Troubled Bermuda-based company Mutual Risk Management (MRM) continued to see its share price fall yesterday following the announcement earlier this week that it had posted fourth-quarter losses nearing $100 million and subsequently a rating downgrade from AM Best.

At this week's World Insurance Forum the fate of MRM's woes were in the spotlight - compounded by the conspicuous absence of MRM's CEO from a planned appearance - with insurance insiders speculating that the company is either "finished" or could be "picked up" by another company.

Indeed, in a conference call with analysts on Wednesday MRM CEO Robert Mulderig did not rule out "becoming part of a more stable financial services organisation".

Mr. Mulderig said this is one of the "strategic alternatives" being considered.

Mr. Mulderig was due to make an appearance at yesterday's Insurance Symposium as part of the "Captives: A New Awakening" panel.

But he did not keep that appointment with moderator David McManus attributing his absence to the issues at hand for MRM.

Mr. McManus said: "Rob isn't with us today. He is out taking care of his company. It's no secret he's challenged by the fact that he's been downgraded Tuesday from A- to B."

MRM also announced this week as a bid to service debt, it has put its fund administration company Hemisphere Management up on the sales block with anticipated proceeds of $100 million.

The sale would however require the approval of MRM's banks and debenture holders led by XL Capital.

The company is active in a number of insurance and financial services areas, including captives.

Mr. McManus explained: "The company's that are primarily considered to be fronting companies, that is companies that facilitate the risk management process, the market promoted them for many years and they performed fantastically as they were trailblazers.

"But at the end of the day they billed the fronting business as this fabulous no risk insurance contract.

"Well if you don't take any risk, how do you issue an insurance policy? So, we are probably for the first time, seeing a company that specialises in facilitating captives; both rent-a-captives and others, which it is now looking like it's struggling because this fronting thing isn't risk free after all."

Mr. Mulderig was contacted by The Royal Gazette but the call had not been returned by press time.

Meanwhile MRM - which is listed on the New York Stock Exchange - saw its shares fall as low as $1 during the course of trading yesterday in contrast to its 52-week high of $12.30.

The NYSE media office said shares falling to $1 was not in and of itself a reason to put a company on warning or warrant monitoring.

But if a company were to see its shares fall to $1 for an extended period - 30 days or beyond - the Exchange would initiate a dialogue with "hard questions" to the company on its plan of action.