Troubled Bermuda-based company Mutual Risk Management saw its share price hit an all-time low of 43 cents yesterday.

The company's share price was set-off on a downward trend following the release last month of fourth quarter net losses nearing $100 million which put the company in violation of some bank and debenture covenants.

The company subsequently received rating downgrades from AM Best and Standard & Poors.

In light of the situation, the company has said it would not "rule out" becoming part of "a more stable" company.

The company did sell-off its fund management company, Hemisphere Management, last week in an effort to service debt. But the firm's share value has continued to drop despite the Hemisphere sale which was expected to net proceeds in the region of $100 million.