loan for $180 million to replace an earlier bridge loan.

The cash outstanding under the bridge loan facility were refinanced through a $180 million, three year syndicated bank facility and by a private placement of $40 million of 33-month floating rate trust preferred securities, known as RHINOS, with a trust organised by Banc of America Securities LLC.

Mutual Risk Management Ltd. 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 as well as financial services to offshore mutual funds and other companies.

Mutual Risk Management's common shares are listed on the New York and Bermuda stock exchanges.