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)
                                 MARCH 7, 2002

                          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 March 7, 2002, Mutual Risk Management Ltd ("MRM") issued an
announcement related to sale of Hemisphere Management Limited.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

        (b) Exhibits.

            99.1 Press Release dated March 7, 2002, related to sale of
Hemisphere Management Limited.

                                  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: March 7, 2002                 MUTUAL RISK MANAGEMENT LTD.



                                  By: /s/ Angus Ayliffe
                                     -----------------------------
                                       Angus Ayliffe
                                       Principal Accounting Officer


                                 EXHIBIT INDEX


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

99.1      Press Release dated March 7, 2002, related to sale of Hemisphere
          Management Limited.

EX-99.1

                                 EXHIBIT 99.1



NEWS RELEASE
- ------------


                       MUTUAL RISK MANAGEMENT ANNOUNCES
                   SALE OF HEMISPHERE MANAGEMENT SUBSIDIARY

          RETAINS INVESTMENT BANKING FIRM TO ASSIST IN RESTRUCTURING

CONTACT:

Robert A. Mulderig, Chairman and CEO
James C. Kelly, Chief Financial Officer
Fran Tucker, Investor Relations
(800) 772-0849 or (441) 295-5688

Hamilton, Bermuda. March 7/th/, 2002 -
Mutual Risk Management Ltd. (NYSE:MM) today announced that it has signed a
definitive agreement with The BISYS Group Inc. for the sale of its fund
administration business, Hemisphere Management Ltd. Pursuant to the agreement
the Company expects to receive cash proceeds from the sale of approximately $110
million and to report a gain on the sale of approximately $100 million after-
tax. Completion of the transaction is subject to regulatory approval and other
usual terms and conditions. The proceeds of the sale will be used to repay
indebtedness and the Company's banks and debenture holders have approved the
transaction.

Mutual Risk also announced today that it has retained Greenhill & Co., LLC, an
independent global merchant banking firm, to assist in developing a
restructuring of its balance sheet.

Mutual Risk also announced today that Mr. Welford Tabor, Mr. Michael Esposito,
Ms. Fiona Luck and Mr. Bruce Connell, directors of the Company designated by
holders of the Company's 9 3/8% Convertible Debentures, have resigned as
directors. An additional director, Mr. William Galtney, also resigned.

Mutual Risk Management Ltd. provides risk management services to clients in the
United States, Canada and Europe seeking alternatives to traditional commercial
insurance for certain of their risk exposures, as well as financial services to
offshore mutual funds and other companies. Mutual Risk Management Ltd. (MM)
Common Shares are listed on the New York and Bermuda stock exchanges.

This press release contains forward-looking statements within the meaning of the
U.S. federal securities laws. 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 successful closing of the sale of our subsidiary Hemisphere
Management Ltd. on the terms and at the price currently anticipated; and (b) 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.