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)
                                DECEMBER 16, 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 December 20, 2002, Mutual Risk Management Ltd. ("MRM") announced the
     filing of a Scheme of Arrangement with its creditors.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

        (b) Exhibits

99.1    Press Release dated December 20, 2002, related to the announcement of
the filing of a Scheme of Arrangement.


                                   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: December 27, 2002             MUTUAL RISK MANAGEMENT LTD.



                                     By: /s/ Angus H. Ayliffe
                                        --------------------------------------
                                        Angus H. Ayliffe
                                        Chief Financial Officer

EXHIBIT INDEX


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

99.1     Press Release dated December 20, 2002, related to the announcement of a
         filing of a Scheme of Arrangement.

EX-99.1

                                                                    Exhibit 99.1

NEWS RELEASE

        MUTUAL RISK MANAGEMENT ANNOUNCES FILING OF SCHEME OF ARRANGEMENT
                               WITH ITS CREDITORS

CONTACT:

David Ezekiel, Chairman and CEO
Angus H. Ayliffe, Chief Financial Officer

Hamilton Bermuda: December 20, 2002. - Mutual Risk Management Ltd. ("MRM") filed
a proposed Scheme of Arrangement with creditors on December 16, 2002 with the
Supreme Court of Bermuda. On December 19, 2002, the Bermuda Court gave
directions for the holding of meetings of Scheme creditors in Bermuda on
February 5, 2003 for the purpose of considering and, if thought fit, approving
the proposed Scheme. Assuming a positive vote, MRM will then apply to the
Supreme Court for an Order approving the Scheme.

The principle purpose of the Scheme is to restructure MRM's senior debt. The
principal amount of the debt is approximately $198 million, comprised of
approximately $110 million owing under the Company's credit facility and
approximately $88 million owing to holders of the Company's 9 3/8% debentures.
Under the proposed restructuring, the senior debt holders would exchange their
existing debt for cash, preferred stock and warrants to purchase 15% of the
common stock of the Company on a fully diluted basis as well as debt, preferred
stock and 74.7% of the common stock, on a fully diluted basis, of the Company's
subsidiary, MRM Services Ltd. ("MRM Services"). MRM Services (currently doing
business as IAS Park and soon to be renamed IAS Park Ltd.) holds the Company's
fee-based businesses.

IAS Park has approximately 300 employees with the major units in the group being
the captive management division, which will operate under the IAS banner, and
the insurance/reinsurance broking division, which will operate under the Park
banner. The Group will be headquartered in Bermuda where some 150 staff are
located and will also have offices in the U.K., the U.S., Cayman Islands,
Amsterdam, Guernsey and Barbados.

After the proposed restructuring, the Company's remaining principal assets would
be 20% of the common shares of MRM Services and all of the common stock of its
U.S. insurance companies which currently are the subject of the previously
announced rehabilitation, conservation and liquidation proceedings. Dividend and
other payments in respect of such common shares will be subordinate to the debt
and preferred stock of MRM Services and the Company.

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. In
particular the successful completion of the proposed Scheme of Arrangement
requires a vote in favor by the requisite number of MRM's creditors and approval
by the Bermuda courts. MRM undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future
developments or otherwise.

This document does not constitute an offer or an invitation to subscribe for or
acquire any securities of the Company or MRM Services, and neither this document
nor anything contained herein shall form the basis of any contract or commitment
whatsoever. The securities to be issued by the Company and MRM Services will not
be registered under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of such Act.