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 19, 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 December 19, 2001, Mutual Risk Management Ltd. ("MRM") announced an
addition to reserves and the filing of a shelf registration statement.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

     (b)  Exhibits.

          99.1 Press Release dated December 19, 2001, related to the
          announcement of an addition to reserves and the filing of a shelf
          registration statement.



                                         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 21, 2001       MUTUAL RISK MANAGEMENT LTD.



                                              By:  /s/ Angus Ayliffe
                                                 ------------------------------
                                                  Angus Ayliffe
                                                  Controller


EXHIBIT INDEX



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

 99.1       Press Release dated December 19, 2001, related to the
            announcement of an addition to reserves and the filing of a shelf
            registration statement.

EX-99.1

                                  EXHIBIT 99.1


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


     MUTUAL RISK MANAGEMENT ANNOUNCES ADDITION TO RESERVES. COMPANY TO FILE
                          SHELF REGISTRATION STATEMENT



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


Hamilton, Bermuda, December 19th, 2001. Mutual Risk Management Ltd. (NYSE:MM)
today announced that it currently expects to report an after tax net loss of
$6.3 million to $8.4 million, or 15 to 20 cents per diluted share, for the
fourth quarter of 2001. The loss results from the decision by the Company's US
insurance subsidiaries, the Legion Companies, to add up to $30 million, on an
after tax basis, to their net loss reserves in the fourth quarter. The addition
to loss reserves is the result of a recent, preliminary review by consulting
actuaries in conjunction with Legion's new Chief Underwriting Officer and is
primarily related to the risk that certain program losses from prior
underwriting years will ultimately exceed the limits of the reinsurance coverage
purchased on those programs. Earnings for the quarter will include an after tax
gain of $12.9 million realized in connection with the previously announced sale
of the Company's interest in Tremont Advisers Inc.

         Mutual Risk also announced that A.M. Best Company had advised it that
the A- (Excellent) financial strength rating of the Legion Companies is being
placed under review with negative implications. The Company intends to promptly
file a shelf registration statement with the Securities and Exchange Commission.
Mutual Risk will seek to raise additional capital to allow it to take advantage
of the increased business opportunities presented by the current hard market for
commercial insurance and to retain the Legion Companies current rating from A.M.
Best Company. These opportunities are available in both the Company's Corporate
Risk Management and Specialty Insurance businesses.


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 which involve inherent
risks and uncertainties. Statements that are not historical facts, including
statements about MRM's beliefs, plans or expectations, are forward-looking
statements. These statements are based on


current plans, estimates and expectations. 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 the Company's ability to raise additional capital; 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. This press release is not an offer to sell securities. Any offering
of securities will be made only by means of a prospectus.