatory approvals.

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 press release contains forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about MRM's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: (a) the timely and full recoverability of reinsurance placed by Mutual Risk with third parties; (b) adverse developments in the world's insurance, reinsurance and financial markets; and (c) the other factors set forth in Mutual Risk's most recent report on Form 10-K and Mutual Risk's other documents on file with the Securities and Exchange Commission. Mutual Risk undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.