8-K

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C. 20549


                                  ----------


                                   FORM 8-K


                                CURRENT REPORT


                    PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                                DATE OF REPORT
                       (DATE OF EARLIEST EVENT REPORTED)
                               NOVEMBER 15, 2001


                          MUTUAL RISK MANAGEMENT LTD
              (EXACT NAME OR REGISTRANT SPECIFIED IN ITS CHARTER)

  STATE OR OTHER                    COMMISSION                  IRS EMPLOYER
  JURISDICTION                     FILE NUMBER:                IDENTIFICATION
 OF INCORPORATION:                                                 NUMBER:

     BERMUDA                         1-10760                   NOT APPLICABLE


                               44 CHURCH STREET
                             HAMILTON HM12 BERMUDA
                   (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                        REGISTRANT'S TELEPHONE NUMBER,
                     INCLUDING AREA CODE - (441) 295-5688


                                       2

ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE

1. On November 15, 2001, Mutual Risk Management Ltd ("MRM") issued an
announcement related to the waiver by the holders of $142.5 million of 9 3/8%
Convertible Exchangeable Debentures.

2. On November 19, 2001, Mutual Risk Management Ltd ("MRM") issued an
announcement that they received the expected waiver from the senior lenders that
hold its $180 million outstanding line of credit.


ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

   (b) Exhibits.

       99.1    Press Release dated November 15, 2001, related to the waiver
       by the holders of $142.5 million of 9 3/8% Convertible Exchangeable
       Debentures.

       99.2    Press Release dated November 19, 2001, related to the waiver
       from the senior lenders that hold its $180 million outstanding line of
       credit.


                                  SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934,
       the Registrant has duly caused this report to be signed on its behalf by
       the undersigned hereunto duly authorized.

       Dated: November 28, 2001             MUTUAL RISK MANAGEMENT LTD.



                                            By:______________________________
                                                Elizabeth Price
                                                Secretary


       EXHIBIT INDEX



       EXHIBIT
         NO.       DESCRIPTION
       -------     -----------

       99.1        Press Release dated November 15, 2001, related to the
       waiver by the holders of $142.5 million of 9 3/8% Convertible
       Exchangeable Debentures.

       99.2        Press Release dated November 19, 2001, related to the waiver
       from the senior lenders that hold its $180 million outstanding line of
       credit.

EX-99.1

                                 EXHIBIT 99.1


       MUTUAL RISK MANAGEMENT HAS RECEIVED WAIVER FROM DEBENTURE HOLDERS


CONTACT:
Robert Mulderig, Chairman and CEO
Andrew Cook, Senior Vice President & CFO
(800) 772-0849 or (441) 295-5688


Hamilton, Bermuda November 15/th/, 2001 - Mutual Risk Management, Ltd. (NYSE:MM)
today announced that it has received a waiver from the holders of its $142.5
million of outstanding 9 3/8% Convertible Exchangeable Debentures due 2006. The
debentures contain a negative covenant that the Company's US insurance
subsidiaries will have a statutory combined ratio at the end of each fiscal
quarter of no more than 125% for the previous twelve months. Primarily as a
result of the loss incurred due to the Reliance insolvency this negative
covenant was breached as of September 30, 2001. The Company is currently working
with its senior lenders to obtain the same waiver that is contained in its $180
million outstanding bank line of credit.

This press release contains forward-looking statements within the meaning of the
U.S. federal securities laws with regard to our future growth, profitability and
income from some of our business segments.  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.  A non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking statements
includes the following: (a) the timely and full recoverability of reinsurance
placed by Mutual Risk with third parties; (b) adverse developments in the
world's insurance, reinsurance and financial markets; and (c) the other factors
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.

EX-99.2

                                 EXHIBIT 99.2


          MUTUAL RISK MANAGEMENT RECEIVES WAIVER FROM SENIOR LENDERS


CONTACT:
Robert Mulderig, Chairman and CEO
Andrew Cook, Senior Vice President & CFO
(800) 772-0849 or (441) 295-5688


Hamilton, Bermuda November 19/th/, 2001 - Mutual Risk Management, Ltd. (NYSE:MM)
today announced that it has received  the expected waiver from its senior
lenders  that hold its $180 million outstanding bank line of credit.  The line
of credit contains a negative covenant that the Company's US insurance
subsidiaries will have a statutory combined ratio at the end of each fiscal
quarter of no more than 125% for the previous twelve months.  This negative
covenant was breached as of September 30, 2001 primarily as a result of the loss
incurred due to the Reliance insolvency.  The Company previously announced that
it had received a waiver from the holders of its $142.5 million of outstanding 9
3/8% Convertible Exchangeable Debentures due 2006.

This press release contains forward-looking statements within the meaning of the
U.S. federal securities laws with regard to our future growth, profitability and
income from some of our business segments.  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.  A non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking statements
includes the following: (a) the timely and full recoverability of reinsurance
placed by Mutual Risk with third parties; (b) adverse developments in the
world's insurance, reinsurance and financial markets; and (c) the other factors
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.