Business Services Industry
MRM plan aims to restore investor confidence, profits; Operations, management restructured.(-Mutual Risk Management Ltd. )(Brief Article)
Business Insurance, May, 2002 by Bradford, Michael
HAMILTON, Bermuda-Mutual Risk Management Ltd. is betting that a restructuring will preserve the value of its captive management and brokerage businesses at a time when the fate of its troubled insurance operations is uncertain. In a preliminary agreement reached last week, MRM outlined a deal with debt holders to restructure its debt and sell parts of the company.
At the same time, it stressed the autonomy of its fee-based businesses and emphasized that two of those units-MRM Global Captive Group Ltd. and MRM Specialty Brokers Ltd.-will continue to operate independently of its U.S. insurance operations, which are in rehabilitation. Management changes also have been made. David Ezekiel was named chief executive officer of MRM Services Ltd., which operates...
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