Beleaguered Mutual Risk Management's troubles were compounded yesterday by the delisting of the company's stock from the New York Stock Exchange.

In addition, MRM's secondary listing on the Bermuda Stock Exchange (BSX) suspended trading of the company's shares.

The BSX said their decision was based on the action taken by the NYSE.

The company's stock value - which was trading as high as $12.30 in the last year - plummeted to below a dollar after the announcement in February that it was reporting close to $100 million in fourth quarter losses and this week MRM reported that loss had widened to a loss for 2001 of $99.2 million or nearly $113 million for the fourth quarter.

The company's US-based insurers were also put in to run off by state regulators in recent days and a string of rating agency downgrades has plagued the company in recent weeks, as its financial condition - despite a reported $2.5 billion in reinsurance recoverables on its books - has deteriorated.

The Exchange (NYSE) reported on Tuesday that the company had not opened for trading as its continued listing was under review. Yesterday the NYSE said it had determined that the MRM common stock should be suspended immediately.

The Exchange said: "As previously announced, the NYSE did not open trading on Tuesday due to our review of the company's April 2, 2002 regulatory filings (with the Securities and Exchange Commission) which included a partial Form 10-K submission for the fiscal year ended December 31, 2001 and a related Form 12b-25 extension request delaying the filing of the company's finalised Form 10-K."

The NYSE said its delisting decision followed an attempt to resume trading the stock, which was listed as ticker symbol MM.

"Upon attempting to resume trading procedures, the NYSE subsequently decided to suspend trading because price indications reflect an abnormally low selling price for the common stock," the Exchange reported.

In the face of its shares being removed from the NYSE, MRM released a press statement which said it has its shares quoted on the over-the-counter (OTC) Bulletin Board, which is commonly referred to as the Pink Sheets.

MRM said its shares would be listed under a new ticker symbol, MLRM.

The company's shares - which had closed on the NYSE on Monday at 60 cents - were trading on the OTC late yesterday at six cents.

MRM did not respond to questions from The Royal Gazette on the company's possible liquidation, which its SEC filing indicated was a possibility.

The filing said: "It is unlikely that any proceeds of the liquidation would remain after the claims of the general creditors were satisfied."

MRM did however indicate in a press statement that management continues to evaluate strategic alternatives with its financial advisor, Greenhill & Co., LLC.

Its SEC filing reports the company is trying to cover its creditor obligations which could result in the sell off of its remaining assets. The company sold off its Bermuda-based fund administrator, Hemisphere Management, last month. And questions remain over the fate of another MRM-owned company, Bermuda captive manager International Advisory Services (IAS), which although owned by the company has operated autonomously.

Meanwhile word has emerged that the company is to be dogged by yet another legal suit - it has been the subject of several legal actions in recent years - from its US subsidiary Legion Insurance chief underwriting officer Doug Boyce.

David Marchand, in a monthly web-based newsletter on Bermuda business, said a civil suit was filed by Mr. Boyce, who is now effectively out of a job as the company has gone in to run-off, on March 27.

Mr. Boyce was hired last September and is seeking damages in relation to relocation costs, promised bonus payments, and claims his contract calls for compensation equal to three times his annual salary of $450,000 should his employment be terminated by the company other than for cause before October 1, 2002.