Exhibit 1

                             JOINT FILING AGREEMENT

           In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the common stock, par value $0.01 per share, of Mutual Risk
Management Ltd. and further agree that this Joint Filing Agreement be included
as an Exhibit to such joint filing. In evidence thereof, the undersigned, hereby
execute this Agreement this 2nd day of January, 2003.



Dated:  January 2, 2003

                                 SC FUNDAMENTAL VALUE FUND, L.P.

                                 By: SC Fundamental LLC, as
                                     General Partner

                                 By: /s/ Neil H. Koffler
                                     -----------------------------------------
                                     Neil H. Koffler, Member


                                 SC FUNDAMENTAL LLC

                                 By: /s/ Neil H. Koffler
                                     -----------------------------------------
                                     Neil H. Koffler, Member


                                 SC FUNDAMENTAL VALUE BVI, LTD.

                                 By: SC Fundamental Value BVI, Inc.,
                                     as managing general partner of investment
                                     manager

                                 By: /s/ Neil H. Koffler
                                     -----------------------------------------
                                     Neil H. Koffler, Vice President


                                 SC-BVI PARTNERS

                                 By: SC Fundamental Value BVI, Inc.,
                                     as managing general partner

                                 By: /s/ Neil H. Koffler
                                     -----------------------------------------
                                     Neil H. Koffler, Vice President



                                    Page 16

                                 PMC-BVI, INC.

                                 By: /s/ Neil H. Koffler
                                     -----------------------------------------
                                     Neil H. Koffler as Attorney-in-Fact for
                                     Peter M. Collery, President (1)


                                 SC FUNDAMENTAL VALUE BVI, INC.

                                 By: /s/ Neil H. Koffler
                                     -----------------------------------------
                                     Neil H. Koffler, Vice President


                                 /s/ Neil H. Koffler
                                 -----------------------------------------
                                 Neil H. Koffler as Attorney-in-Fact for
                                 Peter M. Collery (1)


                                 /s/ Neil H. Koffler
                                 -----------------------------------------
                                 Neil H. Koffler







(1)       Executed by Neil H. Koffler as Attorney-in-Fact for Peter M. Collery.
          The Power of Attorney for Mr. Collery is attached as Exhibit 2 to the
          Statement on Schedule 13D with respect to the common stock of ESG Re
          Limited, filed on August 21, 2000, and is hereby incorporated by
          reference.






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