Date: Thu, 18 Dec 1997 10:39:59 GMT Server: Stronghold/1.3.4 Ben-SSL/1.3 Apache/1.1.3 Content-type: text/html Content-length: 1968 Last-modified: Wed, 04 Sep 1996 02:55:00 GMT M MU MUT MUTR MUTRI MUTRIS MUTRISK MUTRISK P MUTRISK Pr MUTRISK Pre MUTRISK Pres MUTRISK Press MUTRISK Press MUTRISK Press R MUTRISK Press Re MUTRISK Press Rel MUTRISK Press Rele MUTRISK Press Relea MUTRISK Press Releas MUTRISK Press Release

Hamilton, Bermuda, October 30, 1995.
Convertible Debt Offering Completed.

Mutual Risk Management Ltd. (NYSE:MM) today announced that it had completed the previously announced offering its Zero Coupon Convertible Exchangeable Subordinated Debentures due 2015. The aggregate principal amount of the Debentures sold was $324,300,000. The net proceeds to Mutual Risk from the offering are approximately $112,000,000 after expenses. The Debentures carry a yield to maturity of 5.25% per annum and are convertible after 60 days into 8.0698 Mutual Risk common shares per $1,000 principal amount at maturity.

The Debentures were sold in a private placement offering, to certain qualified investors and overseas persons. The Debentures have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration requirements under such Act.


Mutual Risk Management Ltd.
P.O. Box HM 2064, 44 Church Street
Hamilton HM HX, Bermuda
Tel: (441) 295-5688 Fax: (441) 292-1867