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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 JDoswr42/eVmbR8hG/n5nWS4UY5Bsjrj678QWScj1wByQAvuIAyFg+L7vyTmHolY
 SQLevlSDONyygm9dOB55Og==

<SEC-DOCUMENT>0000919574-04-002117.txt : 20040803
<SEC-HEADER>0000919574-04-002117.hdr.sgml : 20040803
<ACCEPTANCE-DATETIME>20040803154527
ACCESSION NUMBER:		0000919574-04-002117
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040802
FILED AS OF DATE:		20040803

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DELTEC ASSET MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001269950

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10760
		FILM NUMBER:		04948447

	MAIL ADDRESS:	
		STREET 1:		645 FIFTH AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUTUAL RISK MANAGEMENT LTD
		CENTRAL INDEX KEY:			0000826918
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		44 CHURCH ST
		STREET 2:		BERMUDA
		CITY:			HAMILTON HM 12 BERMU
		STATE:			D0
		BUSINESS PHONE:		4412955688

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2064
		STREET 2:		BERMUDA
		CITY:			HAMILTON HM HX
		STATE:			D0
		ZIP:			1000000000
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p503527_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-08-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000826918</issuerCik>
        <issuerName>MUTUAL RISK MANAGEMENT LTD</issuerName>
        <issuerTradingSymbol>MLRMF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001269950</rptOwnerCik>
            <rptOwnerName>DELTEC ASSET MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>645 FIFTH AVENUE, 18TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01</value>
            </securityTitle>
            <transactionDate>
                <value>2004-08-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5300</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.0275</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4394800</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These securities are held in the accounts of various private investment funds and separately managed accounts for which the
Reporting Person serves as investment manager and/or over which the Reporting Person exercises investment discretion, and in
accounts that are beneficially owned by certain principals, employees or affiliates of the Reporting Person.</footnote>
    </footnotes>

    <remarks>(+) The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary
interest therein.</remarks>

    <ownerSignature>
        <signatureName>Deltec Asset Management, LLC(+) By: /s/ Stephen Zuppello, Senior Managing Director</signatureName>
        <signatureDate>2004-08-03</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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