to acquire CFM Insurance Managers Ltd., a local company that provides risk management services to Bermuda-based captive insurers.

MRM chairman and CEO Mr. Robert Mulderig, stated: "The acquisition of CFM Insurance Managers will add substantially to Mutual Risk's captive management operations. CFM's emphasis on European business will complement our existing business which is focused on North America.

In addition, its marine expertise will add to Mutual Risk's experience in that market which has grown significantly since the acquisition last year of Shoreline Mutual Management (Bermuda) Ltd''.

Some of CFM's clients are subsidiaries of European companies, many involved in the international marine insurance market. CFM will operate as a subsidiary of Mutual Risk, under the direction of its president, Mr. Simon Scupham.

Mr. Scupham becomes president of Shoreline and MRM's captive management subsidiary in Bermuda, Mutual Risk Management (Bermuda) Ltd.

Meanwhile, Mr. Colin Alexander, who has just been appointed senior vice president of MRM,, will be responsible for the operations of all of MRM's captive management subsidiaries in Bermuda.