Mutual Risk Management Expects Stock to be Traded On the OTC Bulletin Board

Business Wire, April 3, 2002

Business Editors

HAMILTON, Bermuda--(BUSINESS WIRE)--APRIL 3, 2002

Mutual Risk Management, Ltd. today announced that it expects its common stock will be de-listed from the New York Stock Exchange.

The Company said that it is working with the appropriate parties to arrange for its shares to be quoted on the OTC Bulletin Board. The Company said that it will notify shareholders through a press release when it expects shares to begin trading on the OTC Bulletin Board. The shares will trade under a new ticker symbol "MLRM".

The Company reiterated that management continues to evaluate strategic alternatives with its financial advisor, Greenhill & Co., LLC.

The OTC Bulletin Board is a regulated quotation service that displays real-time quotes, last-sale prices and volume information in over-the-counter (OTC) equity securities. OTC Bulletin Board securities are traded by a community of registered market makers that enter quotes and trade reports. Information regarding the OTC Bulletin Board can be found at http://www.otcbb.com.

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 individuals and other companies.

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in these laws. These statements are not guarantees of performance. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. Actual results could be affected by actions of regulators and customer and lender reactions to the rehabilitation orders. Other important factors that could cause actual results to differ materially from those in such forward-looking statements are 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.