one of the best small foreign companies in the world's developed countries by Forbes magazine.

The US financial magazine picked what it considered to be the most impressive market stocks by using criteria, similar to those applied to determine the 200 best small US companies, also published in the same issue.

Forbes defined small companies as those with latest 12-month-sales up to $500 million. Other criteria examined included the five-year average return on equity, which had to be at least ten percent, and also net income and market value.

Mr. Robert Mulderig, chairman and chief executive officer of Mutual Risk Management, said he first learned the company had been selected when he read the magazine.

He said one of the biggest factors in making the selection is return on equity.

The firms selected represent widely varying fields, including mining and minerals, paints and resins manufacturers and oil and natural gas.

Mutual Risk Management (MRM) 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, especially workers' compensation. MRM Common Shares are listed on the New York and Bermuda stock exchanges.

In the company's 1992 annual report it stated that the company's income is principally derived from fees for the services it provides to clients. These services include designing insurance programmes; providing or managing a captive insurance company; providing a licensed insurance company to issue primary insurance policies and brokerage services to transfer excess risk to the reinsurance market.

MRM operates a number of companies including the IPC Companies. These companies are organised as multiple line insurance and reinsurance companies for the Insurance Profit Centre, an alternative risk financing programme.

MRM also owns a company in the US, Legion Insurance Company, that is licensed in each of the US states and acts as a policy issuing company for Mutual Risk Management.

In addition, it also owns a number of captive management companies, including Park International, a Bermuda broker specialising in placing coverage with Bermuda-based excess-liability and corporate officers and directors liability carriers, such as ACE and Exel.

In fiscal 1992, Mutual Risk Management achieved record financial results.

Revenues increased 67 percent to $91.4 million and net income available to common shareholders rose 50 percent to $15.3 million.

Mr. Mulderig said MRM had performed particularly well since late 1987 when it acquired Legion Insurance.

He said the Forbes feature would be used as a marketing device with clients and potential clients.

Other Bermuda public companies, such as ACE and Exel, are too large to be included in the feature, said Mr. Mulderig. The criteria eliminates almost all other publicly traded companies, he said.

MUTUAL RISK MANAGEMENT RECENT PRICE 43.88 LATEST 12 MONTHS EPS 1.94 P/E 22.6 LATEST RETURN ON EQUITY 18.9 SALES $101 million NET INCOME $17.2 million MARKET VALUE $384 million Prices and exchange rates as of September 30.