Mutual Risk Management yesterday announced that it has filed a registration which will allow it to raise up to $200 million in new capital and said it has appointed a new interim chief financial officer.

The company has seen its stock price plummet over the years. In December it announced that it expected 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 Bermuda-based company, which trades on the New York Stock Exchange, was reported in December to be the exchange's biggest percentage loser, by CBS MarketWatch.

Mutual Risk Management Ltd. announced that it filed a Shelf Registration Statement with the Securities and Exchange Commission for up to $200 million of newly issued common shares to be offered from time to time, subject to market conditions and the company's capital needs.

It also announced that it had appointed James Kelly as interim chief financial officer of the company.

The company had previously announced that its former CFO, Andrew Cook, took the position as CFO of Axis Specialty Limited, one of the seven new Bermuda insurers to be set up in the wake of the September 11 attacks.

Mr. Kelly served as Mutual Risk's CFO for ten years until the end of 2000. The company said it was in the process of recruiting a permanent chief financial officer.

In December the company said its losses for the quarter result from the decision by the MRM'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.

MRM also announced that AM Best had advised it that the A- (Excellent) financial strength rating of the Legion Companies is being placed under review with negative implications.

MRM said it intended to file a universal shelf registration statement with the Securities and Exchange Commission prior to the end of the year and would seek to raise additional capital to allow it to take advantage of the increased business opportunities presented by the hard market for commercial insurance and to retain the Legion Companies current rating from A.M. Best Company.

The company also announced that Angus Ayliffe, the company's controller, was also appointed to the additional position of principal accounting officer.