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.